The building, purchased by Bill Drunsic earlier this year, received this tax credits because of its location in the village designation. The building, along with many others all over the state, is on a list released from the Vermont Agency of Commerce and Community Development that benefit from village designation tax credits.
In November, Manchester received its village designation, which is a program in the state that gives certain traditional village centers benefits, like different tax breaks. Stephen Drunsic, who is leading the bank project, said there are a number of different categories that tax credits can be applied for.
"The bulk of the credit award will go towards the investment we are making towards facade improvements," he said.
The renovation project, which will cost approximately $1.58 million received $122,500 in tax credits. Along with the credit for facade improvement, Drunsic said the project also received credits for code updating, installing an elevator and bringing the building up to American with Disabilities Act compliance.
These credits are not available every year.
"The credits are only eligible for the year when you make the investment," Drunsic said.
Currently, Drunsic said the project is firming up conceptual layouts. In the next 30 to 60 days, Drunsic said, they could start the seeking permits.
"We look forward to getting this project going into construction as soon as we can," he said.