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June 15, 2017

SRDC Receives VEDA Financing for Bryants Redevelopment Project

Filed under: SRDC — admin @ 11:16 am

Springfield Regional Development Corporation announced that it has received financing of $625,000 from the Vermont Economic Development Authority (VEDA) to assist with the redevelopment of roughly 35,000 square feet of the former Bryant Grinder facility in Springfield.

SRDC will utilize the VEDA funds to continue repairs to the southern portion of the building to prepare it for future occupancy. Bob Flint, SRDC Executive Director, said that the support from VEDA comes at a critical time. “The north and south ends of the building are in the best condition and can be put back into use. The VEDA financing will allow us to have usable space to market for commercial use for Springfield,” Flint said.

Flint said that SRDC has been working with environmental and historic preservation consultants on a variety of issues with the building since it was acquired in 2010. He said that the property on Clinton Street is in a New Market Tax Credit-eligible census tract and that the eventual site redevelopment would likely utilize this resource.

VEDA Chief Executive Officer Jo Bradley said that the loan was an example of VEDA’s continued support for economic development in Vermont. “VEDA has worked closely with SRDC on a number of projects over the years, and we are pleased to support their efforts to bring this important building in Springfield back to life,” Bradley said.

Flint added that work on the redevelopment project is expected to begin by the end of the summer.

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