Several Windham County communities will be sharing in $2.3 million in state tax credits targeted at improving downtowns and village centers in Vermont.
The Brooks House in Brattleboro topped the list of 30 projects in 17 communities that received $1.786 million in tax credits through the state's Downtown Program.
The Downtown Program is an incentive and training program that helps maintain Vermont's compact development pattern by targeting state resources to promote the efficient use of land, infrastructure, and resources. More than 100 of Vermont's Downtowns and Village Centers are designated, and these communities receive priority for consideration for state funding, increased Act 250 thresholds, and tax credits to promote vital communities.
The tax credit program is one of the benefits of Downtown and Village Center Designation and makes it possible to revitalize hard to finance projects in community centers across the state. Most of the funding supports state-mandated code retrofits like elevators and sprinkler systems that are cost prohibitive to many commercial building owners.
Another 14 flood-damaged businesses - including the Latchis Theatre and Hotel in Brattleboro and Dot's Restaurant in Wilmington - will share in an additional $500,000 of tax credits.
Here are the local projects receiving credits:
• 50 Main St., Brattleboro – The Latchis Hotel and Theatre sustained substantial damage in August 2011 as a result of Tropical Storm Irene and was forced to shut its doors for nearly two months. Tax credits will help offset the costs of repairing flood damage and completing mandated code upgrades.
Total Project Costs: $671,325; Tax credits awarded: $88,813.
• 128 Main St., Brattleboro: The Brooks House, built in 1871, was severely damaged by a fire in April 2011 and subsequently closed. Tax credits will help fund its rehabilitation and re-opening, including installation of a new sprinkler system and mechanical systems, which will house nine new retail spaces and three restaurants, 20,000 square feet of office space, and 25 market rate apartments. Total Project Cost: $11,600,000; Tax Credits awarded: $717,500.
• 4 North St., East Dover: This building housed two of the three commercial businesses in East Dover village (General Store and Post Office). The Post Office recently renewed its lease and will be celebrating 150 years in this building in 2013. The General Store had been closed for four years. Historic tax credits and code credits will help in the owner's efforts to re-open the store as a community gathering place. Total Project Cost: $250,000; Tax Credits awarded: $32,200.
• 15 Kimball Hill Rd., Putney: In 2009, the United Church of Putney closed as a congregation and the 1841 church building was donated to the Putney Historical Society. Since then, the building's central location and large sanctuary hall has provided a place for community suppers, performances, lectures, and films. Tax credits will assist completion of façade and code upgrades to transform this former church into a vital performing arts center. Total Project Cost: $1,325,000; Tax Credits awarded: $126,136.
• 6 North Main St., Wilmington: Damaged by flooding as a result of Irene, code credits will aid in bringing this central downtown building in Wilmington's historic district back into service. The entire first floor has been rehabilitated and is now home to Beyond Imagination, a clothing and design boutique opened by a local artist. The building also houses two apartment units. Total Project Cost: $130,000; Tax Credits awarded: $13,750.
• 19 South Main St., Wilmington: Flood credits will assist in offsetting clean-up costs not covered by insurance in this downtown building which houses two successful businesses, Apres Vous restaurant and Twin Valley Hair Salon. Total Project Cost: $92,000; Tax Credits awarded: $9,200.
• 5 West Main Street (Dot's), Wilmington: Flood and code credits will enable the re-opening of Dot's Restaurant, a local landmark which was forced to close following Irene. Total Project Cost: $802,000; Tax Credits awarded: $92,087.
• 18 North Main Street (Old Red Mill), Wilmington: Food and code credits will provide much needed assistance to the Old Red Mill, severely damaged by Irene and the largest employer in the downtown Wilmington Historic District. Total Project Cost: $340,324; Tax Credits awarded; $77,561.