A Franklin city board will have to start paying mortgage interest and taxes on a large industrial building while waiting for a company to buy it.
City officials initially hoped the 51,000-square-foot building at 1850 Graham Road would sell before construction was finished or shortly after. That didn’t happen after construction was completed in the fall, and every month that passes will cost the city a little more.
The $1.83 million building was built and paid for by Runnebohm Construction, which agreed to pay for, build and own the building. In exchange, the city redevelopment commission agreed to pay any ongoing costs, including interest payments, property taxes, insurance, maintenance and utilities, until the building is sold.