The Franklin Development Corp. was created in 2008 by the Franklin City Council, redevelopment commission and economic development commission. Each panel named members to the organization’s board of directors.
The city also approved giving the new organization $5.6 million in tax dollars collected in the city’s tax-increment financing districts. Those special taxing districts collect property tax dollars from certain businesses and set the money aside, typically for infrastructure projects to promote economic development.
The money went to programs to give out grants to businesses, mainly to fix up the façades and fronts of their buildings, and loans for homeowners and businesses wanting to make repairs and for large-scale projects. And $600,000 was set aside for three years of operating expenses, which the organization made last for about four years.