More than $1.3 million in taxpayer dollars has been given out to Franklin businesses and organizations for building renovations, expansions and job growth, but a city board hasn’t been closely monitoring the progress of those projects.
During the past six years, the Franklin Redevelopment Commission has given cash to 12 businesses and organizations for projects. The money has been given out as a forgivable loans; and if the company or organization meets certain criteria, such as finishing a project in an allotted time or meeting job creation goals, the money doesn’t have to be paid back.
The loans, which come from taxing districts that set aside property taxes for economic development, are one way cities can offer cash to businesses for large projects. But cities potentially can lose money as has happened in Greenwood, where $2 million was loaned to a biotechnology company that the city is now suing.