The developer of a new business building in Franklin planned to be partly paid for by taxpayers also is asking for a tax break.
The Franklin Redevelopment Commission pledged $100,000 toward taxes, insurance and interest on the loan for a new speculative building. The board also might have to pay $480,000 for 12 acres the building is planned to be built on in the Franklin Business Park if the facility doesn’t fill up within three years.
Now, Runnebohm Construction, developer of the building, is asking for a 10-year phase-in of the property taxes for the new building. The tax break makes the facility more marketable, said Chris King, executive vice president.
Construction is planned to start as soon as this month; and as a speculative building, it will be built without a specific tenant in mind. The developer will then sell or lease the building, based on what companies want, King said. City officials have said the facility is needed for companies looking to move into a building that is already built because Franklin has few vacant buildings that would meet businesses’ current needs.
