Vermont § 2797 - Property Assessment Fund; brownfields and redevelopment; competitive program [Repealed effective July 1, 2034]

§ 2797. Property Assessment Fund; brownfields and redevelopment; competitive program [Repealed effective July 1, 2034]

• (a) There is created a Property Assessment Fund pursuant to 32 V.S.A. 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 June 8, 2004; repealed by 2023, No. 181 (Adj. Sess.), § 65(a), eff. July 1, 2034.) § 2797. Repealed. 2023, No. 181 (Adj. Sess.), § 65(a), eff. July 1, 2034. (Added 2003, No. 121 (Adj. Sess.), § 49, eff. June 8, 2004; repealed by 2023, No. 181 (Adj. Sess.), § 65(a), eff. July 1, 2034.)