Twelve Vermont Communities Receive $1.7 Million in Downtown Tax Credits
Thanks to a cooperative effort by Governor Douglas and the Legislature, $1.7 million in downtown tax credits were distributed to 12 communities around Vermont. These tax credits support the efforts of the Vermont Downtown program that works to support revitalization efforts in our downtowns and village centers. This past year, Smart Growth Vermont and Preservation Trust of Vermont were instrumental in securing a permanent $100,000 increase in these credits. In the last 10 years, the state has dedicated over $10 million to this program, leveraging more than $120 million in other investments. The program has spurred short and long-term job creation, new housing development, increased retail and business activity in our centers and helped increase property values.
On Friday, July 30th, Governor Douglas announced these tax credits in Springfield and is seen in the photo congratulating Larry Hamel, owner of the historic Hardwick Inn, for being awarded a Tax Credit of $192,000. The $1.2 million restoration of the long vacant 12,000 square foot building will provide much needed retail and office spaces downtown, and will include a new elevator and sprinkler system as well as bringing other systems up to code while maintaining the historic character of the building. Learn more about how these tax credits will benefit downtowns. You can also visit the Governor’s website for information.