FOR IMMEDIATE RELEASE: February 18, 2025
Jolie Frechette | Morris Strategies
508.816.2391 | jfrechette@vtlobbyists.com
Public-Private Partnership Brings City and Downtown Hotel + Living Project to Rutland
Transformative Private Investment to Fuel Economic Growth and Revitalize Downtown RutlandRutland, VT – The City of Rutland, in partnership with private developers, is excited to announce the Downtown Hotel + Living Project, a transformative investment that will complete the Center Street block at Center & Wales. This $40 million development will introduce a seven-story, mixed-use building featuring 99 hotel rooms, 26 market-rate apartments, and vibrant dining and social spaces, including a restaurant, bar and a rooftop bar. Upon completion, the impact on Rutland will be significant and catalytic.
The Downtown Hotel + Living Project will revitalize Rutland by transforming a long-vacant and contaminated site into a thriving hub of activity. It will provide a welcoming space for visitors, offering modern accommodations for business guests, tourists and families. The project also plans for 26 new apartments with premium amenities, helping to meet the demand for quality downtown housing.
By complementing the Paramount Theatre’s growth and boosting economic activity, this project will be a significant element in supporting ongoing economic development efforts. Infrastructure enhancements, including buried utility lines, improved fire suppression systems and upgraded stormwater mains, will benefit residents and businesses alike by reducing disruptions, as well as mitigate flooding risks. Additionally, the project will create jobs both during and after construction, supporting local businesses in attracting new talent.
Even with agreed-upon tax stabilization, the project will generate significant tax revenue to support Rutland’s municipal government and schools, contributing approximately $600,000 in municipal taxes and $2 million to the Education Fund over its first 20 years. In addition to property taxes, the project will generate $500,000 in annual rooms and meals tax revenue and nearly $75,000 in Special Benefits District tax revenue each year. After the TIF bond is repaid, the project will provide over $1 million annually to the General and Education Funds.
In order for the project to be built, and for the City of Rutland to reap the benefits of this $40 million in new private investment, the City has provided incentives, including approximately $4.6 million in reduction of future taxes over the first 12 years, and approximately $750,000 in waived permit fees, water and sewer rate reduction, stand-by water fees and business personal property tax exemption over the first ten years.
About Tax Increment Financing (TIF)
Tax Increment Financing (TIF) is an economic development tool designed to foster the types of development Vermont has been encouraging for years, and in the places it is wanted – such as downtowns, industrial parks, and compact village centers. TIF projects catalyze private development by removing key infrastructure barriers, using incremental tax revenues to cover the cost.
Rutland City TIF Project & Rutland 360
Rutland 360 is the City’s branded initiative dedicated to providing comprehensive updates, resources, and information about the TIF District and related development projects. This platform serves as a one-stop hub for residents, businesses, and stakeholders to track progress, access documents, and stay informed about key milestones. Visit www.rutlandvtbusiness.com/tax-increment-financing for the latest news and updates.
Center & Wales LLC/Developer
Center & Wales LLC is owned by Kent Belden, Justin Belden and Carly Belden Perry who are the owners of The Belden Company, Inc., Belden Construction LLC and Belden Property Management LLC. The Belden Company, Inc., established in 1975, is a family-owned, family operated business primarily in construction, property development and property management. Through the company or various entities, the Belden's own and manage numerous commercial and residential rental properties. As lifelong residents of the area, Kent, Justin and Carly are always supporting and looking for ways to make a difference in the community.
