How Revitalizing Downtown Saves You Money

author imagePosted by Mascoma Bank on October 23, 2020

Mascoma Bank has been committed to supporting downtown revitalization projects for many years. Now, new studies show these projects are even more valuable than most people have considered.

Did you know that supporting development and redevelopment of “downtown” spaces also has a long-term, positive impact on both the amount of money that needs to be raised through taxes as well as the generation of tax revenue that supports town and state expenditures?

Most of our neighbors value the idea of having vibrant downtown areas, but as you know, the growth patterns we see often don’t match that desire. And many people guess that it makes more sense economically to build malls in former cornfields and new neighborhoods in previously underdeveloped open spaces.

In fact, a downtown that combines space for residential, commercial, and social uses actually generates more property tax revenue while limiting the need for new, expensive infrastructure. Plus, a mixed-use downtown area provides a better quality of life for residents, has more positive implications for climate change, promotes social equity, and provides a space for history and character to come alive. A downtown where you can take the family for a bite to eat, tour local water fountains, catch an outdoor concert, and volunteer your time is the kind of place Mascoma Bank has always had in mind when envisioning a truly robust main street community.

Want to learn more about how local health, prosperity, climate, and social equity are linked with land use? Join an online event with urban planner Joe Minicozzi of Urban3, hosted by Vital Communities in collaboration with Lebanon, Claremont, and Hanover. By using data to create 3D visualizations, Urban 3’s analysis reveals the potential for improving the fiscal health of these communities. The visuals present a clear and data-driven understanding of the economics of place. With these 3D depictions of its data, a community has a tool to make public policy adjustments, with the goal of creating long-term financial resiliency.

The session is open to all. Plus, you can join a couple of community conversations about how working lands and local food production provide local resilience.

Joe Minicozzi’s presentation: October 29
Community Discussion: October 27 and November 2