Millions in tax incentives aimed at revitalizing Vermont towns
ST. ALBANS, Vt. (WCAX) - State leaders are highlighting millions in tax incentives aimed at revitalizing Main Street Vermont.
This fall, 49 projects in dozens of communities will share some $4.1 million in tax credits.
Projects like the former U.S. Customs House and post office in St. Albans. The historic building sat abandoned for decades. In the coming months, it will be revamped to create new office space and eight new apartments. Developers say the downtown tax credits were critical in moving the project forward.
“This project appraised for $1.3 million and it’s going to take $1.7 million or $1.8 million to put it together. So I have to come up with my share and then another $400,000 on top of that,” developer Jim Cameron said.
The tax credits are expected to spark $95 million in total building improvements in downtowns.
You can watch the governor’s press conference below.
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