VNRC Enters Agreement on Wal-Mart Development
VNRC recently agreed to not oppose the construction of a Wal-Mart store in Derby in exchange for a moratorium on construction of any Wal-Mart stores in Vermont until at least 2020. The deal also assures that the Shumlin administration will support an additional $500,000 in tax credits – that will leverage even more investment from the private sector – annually for the Vermont Downtown program. This will strengthen city and town centers.
In addition to the moratorium, the developer will provide $200,000 to support downtowns and village centers in Orleans County, in addition to the $600,000 pledged to Newport City. The developer also agreed to design the new store in order to reduce the amount of stormwater discharge to below the levels existing at the undeveloped site today.
“Litigation against large interests like Wal-Mart is time consuming and very costly,” said Brian Shupe, VNRC’s executive director. “We saw this agreement as a good way to avoid future litigation while at the same time bolstering downtowns.”
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