The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 24 V.S.A. § 2797)
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§ 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 Property Assessment Fund; brownfields and redevelopment; competitive program [Repealed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 June 8, 2004; repealed by 2023, No. 181 (Adj.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.)
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§ 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 Repealed. 2023, No. 181 (Adj.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.)