Town of Bennington 1998 Annual Report

Economic Development
The unemployment rates in November, 1998 were 3.8% for the Town, 3.5% for the Bennington-Manchester Labor Market Area, and 2.9% for the State as a whole. From 1996 to 1997 (the last year for which we have figures) the number of people employed in Bennington declined slightly, but the average annual wages increased by a respectable 7.8%. This moved us up from about 90% of the Stage average to about 93% of the State average. Job distribution by type changed very little from 1996 to 1997.

Economic Development issues received a great deal of attention during 1998. The Community Development Department participated with partner organizations through the Bennington Economic Development Committee to develop a coordinated Economic Development Action Plan. This was a valuable process and has already resulted in progress on several tasks.

Bennington continues to enjoy a diverse industrial base which has potential for expansion. While jobs were lost at Furon and MSI, other businesses have expanded. Vermont Composites, Chemfab, Nastech, Northern Lights Cable and Business Air are among the companies enjoying growth. A major accomplishment this year has been BCIC's completion of the infrastructure at the Shields Drive Industrial Park. The Town is proud to have been a partner in this project. This has enabled Abacus Automation to relocate and expand, and enables the Bennington County Industrial Corporation to offer readily-available, high quality, fully-infrastructured industrial sites.

Downtown Revitalization
The Town collaborates with the Downtown Improvement Commission (DIC), the Better Bennington CorR, oration (BBC) and private businesses to revitalize our downtown. Please see the Downtown Improvement Commission's and Better Bennington Corporation's reports which follow.

Downtown Bennington welcomed several new and expanded businesses in 1998, and the Town was pleased to assist four of those through our revolving loan program.

The Town served as applicant to the Vermont Community Development Program for a Downtown Planning Grant. This project will be carried out in 1999 and will result in a downtown Master Plan, in a Market Analysis, and a Marketing Plan for Downtown. This project will be managed by the Better Bennington Commission.

During late 1998, the Town applied to be one of the first "designated downtowns" under the new Vermont Downtown Development Act. This designation was approved in early January, 1999, and will make both the Town and private sector investors in rehabilitation projects, eligible for incentive programs.

Housing
Larry McLeod fulfills the roles of Building Inspector (see separate report) and Housing Rehabilitation Specialist. In the latter capacity, Larry administers the Townwide Housing Rehabilitation Loan Program. During 1998, loans were made to owners of eligible properties, including private homeowners and the Regional Affordable Housing Corporation. The Town is pleased to have been able to participate with a housing loan to Regional Affordable Housing Corporation for their exciting rehab of the former Cora B. Whitney School which will become 22 units of assisted housing for seniors.

Also during 1998, redevelopment of the Applegate Apartment complex with the help of a CDBG grant resulted in the availability of 103 units of greatly improved housing in Bennington.

Historic Preservation
The Community Development Department acts as a part-time staff to the Historic Preservation Commission. Please see the Historic Preservation Commission's report.

Revolving Loan Programs
The Department administers a housing rehabilitation loan program and an economic development loan program. The Townwide Housing Rehabilitation Program makes loans available to income qualified owners for housing rehabilitation activities. The Bennington Revolving Loan Program makes loans available to new or expanding businesses for improvements and equipment purchases.

	Townwide Housing Loan Program
Present Loan Portfolio Principal: Number of Loans in Portfolio: Available to Loan as of Dec. 31, 1998	$387,000   35   $ 43,600

	Bennington Revolving Loan Program
Present Loan Portfolio Principal: Number of Loans in Portfolio: Available to Loan as of Dec. 31, 1998:	$766,4OO   27   $ 79,000

Special Projects
The Community Development Department was involved in a variety of other projects this year. These included grant applications and administration, and activities related to our area's major transportation projects - the bypass and the rail improvement project.

Respectfully submitted,
Helen Whyte, Community Development Director