Millions of dollars in tax credits will boost downtown development projects across Vermont.
Governor Peter Shumlin made the announcement Monday morning from the Blanchard Block building in Barre. The building is one of more than 30 projects that are benefiting from the program. Nearly 1.8 million dollars in traditional tax credits, as well as about half-a-million dollars in credits for buildings hit by last year's flooding round out the effort.
The Governor and Barre Mayor Thom Lauzon say the boost will mean good news for jobs and the economy.
"Realistically even though this may seem like a little bit of a handout, this is one of the best programs the state has going," Lauzon said.
"What these downtown credits do, among other things, is make it possible for folks who are taking a risk to rebuild our downtowns, to put in handicap access and sprinklers, things that otherwise they couldn't afford," Shumlin said.
The tax credits are targeted toward "hard to finance" projects across Vermont. They're used to help draw developers to historic infrastructure that may otherwise be too costly to pursue.
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