MURFREESBORO, Tenn. — Four years ago, the City of Murfreesboro sold its electric utility to Middle Tennessee Electric (MTE). Today, the funds from that sale are held in a trust overseen by the Murfreesboro Community Investment Trust. The Committee on Contributions will meet next Tuesday and committee members will examine and update their grant funding and application details. Members will also review their funding schedule and the grant approval process that will be involved for the upcoming year of 2025. The Board of Trustees Annual Report will also be released at that upcoming meeting on August 13, 2024.
While grant funding for the 2024-2025 cycle is over, another grant cycle will open to new applications between October 1 and October 31, 2024. Upon the opening of that cycle, applications should be written for projects that are proposed for the next fiscal year. Once the next period opens, the Community Investment Trust encourages local nonprofit organizations to apply for its annual Community Grant that is intended for charitable organizations who provide services that benefit the City of Murfreesboro.
Around 30 non-profits received a minimum of $7,000 during the past funding cycle. Click here to see a list of those who received funds.
Looking back at the funds that led to the creation of the trust, the money was derived from the sale of Murfreesboro Electric to MTE in 2020 for $245 million. At the time of purchase, MTE gave the City a down payment of $43 million and agreed to pay a little over $17.2 million per year over the next 15 years. The agreement calls for a total payment of $302 million over fifteen years, which includes interest.
Those wishing to voice their thoughts to committee members can do so at the next meeting under what they call “actionable items.” But guests must sign up at least six hours prior to the meeting start time to have their voice heard by submitting an online request at https://www.murfreesborotn.gov/PublicCommentForm, or by calling 615-849-2629.
- The August 13, 2024 meeting will begin at 1:30 PM in the Business Center Community Room of the Murfreesboro Airport. (1930 Memorial Blvd., Murfreesboro, TN 37129).
