Randolph Area Community Development Corporation

Randolph's Downtown Designation

A Tool to Help our Community Grow and Thrive

The Town of Randolph's Downtown has received a special recognition from the State of Vermont that only 23 downtowns in the state can boast. To be a Designated Downtown means that you have pledged to work collaboratively to improve the strength of your downtown and downtown organization by working on four major goals. These goals are required by the State and specific to the downtown area, but they benefit the whole community.

• Goal #1. Organizational development - building a stronger downtown organization and network to better implement the program;
• Goal #2. Revitalization - updating buildings and infrastructure, as well as enlivening community spirit and involvement;
• Goal #3. Promotion - improving the visibility of your downtown inside and outside the community; and
• Goal #4. Marketing - bringing the goods and services located within the community to the attention of those who can use them, encouraging business development.

At the time of designation, RACDC was chosen by the Town and the State to serve as Randolph's designated downtown organization. The Designation allows Randolph to benefit from tax credits, grants, awards, and other benefits that only Designated Downtowns may receive. This summer, for example, two Randolph building owners received a total of $162,500 in tax credits to put in sprinkler systems, code upgrades, and restore historic building details. This leverages over $1 million in private funds.

Income-generating properties both residential and commercial - located within the designated downtown are eligible to apply for varying levels of tax credits when improvements are made.

• 10% tax credit for substantial rehabilitation of Certified Historic Buildings: A state income tax credit of 10% for the costs of substantially rehabilitating a certified historic building is available as an "add-on" credit for projects that qualify for the 20% Federal Rehabilitation Investment Tax Credit (RITC).
• 25% Tax Credit for Rehabilitation of Older or Historic Buildings: A state income tax credit of 25% is available for owners or lessees of buildings built prior to 1983 that undertake projects that cannot qualify for the 20% Federal RITC and 10% State "add-on" credit. Up to $25,000, this credit is for the 25% of costs of a large variety of building improvements.
• Sprinkler System Rebate: A rebate of up to $4,000 of the construction permit fees paid to the Department of Labor and Industry when installing a complete automatic fire sprinkler system, if the project receives either the 10% or 25% state building rehabilitation tax credits.
• 50% tax credit is available for elevators, lifts and sprinkler systems: A 50% state income tax credit is available to property owners and lessees for installing or improving an elevator, platform lift or sprinkler system to meet building codes

RACDC's Downtown Program Committee has identified the following list of tasks as either required or important next steps to meet program requirements and make Randolph's downtown more user-friendly, attractive, and robust. We expect to accomplish activities this year listed under each of the 4 goals, but due to limited funds, it is unlikely we will be able to accomplish all the goals listed. Also, we may need to be responsive to important, but unplanned, opportunities that arise during the year.

The Downtown Designation Program is funded by gifts from RACDC donors, sponsors, grants, and the Town of Randolph. On the list, gray shaded activities will not be requested from town funds, as other sources are in hand or identified. Town funds will be requested for other plan items, in priority order, until those funds are exhausted or others are identified. Items either required by the program or considered among our highest priorities are starred (*). Activities completed or underway are noted.

If you have time or skills to offer and would like to get involved, or you would like to help by making a donation or sharing ideas, contact us at:

E-mail: racdc@racdc.com
Phone: 802-728-4305

or write to us at:

RACDC
21 Main Street
PO Box 409
Randolph, VT 05060

Randolph Downtown Program Plan
Last Revised August 2010

Randolph Area Community Development Corporation
21 Main Street
P.O. Box 409
Randolph, VT 05060

Phone: (802) 728-4305
Fax: (802) 728-6721
E-mail: racdc@racdc.com