Downtown and Village Center Tax Credits FY2019 and Sales ... · 49 Church Street (CityPlace),...
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For more information, please contact: Caitlin Corkins: [email protected] or 802.828.3047 Downtown and Village Center Tax Credits and Sales Tax Reallocations FY2019 842 Main Street, Albany – The Albany General Store was devastated by fire in early 2014 and the building remained empty until May when it was purchased by Albany Community Trust. This non-profit plans to re-open the store as a small retail grocery, bakery, and take-out deli. Work planned includes new electrical wiring, plumbing, insulation, and a new radiant floor heating system. The exterior of the 1974 building will also be updated to blend with its 19th century neighbors, including construction of a new porch with an ADA-compliant ramp. Finally, a small addition will provide indoor seating, bathroom facilities, and a community meeting room. Total Project Cost: over $381,000; Tax Credits Awarded: $55,125 Contact: Danielle Sukkaew, 802-755-6320, dcsbooks@gmail.com 101 South Street, Bennington – The Putnam House (c.1868-1870) located at the southwest corner of Main and South Streets dominates the center of downtown Bennington. The upper floors of the building, once a hotel, have been unoccupied since the late 1970s and first floor retail space is largely vacant. Tax credits will support comprehensive rehabilitation of the historic building’s upper floors for 17 units of housing and the ground floor for four commercial storefronts and a 100-seat restaurant. Work includes abating asbestos and lead paint and brownfield clean-up. This project is also part of a transformative mixed-use revitalization of three historic buildings in the heart of downtown Bennington. Total Project Cost: $11,706,668; Tax Credits Awarded: $627,133 Contact: William Colvin, [email protected] 802-442-0713 257 Main Street, Bethel – The Blossom Block, in the heart of Bethel’s village center, was built in the 1850’s. It is the largest and most prominent building in downtown. Vacant for several years, the building was purchased by a local builder and investor in 2016 who has begun a phased project to rehabilitate the building. The project includes ground-floor retail space including a grocery/general store and a bakery, second floor office space, and a third-floor boutique hotel, with 4-5 suites. Tax credits will support exterior repairs to this important historic structure as well as code and fire safety upgrades. Total Project Cost: $407,000; Tax Credits Awarded: $136,750 Contact: Kevin Barry, 802-234-5157, [email protected] 174 Main Street, Bradford – A former “five and dime” store closed for many years, this central downtown building will be repurposed as a modern multi-use community facility. The entire building will be updated with new electrical, plumbing, insulation, fire alarm system, security, and data wiring. It will be leased by The Space On Main, Inc., a nonprofit, which will manage a WiFi fiber internet network, shared office space, a wellness office, a large conference room, a dedicated makerspace, and an artists’ gallery, to provide space for coworking, hands-on maker projects, conferences, meetings, training programs, classes, and community events. Total Project Cost: $550,000, Tax Credits Awarded: $120,000 Contact: Vincent Wendell, 802-222-9008, [email protected] 871 Route 44, Brownsville – The Brownsville General Store opened in 1967. Unfortunately, it was closed in February 2017 and the property subsequently went into foreclosure. Members of the Brownsville community (The Friends of the Brownsville General Store) have raised funds to purchase the building and its renovation will be supported by state tax credits. The store will be re-named the Brownsville Butcher and Pantry and operate as a general store and eatery. As the only general store in the village, the Brownsville Butcher and pantry will fulfill a critical need as an economic and community hub to support community engagement and economic vitality. Total Project Cost: $413,771, Tax Credits Awarded: $51,444 Contact: Chris Nesbitt, 603-277-9482, [email protected] 49 Church Street (CityPlace), Burlington – CityPlace Burlington is a mixed-use development project on the site formerly occupied by the Burlington Town Center Mall. The project includes retail, offices, and residential uses, and structured parking. A sales tax reallocation to the City will support the project by helping to fund the re- establishment of Pine and St. Paul Streets between Bank and Cherry Streets including: sidewalks; street trees; pavers; street lighting; storm water features, and sub-surface utilities and infrastructure. The project is project to generate over $150M of additional annual economic activity to the area, increasing tax revenues and bringing 1,000 permanent jobs to the city. Total Project Cost: $242,000,000; Sales Tax Reallocation: $300,000 Contact: Neale Lunderville, 802-865-7144, [email protected] Awarded Project Summaries
Transcript of Downtown and Village Center Tax Credits FY2019 and Sales ... · 49 Church Street (CityPlace),...
For more information, please contact:
Caitlin Corkins: [email protected]
or 802.828.3047
Downtown and Village Center Tax Creditsand Sales Tax Reallocations
FY2019
842 Main Street, Albany – The Albany General Store was devastated by fire in early 2014 and the building remained empty until May when it was purchased by Albany Community Trust. This non-profit plans to re-open the store as a small retail grocery, bakery, and take-out deli. Work planned includes new electrical wiring, plumbing, insulation, and a new radiant floor heating system. The exterior of the 1974 building will also be updated to blend with its 19th century neighbors, including construction of a new porch with an ADA-compliant ramp. Finally, a small addition will provide indoor seating, bathroom facilities, and a community meeting room.
Total Project Cost: over $381,000; Tax Credits Awarded: $55,125 Contact: Danielle Sukkaew, 802-755-6320, [email protected]
101 South Street, Bennington – The Putnam House (c.1868-1870) located at the southwest corner of Main and South Streets dominates the center of downtown Bennington. The upper floors of the building, once a hotel, have been unoccupied since the late 1970s and first floor retail space is largely vacant. Tax credits will support comprehensive rehabilitation of the historic building’s upper floors for 17 units of housing and the ground floor for four commercial storefronts and a 100-seat restaurant. Work includes abating asbestos and lead paint and brownfield clean-up. This project is also part of a transformative mixed-use revitalization of three historic buildings in the heart of downtown Bennington.
Total Project Cost: $11,706,668; Tax Credits Awarded: $627,133 Contact: William Colvin, [email protected] 802-442-0713
257 Main Street, Bethel – The Blossom Block, in the heart of Bethel’s village center, was built in the 1850’s. It is the largest and most prominent building in downtown. Vacant for several years, the building was purchased by a local builder and investor in 2016 who has begun a phased project to rehabilitate the building. The project includes ground-floor retail space including a grocery/general store and a bakery, second floor office space, and a third-floor boutique hotel, with 4-5 suites. Tax credits will support exterior repairs to this important historic structure as well as code and fire safety upgrades.
Total Project Cost: $407,000; Tax Credits Awarded: $136,750Contact: Kevin Barry, 802-234-5157, [email protected]
174 Main Street, Bradford – A former “five and dime” store closed for many years, this central downtown building will be repurposed as a modern multi-use community facility. The entire building will be updated with new electrical, plumbing, insulation, fire alarm system, security, and data wiring. It will be leased by The Space On Main, Inc., a nonprofit, which will manage a WiFi fiber internet network, shared office space, a wellness office, a large conference room, a dedicated makerspace, and an artists’ gallery, to provide space for coworking, hands-on maker projects, conferences, meetings, training programs, classes, and community events.
Total Project Cost: $550,000, Tax Credits Awarded: $120,000Contact: Vincent Wendell, 802-222-9008, [email protected]
871 Route 44, Brownsville – The Brownsville General Store opened in 1967. Unfortunately, it was closed in February 2017 and the property subsequently went into foreclosure. Members of the Brownsville community (The Friends of the Brownsville General Store) have raised funds to purchase the building and its renovation will be supported by state tax credits. The store will be re-named the Brownsville Butcher and Pantry and operate as a general store and eatery. As the only general store in the village, the Brownsville Butcher and pantry will fulfill a critical need as an economic and community hub to support community engagement and economic vitality.
Total Project Cost: $413,771, Tax Credits Awarded: $51,444Contact: Chris Nesbitt, 603-277-9482, [email protected]
49 Church Street (CityPlace), Burlington – CityPlace Burlington is a mixed-use development project on the site formerly occupied by the Burlington Town Center Mall. The project includes retail, offices, and residential uses, and structured parking. A sales tax reallocation to the City will support the project by helping to fund the re-establishment of Pine and St. Paul Streets between Bank and Cherry Streets including: sidewalks; street trees; pavers; street lighting; storm water features, and sub-surface utilities and infrastructure. The project is project to generate over $150M of additional annual economic activity to the area, increasing tax revenues and bringing 1,000 permanent jobs to the city.
Total Project Cost: $242,000,000; Sales Tax Reallocation: $300,000Contact: Neale Lunderville, 802-865-7144, [email protected]
Awarded Project Summaries
Downtown and Village Center Tax Creditsand Sales Tax Reallocations
10 Merchants Row, Middlebury – The historic Battell Block (1892-98) in the center of Middlebury was acquired by its current owners in January of 2017. Recognizing a shortage of quality rental housing in the area, the owners embarked on a project to renovate the second and third floors into 30 market-rate apartments along with updated office space for the Community College of Vermont, already a tenant in the building. The project will tackle exterior repairs and code improvements supported with state tax credits including: re-pointing brickwork, window repairs and exterior painting; installation of new plumbing, electrical and HVAC systems; elevator upgrades, installation of two new fire stairs, a new sprinkler system, and asbestos abatement.
Total Project Cost: $2,603,543, Tax Credits Awarded: $116,088Contact: Christine Golden, 802-651-6888, [email protected]
24 Washington Street, Middlebury – The rehabilitation of this historic building will transform a vacant, unused office/commercial/residential building in disrepair into a vibrant residential building. Located on a prominent corner of Washington Street and historically a single-family home, the project will also use federal and state preservation tax credits to support the sensitive rehabilitation of the building along with significant code-mandated improvements. It will also create 8 units of housing within walking distance of Middlebury’s downtown shops and restaurants.
Total Project Cost: $496,000, Tax Credits Awarded: $31,017Contact: Pedro Zevallos, 802-989-8570, [email protected]
FY2019
For more information, please contact:
Caitlin Corkins: [email protected]
or 802.828.3047
7012 Main Street, Readsboro – The E. J. Bullock Building was constructed in 1890-91 is a local landmark. After many years of neglect, the Readsboro Hometown Redevelopment, Inc., a non-profit organization, purchased the building in 2009 and have been working to make repairs and reactivate the building. State tax credits will support façade repairs that will return the building’s exterior to its former glory. The Bullock Building is currently used as community space for cultural events, large meetings, concerts and a small Art Gallery. When completed the building will also provide space for small retail businesses and upper floor offices or housing.
Total Project Cost: $98,500; Tax Credits Awarded: $24,625Contact: Susan Bailey, 802-423-7050, [email protected]
60 Village Green, Proctorsville – Outer Limits Brewery is working to open a new commercial brewery and a 106-seat pub/tasting room in this existing and formerly empty two-story building in the center of Proctorsville. Tax credits will support construction of a renovated entryway along with mandated code improvements, bringing back to life an underutilized and deteriorating historic structure. The proposed brewery and pub/tasting room will also create 11 full times jobs and will provide both retail and wholesale sales to support growing area tourism.
Total Project Cost: $1,253,350, Tax Credits Awarded: $147,325Contact: Taylor Shaw, 802-226-7682, [email protected]
100 State Street, Montpelier – Identified as one of the three transformational projects in the City’s 2016 Economic Development Strategic Plan, the new Hampton Inn Hotel and parking structure are crucial economic redevelopment projects in Montpelier’s downtown. A sales tax reallocation award to the City will support relocation and extension of a 12” water main along State Street to a new bridge being constructed for a shared use path across the Winooski River. Not only will this new infrastructure support the hotel development, it will allow the City to abandon an existing smaller water main crossing the river and support multiple future redevelopment projects. Relocation of the main from under the neighboring Christ Church building is also imperative to support an anticipated senior housing project on this key property.
Total Project Cost: $16,226,887, Sales Tax Reallocation Awarded: $150,000Contact: Kevin Casey, 802-223-9507, [email protected]
Congress and Main Streets, St. Albans – This dynamic downtown revitalization effort will transform an urban brownfields site in the heart of downtown St. Albans. The mixed-use project involves ground-floor retail spaces with direct street frontage; a new downtown location for the Community College of Vermont; professional office space for Northwestern Medical Center; and sixty new mixed-income apartments. A sales tax reallocation award will be used by the City to support this project through shared pedestrian improvements, including ADA compliant sidewalks, curbing, street trees, paving, bike storage, and exterior lighting as well as underground utility infrastructure including water, sewer, and storm water improvements.
Total Project Cost: $23,678,000; Sales Tax Reallocation Awarded: $150,000Contact: Chip Sawyer, 802-524-1500 x 259; [email protected]
Awarded Project Summaries
39 Main Street, Springfield (Woolson Block) – Perched above the falls of the Black River, at the corner of Main Street and Park Street, the historic Woolson Block was built in 1868 by the president of a Springfield machine tool company. In early 2016, the building was closed by the Vermont Division of Fire Safety for code violations and fell vacant. The building was then purchased by the Springfield Housing Authority who will now partner with Housing Vermont to rehabilitate the building using federal and state preservation tax credits. The finished building will include approximately 3,400 square feet of first floor commercial space; 15 affordable rental apartments on the second and third floors; and a youth transitional housing program.
Total Project Cost: $8,082,450, Tax Credits Awarded: $365,000Contact: Matt Moore, 802-863-8424, [email protected]
60 Park Street, Springfield (Park Street School) – This historic building constructed between 1895 and 1929 served Springfield as a grammar, middle and high school over a 75-year period. Now, the Springfield Regional Development Corporation is working with the Center on Rural Innovation and the Southern Windsor County Incubator to adaptively re-use the building. The project will create a mixed-use facility with continued community use of the gymnasium; shared use of the 800-seat auditorium as a multi-purpose venue for arts, music, and performances; and adaptive use of former office and classroom spaces into a high-tech business accelerator and innovation center offering co-working and office space, and 20 studio apartments.
Total Project Cost: $15,470,000; Tax Credits Awarded: $355,000Contact: Bill Niquette, 802-238-9718, [email protected]
1 School Street, Wilmington – Following school consolidation, the former Twin Valley High School in downtown Wilmington was closed. In 2017 the building was purchased by a local non-profit group, the Old School Enrichment Council, Inc., who are working to renovate and repurpose the 52,000 square foot building. Possible uses include: shared office space; artist studios, galleries and classroom space; a health and wellness center; educational and distance learning opportunities; public and non-profit group meeting space; elderly drop-in services; and emergency shelter space. Tax credits will support work to address deferred maintenance at the building’s façade, upgrade ADA bathroom facilities, and complete electrical upgrades.
Total Project Cost: $678,500; Tax Credits Awarded: $138,500Contact: Cindy Hayford, 802-464-2202, [email protected]
Downtown and Village Center Tax Creditsand Sales Tax Reallocations
FY2019
1302 Main Street, St. Johnsbury (Fairbanks Museum) – The Fairbanks Museum is a non-profit natural history museum whose mission is to “inspire wonder, curiosity and responsibility for the natural world.” Located in an historic 1891 structure listed on the National Register of Historic Places, the museum welcomes over 42,000 visitors annually. In 2017, six thousand visitors participated in planetarium shows at the museum, Vermont’s only public planetarium. Now, with the support of state tax credits, a three-stop lift will be installed to the planetarium and the museum’s balcony, which are currently not accessible.
Total Project Cost: $109,976, Tax Credits Awarded: $54,988Contact: Adam Kane, 802-748-2372, [email protected]
For more information, please contact:
Caitlin Corkins: [email protected]
or 802.828.3047
Awarded Project Summaries
