Trenton Downtown Improvement Association has $44,000 from the sale of Neighborhood Assistance Program tax credits.
This money is available to loan to an existing or new downtown business, mainly for building improvements.
Last summer, the association was awarded over 446 thousand dollars ($446,116) in NAP tax credits to be sold to create a revolving loan fund to be spent on downtown commercial building projects. Businesses and individuals with a business income stream, including farmers and rental property owners, can make a donation to TDIA and receive NAP tax credits. A business or eligible individual who donates $1,000 to TDIA receives a $700 credit on their state income tax. It also can be claimed as a charitable deduction on their federal income tax.
Progress on the sale of the NAP tax credits was reported last evening during TDIAâ€™s annual membership meeting. Sixteen people attended the meeting held in the Cross Hall Coffee Shop on the campus of North Central Missouri College.
The Trenton Area Chamber of Commerce is providing management and administrative services to TDIA by helping coordinate and distribute information about the tax credits. Debbie Carman, Chamber president, said TDIA got a late start in selling tax credits late in 2013. She thinks as people become more aware of the tax credits and their benefits, donations to TDIA will increase.
Ralph Boots, economic developer for the city of Trenton, asked if any of the $44,000 raised thus far was available to loan to a business or building owner? Cathie Smith, vice president of TDIA, said the TDIA could start loaning the money, as soon as it receives a viable application.
Green Hills Regional Planning Commission is the contact for persons interested in applying for a loan. The commission staff will examine and rate loan applications according to rules from the Missouri department of economic development. Members of the TDIA Governing Board are working with Jackie Soptic, assistant director of the planning commission, to develop a loan application and formal process for reviewing applications.
Among other comments, Ralph Boots said he has talked with owners of two family-style restaurants interested in Trenton. One or both may be interested in a downtown location and likely would apply for a loan for a building improvement. He noted when Trenton residents are surveyed about businesses and services needed, their responses usually include a family-style, sit-down restaurant.
T-D-I-A Treasurer Bonita Price reported TDIA had 31 paid members at the end of last year. The Chamber staff has sent letters to recruit members and to collect dues for 2014. Membership dues are $60 per year per business or individual.
Any Trenton or Grundy County business or individual interested in joining Trenton Downtown Improvement Association can contact the Trenton Area Chamber of Commerce for more information.