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Winchester creates Downtown Development Investment Fund board; community foundation will administer grants
Summary
The City of Winchester approved an ordinance establishing a Downtown Development Investment Fund (DDIF) board and appointed members recommended by the Bluegrass Community Foundation; the foundation emphasized IRS compliance and broader eligibility to meet donor intent for downtown façade and business assistance grants.
The Winchester City Commission voted to create a Downtown Development Investment Fund board and appointed five members recommended by the Bluegrass Community Foundation, moving to broaden eligibility for downtown grant awards while keeping donor intent in mind.
Hayley Cunningham of the Bluegrass Community Foundation told commissioners the DDIF fund, established in February, will be administered by the foundation to ensure IRS rules and charitable donor intent are honored. "We are here to serve as administrators of the fund to ensure that those initial donors'…
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