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Putnam Block Redevelopment Efforts Continue

BCRC Community Development Director, Bill Colvin, recently provided the Bennington Select Board with an update on the Putnam Block redevelopment project. The Bennington Redevelopment Group (BRG) is completing its due diligence on the property following review of an initial environmental assessment. Transfer of the property to BRG could take place in January of 2017.

The Town of Bennington will be asked to take certain actions in support of the redevelopment project. For example, applications by the town to two grant programs could provide a total of $1.25 million to partially fund the demolition, asbestos abatement, environmental remediation, and historic building renovation components of the project. To raise the $2-$2.5 million needed for the public infrastructure necessary for a mixed-use project of this size, BRG is likely to ask the Town to support the creation of a Tax Increment Financing (TIF) District. TIFs allow municipalities to issue a bond to raise the revenue for a project in the short term, and repay the bond over time through increased tax revenue.