Council eyes tax credits to boost development

By By Fredie Carmichael / staff writer
August 26, 2004
Meridian officials are working on a tight deadline to apply for up to $10 million in tax credits available through the federal government to boost downtown development.
If Meridian gains access to the tax credits from the National Trust for Historic Preservation, city officials and business leaders said they believe the move would attract developers and spur downtown growth.
After members from the Urban Land Institute toured Meridian two months ago, Malone said, officials with the National Trust decided they wanted to help fund downtown projects.
Malone headed a local business group that met with city councilmen Wednesday, telling them they must file their application for the tax credits by early next week. The two-hour meeting took place at Union Station.
Malone and other business leaders said investors and bankers may be more willing to loan money or invest in development projects if the federal tax credits are available.
Meridian city councilmen are expected to call a special meeting next week once final details are hashed out about how the council can assist in the application.
But the council has yet to decide on an exact time.
Malone said his group has been working with lawyers and financial advisors to see what Meridian needs to do to land the tax credits.
He said the city council likely would have to create a community development entity a nonprofit group through which the federal tax credits would flow when it meets next week.