[Congressional Record Volume 152, Number 95 (Wednesday, July 19, 2006)]
[Senate]
[Pages S7923-S7924]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. JEFFORDS:
  S. 3689. A bill to establish a national historic country store 
preservation and revitalization program; to the Committee on 
Environment and Public Works.
  Mr. JEFFORDS. Mr. President, I have long been a proponent of measures 
that support historic preservation and economic development. In keeping 
with that tradition, I rise today to introduce the National Historic 
Country Store Preservation and Revitalization Act of 2006.
  This bill establishes a national program to support historic country 
store preservation and will aid in the revitalization of rural villages 
and community centers nationwide.
  For many Americans, the country store brings to mind days that have 
since passed, before much of this country became stamped with shopping 
malls and the ``big-box'' store. But for thousands of people living in 
Vermont and for millions more living in rural communities across the 
United States, a visit to the local country store is a regular part of 
one's daily life.
  In my hometown of Shrewsbury, VT, the Pierce Store was the hub of our 
small community when my wife Liz and I settled there in 1963. Run by 
the four Pierce siblings--Marjorie, Glendon, Marion and Gordon--the 
store was the place to go for a neighborly chat as much as for your 
milk and butter. Unfortunately, the Pierce Store closed its doors some 
years back and Shrewsbury lost a vital part of its identity.
  Yet while some country stores have been forced to close their doors, 
others have shown incredible resiliency.
  They have survived floods and fires, overcome economic downturns, and 
reformulated their inventories to meet modern needs. According to the 
Vermont Grocers' Association, country stores account for an estimated 
$55 million annually in retail sales in Vermont alone.
  But with increased competition and additional costs to maintain aging 
structures, today's remaining country store owners are hard-pressed to 
overcome these unprecedented challenges.
  My legislation authorizes the U.S. Economic Development 
Administration to make grants to national, state and local agencies and 
non-profit organizations to support historic country store preservation 
efforts. In addition, the bill establishes a revolving loan fund. The 
fund will be used for research, restoration work that will improve our 
understanding of existing needs and provide the assistance required to 
address them. The bill promotes the study of best practices for 
preserving structures, improving profitability and promoting 
collaboration among country store owners.
  My legislation unites small business development and historic 
preservation principles to sustain these invaluable community 
institutions. I encourage my colleagues to join me in my efforts to 
protect our rural heritage by preventing the further loss of our 
Nation's historic country stores.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 3689

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``National Historic Country 
     Store Preservation and Revitalization Act of 2006''.

     SEC. 2. FINDINGS.

       Congress finds that--
       (1) historic country stores are lasting icons of rural 
     tradition in the United States;
       (2) historic country stores are valuable contributors to 
     the civic and economic vitality of their local communities;
       (3) historic country stores demonstrate innovative 
     approaches to historic preservation and small business 
     practices;
       (4) historic country stores are threatened by larger 
     competitors and the costs associated with maintaining older 
     structures; and
       (5) the United States should--
       (A) collect and disseminate information concerning the 
     number, condition, and variety of historic country stores;
       (B) develop opportunities for cooperation among proprietors 
     of historic country stores; and
       (C) promote the long-term economic viability of historic 
     country stores through the provision of financial assistance 
     to historic country stores.

     SEC. 3. DEFINITIONS.

       In this Act:
       (1) Country store.--
       (A) In general.--The term ``country store'' means a 
     structure independently owned and formerly or currently 
     operated as a business that--
       (i) sells or sold grocery items and other small retail 
     goods; and
       (ii) is located in--

       (I) an economically distressed area; or
       (II) a nonmetropolitan area, as defined by the Secretary.

       (B) Inclusion.--The term ``country store'' includes a 
     cooperative.
       (2) Economically distressed area.--The term ``economically 
     distressed area'' means an area that meets 1 or more of the 
     criteria described in section 301(a) of the Public Works and 
     Economic Development Act of 1965 (42 U.S.C. 3161(a)).
       (3) Eligible applicant.--The term ``eligible applicant'' 
     means--
       (A) a State department of commerce or economic development;
       (B) a national or State nonprofit organization that--
       (i) is described in section 501(c)(3), and exempt from 
     Federal tax under section 501(a), of the Internal Revenue 
     Code of 1986; and
       (ii)(I) has experience or expertise, as determined by the 
     Secretary, in the identification, evaluation, rehabilitation, 
     or preservation of historic country stores; or
       (II) is undertaking economic and community development 
     activities;
       (C) a national or State nonprofit trade organization that--
       (i) is described in section 501(c)(3), and exempt from 
     Federal tax under section 501(a), of the Internal Revenue 
     Code of 1986; and
       (ii) acts as a cooperative to promote and enhance country 
     stores; and
       (D) a State historic preservation office.
       (4) Fund.--The term ``Fund'' means the Historic Country 
     Store Revolving Loan Fund established under section 5(a).
       (5) Historic country store.--The term ``historic country 
     store'' means a country store that--
       (A) has operated at the same location for at least 50 
     years; and
       (B) retains sufficient integrity of design, materials, and 
     construction to clearly identify the structure as a country 
     store.
       (6) Secretary.--The term ``Secretary'' means the Secretary 
     of Commerce, acting through the Assistant Secretary for 
     Economic Development.

     SEC. 4. HISTORIC COUNTRY STORE PRESERVATION AND 
                   REVITALIZATION PROGRAM.

       (a) Establishment.--The Secretary shall establish a 
     historic country store preservation and revitalization 
     program--
       (1) to collect and disseminate information on historic 
     country stores;
       (2) to promote State and regional partnerships among 
     proprietors of historic country stores; and
       (3) to sponsor and conduct research on--
       (A) the economic impact of historic country stores in rural 
     areas, including the impact on unemployment rates and 
     community vitality;
       (B) best practices to--
       (i) improve the profitability of historic country stores; 
     and
       (ii) protect historic country stores from foreclosure or 
     seizure; and
       (C) best practices for developing cooperative organizations 
     that address the economic and historic preservation needs 
     of--
       (i) historic country stores; and
       (ii) the communities served by the historic country stores.
       (b) Grants.--

[[Page S7924]]

       (1) In general.--The Secretary may make grants to, or enter 
     into contracts or cooperative agreements with, eligible 
     applicants to carry out an eligible project under paragraph 
     (2).
       (2) Eligible projects.--A grant under this subsection may 
     be made to an eligible applicant for a project--
       (A)(i) to rehabilitate or repair a historic country store; 
     and
       (ii) to enhance the economic benefit of the historic 
     country store to the communities served by the historic 
     country store;
       (B) to identify, document, and conduct research on historic 
     country stores; and
       (C) to develop and evaluate appropriate techniques or best 
     practices for protecting historic country stores.
       (3) Requirements.--An eligible applicant that receives a 
     grant for an eligible project under paragraph (1) shall 
     comply with all applicable requirements for historic 
     preservation projects under Federal, State, and local law.
       (4) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Secretary shall submit to the 
     Committee on Environment and Public Works of the Senate and 
     the Committee on Transportation and Infrastructure of the 
     House of Representatives a report that--
       (A) identifies the number of grants made under subsection 
     (b);
       (B) describes the type of grants made under subsection (b); 
     and
       (C) includes any other information that the Secretary 
     determines to be appropriate.
       (c) Country Store Alliance Pilot Project.--
       (1) In general.--The Secretary shall carry out a pilot 
     project in the State of Vermont under which the Secretary 
     shall conduct demonstration activities to preserve historic 
     country stores and the communities served by the historic 
     country stores, including--
       (A) the collection and dissemination of information on 
     historic country stores in the State;
       (B) the development of collaborative country store 
     marketing and purchasing techniques; and
       (C) the development of best practices for historic country 
     store proprietors and communities facing transitions involved 
     in the sale or closure of a historic country store.
       (2) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Secretary shall submit to the 
     Committee on Environment and Public Works of the Senate and 
     the Committee on Transportation and Infrastructure of the 
     House of Representatives a report that--
       (A) describes the results of the pilot project; and
       (B) includes any recommended changes of the Secretary to 
     the program established under subsection (a), based on the 
     results of the pilot project.

     SEC. 5. HISTORIC COUNTRY STORE REVOLVING LOAN FUND.

       (a) Establishment.--Not later than 120 days after the date 
     of enactment of this Act, the Secretary of the Treasury shall 
     establish in the Treasury of the United States a revolving 
     fund, to be known as the ``Historic Country Store Revolving 
     Loan Fund'', consisting of--
       (1) such amounts as are appropriated to the Fund under 
     subsection (b);
       (2) \1/3\ of the amounts appropriated under section 8(a); 
     and
       (3) any interest earned on investment of amounts in the 
     Fund under subsection (d).
       (b) Transfers to Fund.--There are appropriated to the Fund 
     amounts equivalent to--
       (1) the amounts repaid on loans under section 6; and
       (2) the amounts of the proceeds from the sales of notes, 
     bonds, obligations, liens, mortgages and property delivered 
     or assigned to the Secretary pursuant to loans made under 
     section 6.
       (c) Expenditures From Fund.--
       (1) In general.--Subject to paragraph (2), on request by 
     the Secretary, the Secretary of the Treasury shall transfer 
     from the Fund to the Secretary such amounts as the Secretary 
     determines are necessary to provide loans under section 6.
       (2) Administrative expenses.--An amount not exceeding 10 
     percent of the amounts in the Fund shall be available for 
     each fiscal year to pay the administrative expenses necessary 
     to carry out this Act.
       (d) Investment of Amounts.--
       (1) In general.--The Secretary of the Treasury shall invest 
     such portion of the Fund as is not, in the judgment of the 
     Secretary of the Treasury, required to meet current 
     withdrawals.
       (2) Interest-bearing obligations.--Investments may be made 
     only in interest-bearing obligations of the United States.
       (3) Acquisition of obligations.--For the purpose of 
     investments under paragraph (1), obligations may be 
     acquired--
       (A) on original issue at the issue price; or
       (B) by purchase of outstanding obligations at the market 
     price.
       (4) Sale of obligations.--Any obligation acquired by the 
     Fund may be sold by the Secretary of the Treasury at the 
     market price.
       (5) Credits to fund.--The interest on, and the proceeds 
     from the sale or redemption of, any obligations held in the 
     Fund shall be credited to and form a part of the Fund.
       (e) Transfers of Amounts.--
       (1) In general.--The amounts required to be transferred to 
     the Fund under this section shall be transferred at least 
     monthly from the general fund of the Treasury to the Fund on 
     the basis of estimates made by the Secretary of the Treasury.
       (2) Adjustments.--Proper adjustment shall be made in 
     amounts subsequently transferred to the extent prior 
     estimates were in excess of or less than the amounts required 
     to be transferred.

     SEC. 6. LOANS FOR HISTORIC COUNTRY STORE REHABILITATION OR 
                   REPAIR PROJECTS.

       (a) In General.--Using amounts in the Fund, the Secretary 
     may make direct loans to eligible applicants for projects--
       (1) to purchase, rehabilitate, or repair historic country 
     stores; or
       (2) to establish microloan funds to make short-term, fixed-
     interest rate loans to proprietors of historic country 
     stores.
       (b) Applications.--
       (1) In general.--To be eligible for a loan under this 
     section, an eligible applicant shall submit to the Secretary 
     a complete application for a loan that addresses the criteria 
     described in paragraph (2).
       (2) Considerations for approval or disapproval.--In 
     determining whether to approve or disapprove an application 
     for a loan submitted under paragraph (1), the Secretary shall 
     consider--
       (A) the demonstrated need for the purchase, construction, 
     reconstruction, or renovation of the historic country store 
     based on the condition of the historic country store;
       (B) the age of the historic country store;
       (C) the extent to which the project to purchase, 
     rehabilitate, or repair the historic country store includes 
     collaboration among historic country store proprietors and 
     other eligible applicants; and
       (D) any other criteria that the Secretary determines to be 
     appropriate.
       (c) Requirements.--An eligible applicant that receives a 
     loan for a project under this section shall comply with all 
     applicable standards for historic preservation projects under 
     Federal, State, and local law.
       (d) Report.--Not later than 1 year after the date on which 
     the Fund is established under subsection (a), and every 2 
     years thereafter, the Secretary shall submit to the Committee 
     on Environment and Public Works of the Senate and the 
     Committee on Transportation and Infrastructure of the House 
     of Representatives a report that--
       (1) identifies--
       (A) the number of loans provided under this section;
       (B) the repayment rate of the loans; and
       (C) the default rate of the loans; and
       (2) includes any other information that the Secretary 
     determines to be appropriate.

     SEC. 7. PERFORMANCE REPORT.

       Any eligible applicant that receives financial assistance 
     under this Act shall, for each fiscal year for which the 
     eligible applicant receives the financial assistance, submit 
     to the Secretary a performance report that--
       (1) describes--
       (A) the allocation of the amount of financial assistance 
     received under this Act;
       (B) the economic benefit of the financial assistance, 
     including a description of--
       (i) the number of jobs retained or created; and
       (ii) the tax revenues generated; and
       (2) addresses any other reporting requirements established 
     by the Secretary.

     SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

       (a) In General.--There is authorized to be appropriated to 
     carry out this Act, $50,000,000 for the period of fiscal 
     years 2006 through 2011, to remain available until expended.
       (b) Country Store Alliance Pilot Project.--Of the amount 
     made available under subsection (a), not less than $250,000 
     shall be made available to carry out section 4(c).
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