Organization wants more tax money for city projects



Photo Gallery:


Click to view (6 Photos)


There are plenty of examples of where $5 million in tax dollars has gone in downtown Franklin: Henderson Drugs’ updated storefront, Indigo Duck restaurant’s renovated interior and facade work, just to name a few.

During the past six years the Franklin Development Corp. has loaned or given money to 26 homeowners to fix up their homes. It also has approved low-interest loans so 16 businesses could renovate the inside of their shops and paid half the cost, nearly $690,000, for 16 building owners to restore their building facades. The organization put about $2 million toward larger projects, such as buying land to help Ivy Tech’s Franklin campus expand and helping renovate the long-vacant Hazelett building.

Those funds are now mostly gone. Of the original $5 million from the city’s tax-increment financing, or TIF, districts, less than $200,000 remains for additional projects. The organization also was spending up to $200,000 per year in operating costs from a separate pool of $600,000 to pay for its director, legal fees, office expenses and fees for project reviews.

This story appears in the print edition of Daily Journal. Subscribers can read the entire story online by signing in here or in our e-Edition by clicking here.

All content copyright ©2014 Daily Journal, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Click here to read our privacy policy.