Community College of Vermont programs are critical to the residents of Rutland Vermont, a rural, distressed community with high poverty and unemployment rates, and median incomes below the statewide median. Construction of the West and Wales facility enabled the Rutland site, the fastest growing Vermont Community College site, to better serve the community with increased classroom space. Over 1,000 students a week pass through the doors of CCV. For the community of Rutland, this investment allowed the College to remain downtown, remediated a contaminated site, and brings employees, faculty and students as potential customers to downtown retailers—transforming a major city gateway from an eyesore to a thriving downtown business district.

Gap and Investment

The new $8.5 million Community College facility appraised at $6.9 million. Its low value limited traditional financing and despite the use of Recovery Zone Facility Bonds, a Vermont Economic Development Authority loan, and sponsor equity, the development budget was left with a significant gap. Vermont Rural Ventures filled this gap with an investment of just over $2 million from New Markets Tax Credit equity.

Project TypeReal Estate Financing
Project SponsorDEW Properties, LLC
NMTC Investment$8.5 million
Short descriptionNew construction, downtown academic facility
Team: DeveloperDEW Properties, LLC
Team: LegalHusch Blackwell LLPGallagher, Callahan & Gartrell, 

P.C.Nolan Sheehan Patten LLP

Edwards Angell Palmer & Dodge Gravel and Shea
Team: AccountingCohnReznick LLP
Team: ArchitectBanwell Architects
Team: Development ConsultantPeople's United Bank
Team: ContractorDEW Construction Corporation
Financing PartnersUS Bancorp Community Development Corporation
Mascoma Savings Bank
Vermont Economic Development Authority