§ 2796 - Downtown transportation and related capital improvement fund
§ 2796. Downtown transportation and related capital improvement fund
(a) There is created a downtown transportation and related capital improvement fund, to be also known as the fund, which shall be a special fund created under subchapter 5 of chapter 7 of Title 32, to be administered by the Vermont downtown development board in accordance with this chapter to aid municipalities with designated downtown districts in financing capital transportation and related improvement projects to support economic development.
(b) The fund shall be comprised of the following:
(1) such state or federal funds as may be appropriated by the general assembly;
(2) any gifts, grants or other contributions to the fund;
(3) proceeds from the issuance of general obligation bonds.
(c) Any municipality with a designated downtown development district may apply to the Vermont downtown development board for financial assistance from the fund for capital transportation and related improvement projects within or serving the district. The board may award to any municipality grants in amounts not to exceed $250,000.00 annually, loans, or loan guarantees for financing capital transportation projects, including but not limited to construction or alteration of roads and highways, parking facilities, and rail or bus facilities or equipment, or for the underground relocation of electric utility, cable and telecommunications lines, but shall not include assistance for operating costs. Grants awarded by the board shall not exceed 50 percent of the overall cost of the project. The approval of the board may be conditioned upon the repayment to the fund of some or all of the amount of a loan or other financial benefits and such repayment may be from local taxes, fees or other local revenues sources. The board shall consider geographical distribution in awarding the resources of the fund.
(d) Each fiscal year, $40,000.00 of the fund shall be available to the department of housing and community affairs for costs of administering the fund. (Added 1997, No. 120 (Adj. Sess.), § 1; amended 2003, No. 66, § 237b; 2005, No. 6, § 64, eff. March 26, 2005.)