NEWS
AS DOWNTOWN MAKEOVER BEGINS BENNINGTON SEES LANDMARK BUILDING AS KEY TO REINVENTING ITS URBAN CORE
Stevens & Associates and M&S Development are proud to sponsor Radically Rural – Keene NH. Visit our table and meet the staff at the Main Street Track on Sept. 19 & 20.
For more information visit: https://radicallyrural.org/
VERMONT DIGNITARIES - KICK OFF BENINGTON REDEVELOPMENT
News coverage from the Putnam Block Redevelopment groundbreaking celebration in Bennington on August 7. Governor Phil Scott, Congressman Peter Welch, and others commended the Bennington community effort and stamina to bring what is now confirmed as the largest rural community/economic development project in the state at this time.
Working to revitalize 4 acres and 3 historic buildings in a downtown National Historic District is an extraordinary undertaking. Learn more about this project and how S&A, M&S Development and a dedicated group of organizations are transforming a community by reading, “Bennington’s Putnam Block, Revitalizing the Past for the Future” in Vermont Innovator Magazine – Spring 2019 issue.
Recently Athol Hospital held a ribbon cutting ceremony for the completion of a renovation and modernization of an outdated emergency room and the construction of a new medical office building.
The hospital engaged M&S to develop and manage the $19.3 million expansion project, which included a multi-layered financing package consisting of $17 million in New Market Tax Credits allocation. The project addressed the needs of the Critical Access, non-profit hospital which serves nine communities of the North Quabbin, Massachusetts region. This expansion will add 43,500 SF to the existing 68,000 SF building.
PUTNAM BLOCK REDEVELOPMENTPROJECT AND THE OLDCASTLE THEATRE
The Putnam Block Redevelopment Project is in construction, and the Oldcastle Theatre is excited to be a part of Bennington’s downtown revitalization.
To learn more about the Oldcastle Theatre and this downtown development project, read: As Bennington’s Putnam Block Development Moves Forward, Oldcastle Theatre Finds Home By Howard Weiss-Tisman – VPR News
M&S Development wants to congratulate all the organizations & community members responsible for reaching a huge milestone to revitalize downtown Bennington, VT.
For more information about the Putnam Block Redevelopment project visit :
https://www.reformer.com/stories/putnam-block-financing-deal-done-construction-begins,577216
VPR NEWS - DID IT WORK? : REDEVELOPING BRATTLEBOROO’S FIRE-DAMAGED BROOKS HOUSE
Great article in Forbes highlighting how Tax Credit programs, state aid, and private investment support historic rehabilitation and lead to long-term community value.
How Vermont Manages To Be So Darn Pretty
Forbes Media – Sept. 9, 2019 by: Regina Cole https://lnkd.in/eDkq_JU
OPPORTUNITY ZONE PROGRAM - VERMONT
Tax break for the wealthy fuels investment in Vermont towns
By Lola Duffort
VT Digger – Sep 2 2019, 4:30 PM
Bob Stevens & Skye Morse, M&S Development will present ‘Investing in Main Street: A Case Study Using an Opportunity Fund’ at the Vermont Development Conference in Burlington on November 6th.
For more information and registration visit: https://whiteandburke.com/resources/vermont-development-conference/
CDFA - CATALYZING OPPORTUNITY ZONE INVESTMENTS IN BOSTON
REVITILIZING THE DEWITT BLOCK
VERMONT STATEWIDE HOUSING CONFERENCE 2018
Stevens & Associates and M&S Development are looking forward to presenting at the Vermont Statewide Housing Conference 2018.
On November 14th, look for Jillian Tomaselli, AIA and Martha Ratcliffe to speak during the Small Living Spaces-Municipal and Developer Considerations workshop. Bob Stevens, PE will present during the case study-oriented workshop, Economic Development. Trends, living spaces, and economic tools will be addressed during these sessions.
Join us and register at https://www.vhfa.org/conference/register-to-attend
BOB STEVENS PRESENTED AT THE RADICALLY RURAL SUMMIT
Bob Stevens discussed the feasibility of restoring downtown historic buildings during the Radically Rural Summit in Keene, NH
For more information about this event, read the following article from the Keene Sentinel. https://www.sentinelsource.com/news/local/for-radically-rural-keene-transformed-into-a-conference-center/article_e7a9bbd3-c026-53c8-80be-d5dc096dc995.html
RADICALLY RURAL - SEPT.19 & 20
Check out Vermont Business Magazine’s recent article!
UPDATE ~ PUTNAM BLOCK REDEVELOPMENT PROJECT
As reported in the Bennington Banner on Wednesday, October 10th, Robert Stevens, standing, of M&S Development, and Bill Colvin, of the Bennington County Regional Commission, update the Bennington Select Board Monday on the Putnam Block project and its construction schedule.
Read the complete article for more details: https://www.benningtonbanner.com/stories/excitement-building-as-putnam-block-project-construction-nears,552702?
SNEAPA 2018 CONFERENCE
Bob Stevens, PE and Craig Miskovich, Esq. will present – “Beating the Odds: Overcoming the Obstacles that Face Economically Challenged Downtown Mixed-Use Projects” at the Southern New England American Planning Association Conference in Hartford, CT on Oct. 19th.
This session will explore which metrics to measure and how to show the value of a project. It also will delve into unique strategies to leverage that value into community support and funding sources.
Please join them for this two-day conference of high quality, hands-on and interactive sessions, mobile workshops, planning law and planning ethics presentations, and member networking. For more information visit https://lnkd.in/dCv6n4w
MAKING IT HAPPEN
Join Bob Stevens and register for “Making It Happen!” Local Leadership for the Future of Vermont Communities on Oct. 1st at Castleton University. Vermont communities thrive with local leaders getting big things done – share success stories, gain new skills, and think together about supporting strong leaders across Vermont.
For more information visit: https://www.vtrural.org/Summit18
2018 NEW MARKETS TAX CREDIT SUMMIT
M&S attended the CohnReznick 2018 New Markets Tax Credit Summit May 14-16. This event provided M&S the opportunity to sponsor, network and participate on panel discussions. The M&S staff is looking forward to attending next year.
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2018 LOCUS NATIONAL LEADERSHIP SUMMIT: REBUILD AMERICA’S NEIGHBORHOODS
M&S Development is proud to present at the 2018 LOCUS National Leadership Summit: Rebuild America’s Neighborhoods on April 23rd.
For more details, please visit: https://lnkd.in/dWzjWtE
CNU NEW ENGLAND MEET UP: WESTERN NEW ENGLAN - APRIL 10TH
M&S is excited to co-sponsor an evening of learning and networking with DevelopSpringfield, Stevens & Associates, and CNU New England. Please join us April 10th for the following presentation:
TRANSFORMING DOWNTOWNS – Combining urban design with economic strategies to rebuild downtowns, and a *bonus* workshop: PROJECT PRO FORMA WORKSHOP. For more information visit: https://lnkd.in/dfg-RMC
SURVIVE TODAY TO THRIVE TOMORROW…
It’s been 10 years since a raging fire swept through the Brooks House. Click here to read Kevin O’Connor’s recent article about the challenges—then and now—and hope for the future.
PUTNUM PROGRESS!
GOOD NEWS!
If you’re out in the Bennington, Vermont area, you may have noticed that work is starting up again at the Putnam Block! We’re excited to report that crews began returning to work during the last week of April. We will be ramping up the job site over the next few weeks in accordance with the Governor’s orders and new COVID-19 safety procedures.
COMMUNITY WORKS TOGETHER TO REIMAGINE ITS DOWNTOWN
Posted on Manchester Life April 14, 2020
KNOWLEDGE SHARING AT COHNRESNICK’S 18TH ANNUAL NMTC SUMMIT
Another great year at CohnReznick’s 18th Annual New Markets Tax Credit Summit. Bob Stevens, Principal for M&S, presented a case study for the Putnam Block Revitalization project – Bennington, VT. This Deal Flow chart shows the numerous funding sources including Opportunity Zone funds that M&S has compiled to make this deal happen.
COHENREZNICK’S 18TH ANNUAL NEW MARKETS TAX CREDIT SUMMIT
Join M&S Development, a sponsor of the CohnReznick’s 18th Annual New Markets Tax Credit Summit – May 13th – 15th. Visit our table, meet our staff and learn more about projects Empowering Community Revitalization.
KATIE STUART-BUCKLEY NEW CHAIR OF THE VHFA BOARD OF COMMISSIONERS THIS MONTH
Katie Buckley and Fred Baser appointed to VHFA’s Board of Commissioners
Katie Buckley and Fred Baser appointed to VHFA’s Board of Commissioners
M&S WELCOMES KATIE STUART-BUCKLEY TO THE TEAM AS DEVELOPMENT DIRECTOR
PUTNAM BLOCK UPDATE ~ FINANCING DEAL DONE & CONSTRUCTION BEGINS
2019 MASSACHUSETTS ASSOCIATION OF PLANNING DIRECTORS CONFERENCE
S&A Team Leader, Mark Westa, ASLA joins Peter Flinker, Principal of Dodson & Flinker and Ted Brovitz, Founder of Brovitz Community Planning & Design for the 2019 Massachusetts Association of Planning Directors Conference.
During the Master Planning and Implementation Strategies to Help Downtown and Village Centers Get Ready for the New Economy session, Mark will discuss how Stevens & Associates and M&S Development work to overcome the economic barriers to mixed-use downtown projects through innovative financing strategies, including the use of historic or New Market tax credits and “community-supported development.
https://lnkd.in/ernrBVA
VIM - BENNINGTON’S PUTNAN BLOCK, REVITALIZING THE PAST FOR THE FUTURE
CONGRATULATIONS ATHOL HOSPITAL!
Great news piece from VPR taking a look at the Brooks House Redevelopment project several years after its grand opening.
VPR News – ‘Did It Work?’: Redeveloping Brattleboro’s Fire-Damaged Brooks House
By HOWARD WEISS-TISMAN • SEP 13, 2019
HOW VERMONT MANAGES TO BE SO DARN PRETTY - FORBES MEDIA
SNEAPA 2019: RETHINK, REINVEST, RENEW
Join M&S and S&A staff at SNEAPA 2019: Rethink, Reinvest, Renew on October 17-18 in Springfield, MA. Visit our table and meet our staff.
M&S – Gabby Ciuffreda is a panelist for: It Takes a Village to Revitalize a Historic Downtown Block
It takes a Village of state, regional, local, public, and private partners to move a complex historic revitalization effort forward. Downtowns throughout New England are rich with opportunities to live, work, and play. However, many downtown buildings and sites need significant rehabilitation. There are brownfields issues and a variety of funding sources are needed to implement the necessary environmental remediation to get a site ready for redevelopment.
The Putnam Block project in Bennington Vermont (VT) utilized funding from Windham Regional Commission and the VT AGency of Commerce and Community Development for brownfields remediation. The brownfields funding helped enable the project to leverage the remaining resources needed to make this $30 million historic redevelopment project become a reality. The Bennington County Regional Commission rallied local anchor institutions to come to the table and play a role. Each of these partners are critical to the success of the project.
This session will discuss the various funding sources used for remediation, the challenges associated with the project, and the lessons learned for complex, downtown rehabilitation projects. These lessons are applicable to communities throughout New England. We will discuss the importance of such funding in making larger redevelopment projects financially viable. Joining Gabby on the panel are:
Susan Westa, AICP, Windham Regional Commission
William Colvin, Bennington County Regional Commission & Industrial Corporation
Brett Long, Vermont Department of Economic Development
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S&A – Mark Westa, ASLA will present: Psychology and the City: Springfield MA Case Study
Residents, visitors, and those that rarely or never have been to a specific city often have widely varying perceptions about the quality, character, and safety of that city. What is that? And what can be learned by digging into how various groups “see” the city.
Using urban design principles paired with ideas from human psychology, such as Maslow’s Hierarchy of Needs, this session will look at how people perceive the City of Springfield and why, like in many cities, those perceptions often are significantly in opposition to each other.
Primarily using pictures of the city, we will discuss how urban areas are perceived, how taking different routes or knowledge of various districts impacts us and what can be done to address the disparity in understanding and feelings. We will also look at how these impact the goals of many communities to be creative, entrepreneurial places.
For more information and to register visit: https://www.sneapa.org/registration/
CONNECTICUT ARCHITECTURE CONFERENCE + EXPO
Join M&S Development at CACX 2019 – Mohegan Sun Earth Expo + Conference Center.
M&S AND S&A IN TH ENEWS ~ VERMONT ARTS & LIVING
Bob Stevens, Founder & President of Stevens & Associates and a Principal for M&S Development is working on two important downtown revitalization projects. Read about them in the Vermont Arts & Living Winter/Spring 2020 issue:
‘A remarkable part of the legacy’ – Putnam Block redevelopment project invests in tradesmen
and
Reveling in Brattleboro – BMAC’s ambitious buildout does what no one else can do
INSUDE LOOK AT THE PUTNAM BLOCK REDEVELOPMENT PROJECT
Take an inside look at the Putnam Block Redevelopment project in Bennington, VT. M&S Development and Stevens & Associates are excited to provide services for this complex site transformation and downtown revitalization project.
To take an inside look watch the iBerkshires video here: https://www.facebook.com/watch/?v=425028038158299
For more information about the Putnam Block Redevelopment project visit: www.putnamblock.com
IMAGINE BOLDLY - MUSEUM HOUSING
Brattleboro Museum & Art Center and Museum Housing
Imagine yourself sharing an address with one of the
region’s most exciting contemporary arts museums.
Just steps away, you will find local restaurants, a thriving
arts and entertainment scene, unlimited access to the
great outdoors—all that you will want or need just
beyond your front door. “The Museum” is the new
gateway to Brattleboro’s exciting downtown, offering
all the benefits of an urban setting yet nestled in one
of Vermont’s quaintest historic districts.
What you need. Where you need it.
The Museum is a mix of apartments and condominiums perched above the new Brattleboro Museum & Art Center. Located on Main Street at the confluence of the Connecticut River and Whetstone Brook, you will experience the four seasons in all their glory with unparalleled views of the water against the backdrop of Mount Wantastiquet.
OFFERING ON-SITE TRAINING A THE PUTNAM BLOCK PROJECT
Improving the community in more ways than one, Bread Loaf Corp. offers construction workers at the Putnam Block project site training sessions in a makeshift classroom. Workers are developing a greater literacy with architectural, structural and other types of drawings used in construction projects.
For more information visit: https://www.benningtonbanner.com/stories/after-hours-training,590365?
PUTNAM BLOCK FINALLY GETS ITS DAY IN BENNINGTON
INVESTING IN THE MAIN STREET: A CASE STUDY
Join Skye Morse, Principal and Investment Director at CDFA – Catalyzing Opportunity Zone Investments in Boston on October 22nd.
For more details visit: https://www.cdfa.net/cdfa/cdfaweb.nsf/0/47AAC1690A71F1CD8825840F006057E2
HIDDEN GEMS FOUND DURING DEMOLITION AT PUTNAM BLOCK REDEVELOPMENT
Bob Stevens conducts a tour of the Putnam Block Redevelopment project highlighting some of the gems hidden within.
Read more here in Vermont Business Magazine
M&S Development welcomes Katie Stuart-Buckley to their team as Director of Project Development. Katie’s experience as a municipal official, housing developer, and most recently as the Commissioner of Housing & Community Development in the Agency of Commerce & Community Development for the State of Vermont, means she is uniquely qualified to support the M&S mission of Empowering Community Revitalization. As Director of Project Development, she will lead M&S to provide real estate development, capital sourcing, and deal-structuring services to projects which benefit economically challenged communities. Katie understands the fundamentals required for economic growth and social vitality within rural and distressed communities and is committed to advancing projects grounded in the responsible development of our cities and towns. Her years of dedication to the region and the State of Vermont are evident through her service as a board member with the Preservation Trust of Vermont, Vermont Downtown Development Board, Vermont Housing Finance Agency, Windham Regional Commission, Vermont Disaster Recovery Fund, and the Friends of Algiers Village. According to Katie, “The key to unlocking the rural economy is the revitalization of our historic downtowns and villages. At M&S, we work to reimagine Main Street for the 21st century by creating places for people of all ages and incomes to live, work and play.”
Prior to her appointment by the Governor, Katie held leadership roles involving municipal management and finance, sensitive redevelopment of historic buildings for adaptive reuse, non-profit affordable housing, and community and economic development.
Katie is excited to collaborate with Stevens & Associates to provide a suite of services to support transformative downtown projects and community revitalization. To learn more visit: Stevens & Associates, P.C.
CONNETICUT MAIN STREET CENTER SUMMIT
Join Bob Stevens at the Connecticut Main Street Center Summit – Hidden In Plain Sight: Turning Old Buildings Into Productive New Uses February 28th in Hartford or March 1st in Norwalk CT.
For more information and registration click HERE.
PUTNUM BLOCK REVITALIZATION PROJECT UPDATE
For an update on the exciting revitalization development effort in Bennington, read the following article, Putnam Block Project Approved for $3.1 million for redevelopment from VermontBiz.
Each new residence is thoughtfully designed and appointed with high-end finishes, a strong nod to energy efficiency, and elevator access to each level. A variety of layouts and sizes are available including one, two, and three bedrooms, as well as penthouses with private decks.
Amenities include: washer and dryer in all units, high speed internet, indoor bike storage, trash and recycling, rooftop deck, and a common room with fitness area.
A Walker’s Paradise
With a 90 Walk Score rating, The Museum is considered a Walker’s Paradise. This means you can conduct your daily errands without the need for a car. Step outside and find…
• Culture: The Brattleboro Museum & Art Center, the Latchis Theatre, New England Youth Theater, New England Center for Circus Arts, Gallery Walk on the first Friday of every month, and more!
• Food and Drink: 22 Eateries, breweries, and distilleries
• Shopping: 50 locally owned shops with everything from books and bicycles to nuts and bolts
• Outdoor Recreation: Mount Wantastiquet, Retreat Trails and Harris Hill Ski Jump, Winston-Prouty Trails, West River Trail, and Living Memorial Park featuring an ice arena, trail system, pool, ski hill with rope tow—between a half and two miles away. World-class ski resorts within an hour’s drive.
• Healthy Lifestyle: Yoga and dance studios, fitness centers, massage, personal care
• Brattleboro Food Co-op: directly across the street
• Professional Services: Multiple banks, financial services, and legal professionals within a few blocks.
• Brattleboro Memorial Hospital: medical district within one mile
You can get there from here.
Brattleboro’s location provides easy access to major metro areas.
• Amtrak’s Vermonter offers daily service between Washington D.C. and northern Vermont through New York and Connecticut.
• Greyhound provides regular bus service from Boston, Albany and coastal Maine.
• The Museum is just over a mile from exits 1 and 2 off of I-91.
Find out more today!
Contact us to add your name to the rapidly growing waitlist for this exciting property, or to learn more about Museum Block.
info@msdevelopmentllc.com
Putnam Block finally gets its day in Bennington’
Article by Timothy McQuiston
Vermont Business Magazine – September 2019
With the final funding piece finally in place, the Bennington Redevelopment Group (BRG) in early August held a groundbreaking ceremony to celebrate the start of construction on the $31 million revitalization of the historic Putnam Block. Phase I will transform three historic buildings at the Four Corners in downtown Bennington into a vibrant urban hub.
Vermont Governor Phil Scott, Congressman Peter Welch, project funders, investors, and supporters, among many others, joined in the long-awaited event held under a large tent next to the Oldcastle Theatre at 331 Main Street.
Crucial to this redevelopment, like the one at the Brooks House in Brattleboro, was a complex and hard-won financing package that brought together both public and private investors. The state also has committed about $3 million to the project.
Promoters hope to have Phase I ready for occupancy by late 2020. About 70 percent of the space in Phase I is leased, and 30 percent of the 30 apartments are spoken for.
Phase I of the Putnam Block revitalization will include the redevelopment of the historic Hotel Putnam, Old Courthouse, and Winslow Building, as well as site improvements to the property.
In addition to renovation of the three buildings in the National Register listed Historic District, Phase I encompasses demolition of structures, environmental cleanup, and the creation of parking and mixed-use office, residential, and retail space.
When Phase I is completed, the Putnam Block will include 78,000 square feet of renovated space and 30 new market rate and income-qualified apartments which are expected to draw over 50 new residents to the downtown while creating hundreds of construction and permanent jobs for the area.
“The conversation about the Putnam Block Redevelopment Project has a long history but really gained momentum in 2016,” said Jim Brown, President and CEO of The Bank of Bennington. “We watched our Main Street empty out with vacant store fronts and upper stories. Our businesses struggled to not only attract workers but retain the ones they had. It became obvious to us that the only way to reverse our negative trend was to be bold and invest in ourselves – the community and its future generations – by reimaging the downtown.”
Community and civic leaders, institutions, and inspired individuals banded together to create the Bennington Redevelopment Group, LLC (BRG) with the express goal of revitalizing Bennington’s downtown.
Governor Phil Scott said: “What an exciting day. You know I have the opportunity to go to a lot of ground-breakings, ribbon cuttings and so forth. This has to be the largest I’ve been to since becoming governor, and probably before that as well, and it’s a testament to what this project means and all the hard work that went into it and those who are investing in it and not just in monetary value. It’s about investing in what we believe in here in this region. So I thank you for coming today. First of all congratulations to the community, the region, and all the members of the Bennington redevelopment group.”
“The Putnam Block is one of the most important economic development initiatives under way in Vermont right now.”
“The fact is we need to give a helping hand to our economic centers outside of Chittenden County. Places like Bennington, Brattleboro, Rutland, Springfield and many others in order to re-energize our rural communities. Big projects take vision, they take commitment, they also take of course a little bit of money.”
“Not long after becoming governor, I was brought up to speed on the importance of the Putnam Block and the role it plays in revitalizing the region.”
“I’ve seen and heard such great things about these efforts, like the work that Bill Colvin, Bob Stevens and others were doing to line up funding sources and I learned about why they were doing it.”
“I know many of you have heard from folks like Tom Dee and Jim Brown from the Bank of Bennington who share these reasons as well.”
“Simply put, regional economic centers, hubs like Bennington, need game-changing projects that support economic growth in long-term economic security.”
“On my first day in office two and a half years ago I signed an executive order that laid out the three top priorities of my administration to grow the economy, make Vermont more affordable, and protect the most vulnerable. These are as important today as they were then.”
“The Putnam Block addresses each one of these priorities and it takes partners like Vermont Rural Ventures, who stepped up to provide one of the largest New Market Tax Credit allocations in its history.”
New Market Tax Credits allow for private, individual investment in community projects.
The governor also mentioned the impediment affordable housing is to economic development across the state and the recent housing bond, the state’s first, for $37 million that will leverage $65 million. Some of that money will be used for the housing component in Bennington.
The BRG members, which include The Bank of Bennington, Southwestern Vermont Health Care, Bennington College, 4 Putt Properties, Tony and Jackie Marro, M&S Development, Sheela Harden, Elizabeth Harden, Dimitri Garder, Brian and Jennifer McKenna, Deborah Wiley, and Ira Wagner, seized on the Putnam Block as the catalytic key to their new initiative.
With M&S Development on board as lead development consultant, the BRG members joined forces to rejuvenate the area and to bring amenities into the downtown, such as access to fresh food and medical services.
“This project demonstrates what’s possible when a community with a vision and determination comes together to revitalize the heart of their downtown,” stated Tom Dee, President and CEO of Southwestern Vermont Health Center. Dee continued, “I am incredibly proud of what this group and this town have been able to achieve thus far, and grateful to all of our partners for helping to get this project to where it is today.”
“Today, we celebrate the kickoff of this historic project that will revitalize downtown Bennington. We also celebrate the extraordinary efforts of the community leaders who brought their vision to life in the face of countless obstacles along the way. I am particularly pleased that the federal New Market Tax Credit played a vital role in this vibrant project and look forward to returning to celebrate its completion,” said Congressman Peter Welch.
“(Some) said this economic development project of $56 million dollars didn’t make economic sense,” Welch said. “But you know what? It makes sense for Bennington. It makes sense for our kids. It makes sense for the future of small-town America and at the end of the day it’s going to make sense economically as well. Because it’s only by investing in where you live, putting that stake in the ground, committing yourself to a future, doing the hard work that it takes to build this community and to say that that anchor building is going to thrive again, rather than wither and die. That makes spiritual sense. It makes community sense. It’s what we must do.”
“As an equity partner in this project, as well as lead development consultant, M&S is thrilled to have helped make Putnam a reality. The fact that we were able to secure over $15.2 million in grants and tax credit funding for this project from so many great partners is a testament to the importance of the work being done here. We are very proud to finally see shovels in the ground today – this is truly a great day for Bennington,” said Bob Stevens, Principal, M&S Development
The BRG has now transitioned to planning for and funding the second phase (Phase II) of the project.
Phase II will consist of a newly constructed building intended to house additional retail spaces, offices, housing, and much needed medical and training facilities. Phase II would entail about 55,000 square feet of new construction and the remaining 60 percent of the site work, including most of the parking, all of the municipal infrastructure, and the remainder of the environmental cleanup.
Phase II also hopes to use tax incremental financing (TIF district), which makes downtown projects more financially viable for potential developers.
TIF Districts have been employed and made significant impacts in places like Winooski, Milton and St Albans, but have also been questioned about the implementation of the law and its long-term property tax implications. State Auditor Doug Hoffer in August issued a report questioning how the TIF was used in the development of the new hotel in St Albans.
Governor Scott has praised the TIF program and local municipalities have welcomed its implementation. The Legislature will likely revisit and tighten up the law.
A future third phase in Bennington, for which land has been banked with Housing Vermont, a non-profit housing developer, will develop an additional 30 housing units. With the support of the BRG, the Bennington County Industrial Corporation (BCIC), the local non-profit regional economic development corporation (RDC), purchased from the Greenberg family nearly all the buildings and land which make up the Putnam Block.
With federal funding from the EPA through the Windham Regional Commission and the VT Agency of Commerce & Community Development, BCIC then undertook the Brownfields environmental cleanup necessary to ready the properties for private ownership which would place the property back in service. (RDCs in Vermont benefit from certain protections related to environmental liability.)
According to Bill Colvin, Executive Director, BCIC, the financing package was very complex, with an unprecedented number of funding sources and investors.
The project received early development funding from the Vermont Community Foundation, and over the past three years the BRG worked with M&S Development to structure the deal to comply with the Federal Historic Tax Credit and New Markets Tax Credit programs, among others, and to attract tax credit allocation.
Ultimately, this allocation came from Vermont Rural Ventures, Mid-City Community CDE, an Urban Atlantic Development subsidiary in Bethesda, Maryland, and Mascoma Community Development in Lebanon, NH, while tax credit equity came from US Bankcorp Community Development Corporation.
Senior debt was provided by Mascoma Bank, with junior debt supplied by Vermont Economic Development Authority.
The project also received funding support from the Putnam Block Opportunity Zone Fund, Inc; the Vermont Community Development Program; the Vermont Downtown and Village Center tax credit program; Vermont Housing & Conservation Board; People’s United Bank; The Bank of Bennington; VT Agency of Natural Resources; Vermont Mutual Insurance Group; Efficiency Vermont; Vermont Energy Investment Corp; Preservation Trust of Vermont; Citizens for a Greater Bennington; the Town of Bennington; and nearly 20 individual investors from the Bennington community.
The Putnam Block Redevelopment Project is intended to act as a catalyst for economic and community development in southern Vermont and to serve as a replicable model for rural downtowns throughout the state.
“Across rural America, we are watching as our downtowns are challenged by demographic shifts. Vermont is no different,” said (former) Secretary Michael Schirling of the VT Agency of Commerce & Community Development. “We look for creative solutions to enable our communities to remain vibrant or experience a resurgence. The Putnam Block Redevelopment Project provided a solution for Bennington through community-led development. Businesses, institutions, citizens came together to act as developers to reinvigorate their downtown and shape its future, and their own.”
The project is working with Stevens & Associates as lead design professionals and Bread Loaf Corporation as lead construction managers.
In the news. . .Hill Country Observer – A downtown makeover begins ~ Bennington sees landmark buildings as key to reviving its urban core By: Evan Lawrence. Photo by Joan K. Lentini
Visit: http://www.hillcountryobserver.com/2019%20news/july2019bennington.htm
URBAN INSTITUDTE CLEVELAND OPPORTUNITY ZONE EVENT - 2019
Join Skye Morse, Principal and Investment Director for M&S Development at the Urban Institute – From Concept to Action: Aligning Opportunity Zones and Mission Capital event on Oct. 10th in Cleveland, OH. Skye and several other panelists will discuss how Opportunity Zone financing can be leveraged to maximize community benefit.
For more information and to register visit: https://urbn.is/2NNoHAh
Bob Stevens and Skye Morse will present: Beating the Odds: The economic and community impacts of downtown mixed-use projects can be trans-formative and create lasting change. This session will identify metrics to show these impacts and how to leverage those to finance projects. Using case studies to explore Impact Assessment; Benefits and Resilience; Overcoming Barriers and Financing Strategies.
