§ 2795 - Considerations for competitive-based incentives - Vermont Statutes

§ 2795. Considerations for competitive-based incentives

In awarding competitive-based financial incentives under section 2794 of this title, including but not limited to a rebate and tax incentives, or in awarding grants or other assistance from the downtown transportation and related capital improvement fund under section 2796 of this title, the Vermont downtown development board shall give consideration to the following factors:

(1) the vacancy rate for existing buildings in the downtown district;

(2) the current or projected unemployment rate for the labor market area in which the municipality is located;

(3) ordinances or bylaws adopted by the municipality that support the preservation of the downtown's vitality, including, but not limited to:

(A) an ordinance or bylaw requiring that new construction in the downtown development district shall be 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, and that exterior rehabilitation shall respect the historic and architectural significance and its exterior features; and

(B) a conditional use provision in a town zoning ordinance that supports adaptive reuse of historic properties;

(4) the integration of the proposed improvements with any coordinated plan for the downtown district and surrounding area;

(5) the degree of any deficiency in the downtown district of transportation infrastructure including parking facilities;

(6) the vulnerability of the downtown district to economic decline due to competing development in adjacent areas;

(7) the immediacy of the benefits provided and the desirability of prompt action to secure those benefits for a downtown district;

(8) the amount of investment from individual Vermont taxpayers that has been committed to projects in the downtown district. In considering this factor, the board shall recognize the value of individuals participating in downtown projects by giving preference to applications for incentives from individual Vermont taxpayers, and projects coordinated by developers who have encouraged the participation of such investors. (Added 1997, No. 120 (Adj. Sess.), § 1; amended 1999, No. 159 (Adj. Sess.), § 33.)