Funky, artsy Brattleboro could get a Main Street anchor building arts center that looks funky and would have space for much-needed housing, too. Pricetag? $30 million. Some funding would come from ‘federal tax credits,’ likely including the `Opportunity Zone’ credits created in the 2017 Trump/Republican tax reform. Brattleboro is one of 25 Vermont OZs in which private investors may receive considerable tax breaks for supporting local projects.
"People who travel to Brattleboro to visit the new BMAC will eat in local restaurants, stay in nearby hotels, visit Brattleboro's amazing galleries and breweries, and shop in its stores," stated Stephanie Bonin, executive director of the Downtown Brattleboro Association, in the press release. "Their dollars will in turn translate into increased spending capacity for local residents and workers and, ultimately, more jobs."
To make the $30 million project a reality, BMAC needs to raise $12 million for the new gallery space and another $3 million for its endowment. So far, said Lichtenfeld, it's raised $2.5 million. The housing ownership group led by M&S will need to secure another $10 to $12 million in equity and financing. The remaining $6 to $8 million will be secured through federal and state tax credits and grants.
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