Vermont Agency of Commerce and Community Development (ACCD)
07/01/20 Close of business (4:30 pm)
Grants to Vermont municipalities partnering with developers for construction projects in eligible downtown areas throughout the State. Funding is intended to support improvements to existing infrastructure such as the expansion of water and sewer services, sidewalks, new stormwater controls, streetscape enhancements, parking garages, and pocket parks.
The sales tax reallocation program provides tax incentives to encourage new construction projects in Vermont’s state designated downtowns. Municipalities and the developer of the qualified project may jointly apply to the Downtown Board for a reallocation of sales taxes on construction materials.
Projects must be consistent with the following definitions:
GrantWatch ID#: 183753
Amounts Available for Reallocation:
1. In a municipality with a population of 7,500 or less, all taxes paid on sales of construction materials in excess of $100,000 for each separate qualified project may be reallocated to the municipality;
2. In a municipality with a population greater than 7,500 but less than 30,000, all taxes paid on construction materials in excess of $200,000 for each separate qualified project may be reallocated to the municipality;
3. In a municipality with a population greater than 30,000, all taxes paid on sales of construction materials in excess of $1,000,000 for each separate qualified project may be reallocated to the municipality.
The benefits of this program, combined with the downtown and village center tax credits, are capped at $2,600,000 annually. Funding for the combined projects (tax credits and sales tax reallocation) in any given municipality may not exceed 30% of this total cap in one year.
Applications may be submitted either just prior to the start of construction or during construction of the qualifying project, but not after construction has been substantially completed.
The application must demonstrate that the qualified project will be under construction within 12 months of the award date, and the qualified project and the municipal project must be completed within 36 months of the award.
At any time, applicants may apply to the Downtown Board for a waiver requesting an additional two years for project completion if a project cannot be completed within the 3-year time frame. No extensions beyond this 5-year deadline will be granted.
Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.
Email the completed application to:
Caitlin Corkins, Tax Credits & Grants Coordinator
For questions, contact Caitlin Corkins at 802.828.3047 or at the above email address.
Dept. of Housing and Community Development
One National Life Drive
Deane C. Davis Building, 6th Floor
Montpelier, VT 05620-0501
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