Vermont Statutes Title 24 Sec. 2797
Terms Used In Vermont Statutes Title 24 Sec. 2797
- Department: means the Vermont Department of Housing and Community Development. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 2797. Property Assessment Fund; brownfields and redevelopment; competitive program
(a) There is created a Property Assessment Fund pursuant to 32 Vt. Stat. Ann. chapter 7, subchapter 5 to be administered by the Department of Housing and Community Development for the purpose of providing financing, on a competitive basis, to municipalities that demonstrate a financial need in order to determine and evaluate a full assessment of the extent and the cost of remediation of property, or in the case of an existing building, an assessment that supports a clear plan, including the associated costs of renovation to bring the building into compliance with State and local building codes.
(b) The Fund shall be composed of the following:
(1) State or federal funds that may be appropriated by the General Assembly.
(2) Any gifts, grants, or other contributions to the funds.
(3) Proceeds from the issuance of general obligation bonds.
(c) A municipality deemed financially eligible may apply to the fund for the assessment of property and existing buildings proposed for redevelopment, provided the Department finds that the property or building:
(1) is not likely to be renovated or improved without the preliminary assessment;
(2) when renovated or redeveloped, will integrate and be compatible with any applicable and approved regional development, capital, and municipal plans; is expected to create new property tax if developed by a taxable entity; and is expected to reduce pressure for development on open or undeveloped land in the local community or in the region.
(d) The Department shall distribute funds under this section in a manner that provides funding for assessment projects of various sizes in as many geographical areas of the State as possible and may require matching funds from the municipality in which an assessment project is conducted. (Added 2003, No. 121 (Adj. Sess.), § 49, eff. June 8, 2004.)