2004 Section 108 Project Summary - Vermont

Winooski Falls Riverfront Downtown Project
BORROWER: WINOOSKI
STATE: VT
COMMITMENT AMOUNT: $24,250,000
Winooski will use the guaranteed loan to finance the acquisition of real property to complete the assembling of a 124 acre downtown site for redevelopment. The new development will include 800 units of residential space, 3,100 parking spaces, ground-level neighborhood retail and community space, a movie theatre, up to 250 hotel rooms, and 250,000 square feet of office space. In Phase I of this downtown revitalization initiative, the city will also finance the burying of public utilties, repaving streets and sidewalks, developing pedestrian facilities such as bicycle paths, riverfront boardwalk, and public parks, funding a debt service reserve for site preparation, and making a loan to the Winooski Parking Authority to construct a 945 space parking deck. These funded activities will assist the city to eliminate blighting conditions and will benefit Winooski's residents, of which more that 51 percent are low- and moderate-income persons.