Improvements to two downtown buildings will be partially financed with loans from the Trenton Downtown Improvement Association.
The TDIA Governing Board on Wednesday approved loan applications from the Trenton Area Chamber of Commerce and Wesley United Methodist Church for building projects. Funding for the loans will come from donations to TDIA made through the sale of state income tax credits.
Funds loaned to the Trenton Area Chamber of Commerce will be spent to abate the collection of surface water in an old coal pit in the basement of the building at 617 Main St. Work will include installation of a sump pump, floor stabilization and covering the coal pit.
Wesley United Methodist Church will spend its TDIA loan to purchase and install new energy-efficient windows in the education wing of the church building at 900 Washington St.
TDIA was awarded $446,116 in tax credits through the Missouri Department of Economic Development’s Neighborhood Assistance Program. Donations from the sale of these tax credits are deposited in a low-interest revolving loan fund to be initially spent on downtown commercial building projects. Once the initial loans have been repaid, those funds can be loaned for business and public improvement projects throughout Trenton. Both the Chamber and Wesley are to repay their loans within three years.
Businesses and individuals with a business income stream, including farmers and rental property owners, who donate at least $1,000 to TDIA receive a 70 percent state income tax credit for the donation. In addition, the donor can claim a charitable deduction on their federal income tax. Information on purchasing the NAP tax credits is available from TDIA Governing Board members and at the Chamber of Commerce office.
TDIA loan applications are available from Jackie Soptic at the Green Hills Regional Planning Commission office.
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