At first glance, Millersburg, Kentucky, population 800 or so, would seem an unlikely place for a multi-million dollar plan to revitalize the city. But that’s exactly where the nonprofit Community Ventures is using historic and new market tax credits, and additional investors, to make the city a better place to live, work and play. CEO Kevin Smith said Community Ventures targeted Millersburg seven years ago.
“When MMI Millersburg Military Institute went bankrupt, and a large employer shut down and a bypass was built around the town, they ceased being a destination community. And that's when you begin to lose the businesses and that type of thing.”
The Jan Wagoner Millersburg Revitalization Fund is named for a longtime advocate for the revitalization of the city. The $4.5 million Phase Three is aimed at nine properties on Main Street and Fifth Street. Smith said the ultimate goal is to encourage businesses to relocate to Millersburg.
“And so we take qualifying properties. And if they, if they qualify, we get the tax credits, we sell them to banks, we take the cash from the banks, and we renovate the buildings.”
Among the places revving up as a result of phase one is the former MMI, now known as Mustard Seed Hill, which has a private school, church, bakery, a business incubator, three businesses, other facilities and Smith’s office.
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