An act relating to changes to the Downtown Transportation and Related Capital Improvement Fund

This bill expands eligibility for the Downtown Transportation and Related Capital Improvement Fund to include village centers and growth centers in addition to existing downtown development districts. It also allows the fund to cover engineering and design costs for transportation projects, which previously were not included. The changes apply to municipalities that meet specific criteria, such as having a designated village center that participated in the Better Connections Program or is located in Chittenden County with a completed community planning process. Under the new provisions, the Vermont Downtown Development Board can award grants, loans, or loan guarantees for capital transportation projects like roads, parking facilities, and utility line relocation, with grants covering up to 80 percent of project costs. The bill takes effect on July 1, 2024.