Village Facade Incentive Program
Jon Spector (on behalf of EDC)
Economic Development Commission
16 The Green
Grant Request Summary
One of the EDC's objectives is to improve the physical appearance of the Village to provide a more enjoyable experience for residents and visitors. Unfortunately, the exterior facades of several buildings are so dilapidated as to be quite noticeable, and are one of the more frequent complaints EDC members hear when residents and visitors discuss the Village experience.
Recognizing the importance to economic development of building facades in downtown environments, the State of Vermont has established financial incentives for building owners to make needed improvements. This grant would help establish an additional incentive for owners of buildings in the downtown Village area. To receive funding from the EDC a building owner would need to be eligible for and submit a proper application for (though not necessarily receive) a State grant. The Woodstock incentive would match the State grant up to a maximum award per building of $25,000.
Other criteria might be attached to the Woodstock incentive - e.g. an agreement to maintain the facade in good condition for 10 years, or an agreement to maintain retail occupancy (if a retail location) at 90% over ten years.
We are seeking $75,000 to fund a pilot program for 2022. If the program is successful - meaning that multiple building facades are improved - the EDC might consider extending the program in future years, or on occasion as the situation warrants.
Applications to receive the financial incentive would be available for 24 months following the establishment of the Incentive Program, at which point any remaining funding would be returned to the unencumbered balance.
Desired Grant Amount
Other Funding Sources
Up to 24 months
How will this project benefit the economic and community development of Woodstock?
The physical appeal of the downtown Village - particularly along Route 4 - is one important factor in making Woodstock an attractive place for residents and visitors. Poorly maintained buildings stand out and we can observe - from comments of local residents, and even comment cards filled in by visitors at lodging establishments - that dilapidated buildings leave a poor impression on people. Providing a financial incentive may help to address this problem by encouraging building owners to invest in their buildings, to the benefit of the entire community.
Which EDC Working Grouop Objectives does your project best support?
Downtown Physical Rejuvenation (Improving facilities and public spaces in the downtown area)