Goffstown Rail Trail group looks for businesses to invest
GOFFSTOWN — A nonprofit organization will be looking for local business partners to invest in part of the rail trail system over the next year.
The Friends of the Goffstown Rail Trail was awarded $72,875 in tax credits from the Community Development Finance Authority Tax Credit Program last week.
Businesses can “purchase” the tax credits from the nonprofit and get a percentage off on their state business taxes as a result.
A portion of that money will then be donated directly to the town. This means the town would get $58,300 in funding credits for the town.
“I’m very pleased that it has turned out favorable for us,” said Selectman David Pierce, who sent in the application for the tax credits.
The entire rail trail is about 5.5-miles long, about half of which has been built to meet the trail standards. The remaining half has not been touched since the rails were removed in the 1980s.
Money from these tax credits will be used for only a portion of the trails. The section of trail in question is located between Henry Bridge Road and Danis Park Road and is about two-thirds of a mile long.
The next step will be to find businesses to apply for the tax credits.
“I have one year to sell all the tax credits,” Pierce said. “Hopefully I’ll do that much quicker.”
Those looking for more information or to take part in the program can contact Pierce at 497-8278.