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Vermont Sales Tax Reallocation Program

Grants to Vermont Municipalities Partnering with Developers
for Construction Projects in Eligible Downtown Areas

Agency Type:

State

Funding Source:

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Vermont Agency of Commerce and Community Development (ACCD)

Deadline Date:

07/01/20 Close of business (4:30 pm)

Description:

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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: 

  1. “Construction materials” means all construction materials purchased by the owner or owners' representative, project manager, construction manager, general contractor, or subcontractor to be incorporated into a qualified project. Construction materials include building components; sand, gravel, etc. incorporated into the site; and landscaping materials incorporated into the project. 
  2. “Qualified project” means expansion or rehabilitation of contiguous real property that is or will be used at the completion of the expansion or rehabilitation as a structure in a designated downtown development district, but only to the extent that the expansion or rehabilitation becomes an integral component of the real property and the project does not seek qualification for the Vermont Downtown and Village Center Tax Credit Program. “Qualified project” also means new construction of contiguous real property that will be used at the completion of the construction as a structure in a designated downtown development district, but only to the extent that the new construction is compatible with the buildings that contribute to the integrity of the district in terms of materials, features, size, scale and proportion, and massing of buildings.
  3. “Municipal project” means a project undertaken by the municipality in support of a qualified project and which uses the reallocated sales tax revenues in support of that qualified project.

GrantWatch ID#:

GrantWatch ID#: 183753

Estimated Size of Grant:

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.

Term of Contract:

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.

Additional Eligibility Criteria:

Applications must be submitted jointly by the municipality and the owner of the qualified project.

Partners both public and private may be involved in the project. For example, non-profit organizations, business owners/tenants, schools etc., may be partners.

Applications must be for qualified projects within a designated downtown. The Board will not consider projects that are substantially completed before designation is granted to the municipality.

"Construction materials" funded by the program do not include furniture, furnishings, and equipment which does not become real property, tools used in construction, or fuel or other supplies used in construction but not incorporated into the project.

Pre-Application Information:

Applications are due July 1, 2020 by close of business (4:30 pm).

Decisions will be made at the regularly scheduled July meeting of the Downtown Board on July 20, 2020.

Applications will not be considered at the same Board meeting as a request for downtown designation.

For specific advice on proposed projects, staff from the Downtown Program is available to meet on site and discuss how to ensure any new construction is compatible with the existing downtown district. Downtown program staff can assist owners with finding appropriate design solutions. To schedule a meeting, email Caitlin Corkins.

About Downtown Designation: https://accd.vermont.gov/community-development/designation-programs/downtowns

About the Program: https://accd.vermont.gov/community-development/funding-incentives

Contact Information:

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
caitlin.corkins@vermont.gov

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

URL for Full Text (RFP):

Geographic Focus:

USA: Vermont: Designated Downtown Districts

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