March 24, 2010
Funds Will Help Re-develop Contaminated 100 River Street Location
MONTPELIER, Vt. – Governor Jim Douglas has announced that $110,000 will be granted to the Precision Valley Development Corporation to continue clean-up activities at the former Fellows Gear Shaper property in Springfield.
“This proposal will help continue with the re-development of a critical downtown property,” said Governor Douglas. “This will not only help the town’s economy, but will turn a blighted property into clean, safe commercial space, including space for the Springfield Hospital health center.”
These funds are being made available to PVDC from the State’s Brownfield Fund, which will be leveraged with another $80,000 from the Southern Windsor County Regional Planning Commission’s (SWCRPC) American Recovery and Reinvestment Act (ARRA) supplemental funding through the Environmental Protection Agency.
Redevelopment of the site, located in Springfield’s downtown, will result in the reuse of a historic building and provide new office and commercial space. The State of Vermont and SWCRPC are working very closely with the developers of the property, 100 River Street, LLC and the Springfield Regional Development Corporation.
The Environmental Protection Agency has capitalized both the State’s and SWCRPC’s funds through its competitive brownfields Revolving Loan Fund (RLF) program.
To date, the State has been awarded over $1.5 million for clean-up of brownfield sites; and SWCRPC has been awarded close to $3 million in RLF and assessment funding.
Last year, the state awarded $750,000 to the town for use in installing new safety systems such as sprinklers and emergency lighting at the Fellows building, located at 100 River Street, and in 2008 the state authorized $344,731 worth of tax credits to help refurbish the historic building.
For additional information about the Governor’s Vermont Brownfields Initiative, please see the Agency of Commerce and Community Development website at: http://www.dhca.state.vt.us/brownfields/index.htm
Source: Office of the Governor
Last Updated at: March 24, 2010 14:02:45