Governor Shumlin announced on Tuesday that $2.4 million in tax incentives has been allocated to 37 construction and rehabilitation projects in downtowns and village centers throughout the state. The Central Vermont communities of Barre, Calais, Montpelier, and Waterbury will all receive these credits, which are proven to boost employment and housing and spur new business development.
Barre: The façade of the historic commercial building located at 75 North Main Street will be repaired and repainted. New storefront windows and awnings will also be installed. Total project cost– $35,047; Tax credits awarded– $8,519.
Calais: The Maple Corner General Store located at 31 West County Road will undergo repairs to the façade and an expansion that will allow for the opening of a new restaurant/cafe within the store. Total project cost– $92,712; Tax credits awarded– $4,536.
Montpelier: The historic property at 39 Barre Street, which currently houses nine affordable apartments, will be renovated to meet current building codes and improve its energy efficiency, while still maintaining the building’s historic charm. Total project cost– $2,116,094; Tax credits awarded– $78,719. The historic French House located at 132 Main Street will undergo renovations to include finishing the third story of the house, including a mandatory fire exit, and restoring the building’s portico to historic preservation standards. Total project cost– $215,619; Tax credits awarded– $28,155.
Waterbury: The building at 1 South Main Street recently underwent repairs to bring the upper floor back into a productive state. Total project cost– $135,000; Tax credits awarded– $32,583. The building located at 3 Elm Street, which was formerly an auto-parts store, was left vacant following Tropical Storm Irene. It has recently been rehabilitated to include new utilities, a sprinkler system, and other code improvements. Total project cost– $121,447; Tax credits awarded– $34,623.
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To view a list of additional projects in other parts of the state that received tax incentives, click here.