(a) There is created a Downtown Transportation and Related Capital Improvement Fund, to be also known as the Fund, which shall be a special fund created under 32 V.S.A. chapter 7, subchapter 5, to be administered by the Vermont Downtown Development Board in accordance with this chapter to aid municipalities with designated downtown districts in financing capital transportation and related improvement projects to support economic development.

(b) The Fund shall be comprised of the following:

(c) Any municipality with a designated downtown development district may apply to the Vermont Downtown Development Board for financial assistance from the Fund for capital transportation and related improvement projects within or serving the district. The Board may award to any municipality grants in amounts not to exceed $250,000.00 annually, loans, or loan guarantees for financing capital transportation projects, including construction or alteration of roads and highways, parking facilities, and rail or bus facilities or equipment, or for the underground relocation of electric utility, cable, and telecommunications lines, but shall not include assistance for operating costs. Grants awarded by the Board shall not exceed 80 percent of the overall cost of the project. The approval of the Board may be conditioned upon the repayment to the Fund of some or all of the amount of a loan or other financial benefits and such repayment may be from local taxes, fees, or other local revenues sources. The Board shall consider geographical distribution in awarding the resources of the Fund.

(d) The Fund shall be available to the Department of Housing and Community Development for the reasonable and necessary costs of administering the Fund. The amount projected to be spent on administration shall be included in the Department's fiscal year budget presentations to the General Assembly. (Added 1997, No. 120 (Adj. Sess.), § 1; amended 2003, No. 66, § 237b; 2005, No. 6, § 64, eff. March 26, 2005; 2015, No. 58, § E.805.)