One of the goals of the Torrington Main Street Partnership is to provide businesses with access to education, technical assistance, and financial resources to increase economic opportunities. The Torrington Main Street Program, together with its partners, provides business assistance to business and property owners through a variety of resources and information.

State & National Opportunities

Historic Architecture Assistance Fund

The Historic Architecture Assistance Fund will provide the services of architects to the owners of historic buildings or buildings located in Main Street communities to address issues involved with the rehabilitation and use of such properties.

Goshen County Economic Development Corporation will assist business and/or building owners in preparing the application to the Wyoming Main Street Program. Applications may be submitted at any time, but are reviewed quarterly. 2009 quarterly deadlines are: January 15, April 15, July 15, and October 15.

The fund cannot support complete architectural or engineering services needed for a complete rehabilitation project. Typical projects that can be funded include a building assessment, structural analysis, analysis of building code and ADA requirements, and facade and signage schematic design. This fund is meant to support private property owners, who are not eligible for many grant programs. Not-for-profit property owners may also submit applications for fund monies.

Main Street and SHPO staff will review applications and establish priorities based on the considerations listed on the bottom of the application, as well as the cost-effectiveness and overall suitability of the projects to the missions of the respective programs.

Main Street/SHPO will contract with professionals for services to be rendered and will pay the consultant directly.

Consultants will be encouraged to visit project sites, consult with the property owner and/or project contact, and develop a list of action items. On some occasions project reports will be prepared, but these documents will be limited to describing current conditions, identifying action items, and perhaps provide a draft budget.

Wyoming Main Street Low-Interest Loan Program

The Wyoming Main Street program, in partnership with the Wyoming Business Council and a local lender, can participate in a loan to an owner for building improvements that maintain the structure’s historical character. The fund is available to assist the owners of downtown commercial buildings to do “construction or reconstruction-type work (including construction or technical assistance) on a building including: façade, roof, exterior wall assembly, foundation, windows, doors, cornice treatment, awnings and canopies.” The fund is open to any business or property owner in any Wyoming municipality. The Application, Fact Sheet, and Rules and Regulations are available at wyomingmainstreet.org/revolvingloanfund.htm. The Wyoming Business Council also has additional loans and tools for Wyoming businesses. For information on the Wyoming Main Street Low-Interest Loan Program or any of the other resources, please contact Mike Martin, Business Finance Program Manger at 307-777-2845.

Rehabilitation Tax Credits

The rehabilitation credit applies to costs you incur for rehabilitation and reconstruction of buildings. Rehabilitation includes renovation, restoration, and reconstruction. It does not include enlargement or new construction. The property and rehabilitation must meet certain guidelines: the property must be historic, the work must meet the Secretary of the Interiors Standards for Rehabilitation, and the project must be substantial. Generally, the percentage of costs you can take as a credit is 10% for some buildings placed in service before 1936 and 20% for certified historic structures. A tax credit differs from an income tax deduction. An income tax deduction lowers the amount of income subject to taxation. A tax credit, however, lowers the amount of tax owned. In general, a dollar of tax credit reduces the amount of income tax dollar for dollar.

State & National Opportunities

Historic Architecture Assistance Fund

Wyoming Main Street Low-Interest Loan Program

Rehabilitation Tax Credits

Local Opportunities