Projects in Springfield, Bellows Falls and Manchester awarded state tax credits

 

Projects in Springfield and Rockingham are among 30 in 27 communities that will receive a total of $3.2 million in Downtown and Village Center tax credits from the state of Vermont.

“I’m proud to see Vermont’s continued commitment to investing in their downtowns during these uncertain times – it is a testament to our sense of community and entrepreneurship, and I’m pleased the state can support
this work through this program,” said Gov. Phil Scott in announcing the credits. “As we continue to
weather the devastating economic impacts of this global pandemic and rebuild our economy, the downtown and village center tax credits will help local communities put themselves in the best position to thrive into the future.”

The tax credits will support over $160 million in downtown, village center and rehabilitation projects. This includes over $500,000 to support redevelopment of two properties in downtown Springfield: a
former manufacturing facility — the Cotton Mill — that will be converted into multi-family housing, and the former Park Street School, now home to the Black River Innovation Campus, that will be redeveloped into a multi-use facility with space for a business accelerator with co-working and private commercial space, studio apartments, and community use of the former gymnasium and 800-seat theater.

The $147,200 Cotton Mill project will receive $62,500 in tax credits.  And the$15.5 million BRIC project will receive $443,500 in tax credits.

“The pandemic has required everyone to step back and rethink what they do,” said Housing and Community Development Commissioner Josh Hanford. “It’s extremely inspiring for me to see that Main Street building owners have decided there has never been a better time to make the place they call home even better for their residents, businesses and visitors.”

In Bellows Falls, a former parking garage will be converted into mixed-income workforce housing. The $8.8 million project was awarded $200,000 in tax credits. Other funded projects include adaptive re-use of the former Skinner Library in Manchester, a historic building that will receive $82,250 in tax credits as it is turned into the Silver Fork Restaurant.