The Rawlins DDA/Main Street’s Paint Program is designed to help beautify our community by assisting Rawlins business property owners with the expense of painting the outside of their commercial buildings. We will reimburse 25% of the cost of paint only, up to $500, for businesses outside the downtown district. Downtown businesses who wish to receive funding must have their colors approved and will be approved for 70%, up to $500, of their paint costs reimbursed. All color schemes must go through a simple approval process first, and paint must be purchased in Rawlins. Please click here for more details. Note that application must be received before paint is purchased.
WYOMING MAIN STREET AND WYOMING BUSINESS COUNCIL FINANCING ASISTANCE
The Wyoming Business Council has many loan programs for any Wyoming business to apply for. The complete list is available here:
For downtown businesses specifically, 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 here:
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 owed. In general, a dollar of tax credit reduces the amount of income tax dollar for dollar.