Tax credit helps YMCA expansionPosted on 15 December 2018 at 8:48am
ASHLAND - The Southern Boone Area YMCA will build a new 15,714 square-foot facility in the next two years, if they receive more funding.
The Missouri Department of Economic Development (MoDED) announced it will give $7.57 million to non-profit organizations this month, and the YMCA is one of the benefactors.
"It was a long and strenuous application that we had to apply for, but we are very grateful for the program's help," YMCA branch director Kip Batye said.
The money will come from the Neighborhood Assistance Program (NAP), which gives businesses a tax credit for donating to non-profits. Businesses under the NAP will receive 50-70 percent of their donation back through state tax credits.
"Businesses can donate cash, materials, supplies or equipment; technical assistance and professional services; labor; real estate; or stocks and bonds," said MoDED's website.
The website said any of those donations will qualify businesses for the tax credit.
"We will get $350,000 from the NAP and that money goes directly into the construction of our new facility," Batye said.
The YMCA needed to expand because the current building is too small, Batye said.
"We have outgrown the space, so we purchased 15 acres of land here in town to build a new facility that will be able to support our 2,400 members," Batye said.
The new building will have several new amenities including a reception and common area, fitness center, multipurpose room, child watch room, yoga studio, administration area and locker rooms.
"It's basically the same set-up, but on a much larger scale and with newer equipment," Batye said.
Batye said their goal is to raise $2.8 million and with the NAP donation, along with donations from other parties, they have raised $1.1 million to-date.
"We hope to raise the rest in the next few months and hopefully break ground sometime in the Spring of 2019," Bayte said.
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