Rutland’s Paramount Theatre, a cornerstone of community and civic engagement, was awarded tax credits for two projects, according to a recent announcement by Gov. Scott’s administration when it announced credits that will support 28 rehabilitation and revitalization projects in 22 of Vermont’s designated downtown and village centers.
These awards will help generate over $83 million in building improvements and public infrastructure to support local businesses, create new housing opportunities and incentivize investments that will improve the resiliency and vitality of Vermont’s community centers.
“Like so many aspects of our lives, neighborhoods and economy, Vermont’s downtowns and villages have been significantly impacted by the pandemic,” Scott said in a press release. “That is why it is inspiring to see so many Vermont companies, nonprofits and individuals committed to making significant investments for the future of their communities…This collaborative approach is part of the reason our Downtown Program is so successful,” Scott added. “The kind of projects we’re funding today, along with the strategic use of federal relief dollars, gives us the opportunity to make transformative change that will have long-lasting impacts around the state.”
The first will support a capital project to provide expanded and fully ADA compliant restrooms, new and expanded concessions, and fully integrated public space for both the theater’s main lobby and balcony levels. Work will also include energy efficient, state-of-the-art HVAC heating, cooling, and filtration systems, along with exterior masonry and window repairs. The total project cost is $1,355,500, with $125,000 in tax credits.
The second project will renovate the currently vacant third and fourth floors of the Richardson Building to provide a new performance and public space venue, as well as meeting and hospitality suites, and a commercial kitchen for on-site food and beverage services. The total project cost is $3,445,000 with tax credits of $200,000 awarded.
