There’s a new grocery store that’s open in Burlington’s Old North End, thanks to local entrepreneurs James Kerrigan and Kristen McKnight, Mascoma Community Development and the federal New Markets Tax Credit Program. The market, dubbed “Jake’s ONE Market” and located at 242 North Winooski Avenue, offers groceries, local produce, and beverages, as well as hot and cold prepared foods.
It provides a much-needed, convenient grocery option in the Old North End neighborhood, within walking distance for many residents. In addition, the market is co-located with Carrier Coffee and Mascoma Bank. The project provides access to affordable, healthy food, banking services, and new job opportunities for area residents.
SRH Law attorneys Drew Kervick and Victoria Westgate assisted Jake’s ONE Market with the New Markets Tax Credit financing for the store. The New Markets program is a federal program that incentivizes investment in low-income communities by providing private investors with federal tax credits for qualifying investments in businesses or projects in economically distressed areas. The Jake’s ONE Market financing is the latest in a series of New Markets projects that SRH Law has worked on to help transform our communities. You can read about another one of our New Markets projects, Champlain Housing Trust’s Old North End Community Center, here.
To learn more about New Markets Tax Credits and other federal tax incentives aimed at strengthening economically depressed areas, contact Drew Kervick.
