Meridian awaits word on federal tax credits

By By Fredie Carmichael / staff writer
Sept. 1, 2004
Meridian officials could learn in November if the city will receive up to $10 million in available federal tax credits they hope to use to boost downtown restoration projects.
Meridian councilmen on Tuesday approved a board of directors for the Meridian Community Development &Investment Corp. which will apply for the money through the National Trust for Historic Preservation.
City officials and business leaders said the nonprofit group is needed because other local community development groups do not meet necessary federal guidelines to apply for the credits.
Malone headed a local business group that met with city councilmen last week and told them they must file their application by today.
Local officials say investors and bankers may be more willing to loan money or invest in development projects if the federal tax credits are available.