Franklin Development Corporation update: RDC signals support to advertise ~$300,000 annual funding

Krista, a staff member who presented the Franklin Development Corporation (FDC) update, told the Franklin City Redevelopment Commission on March 18 that the FDC has been active in residential and commercial lending and façade grants, has increased residential grant caps to respond to rising construction costs, and is preparing a 2024 report for public release.

The update laid out program totals and performance. Krista said the FDC originated from a $5 million initial program in 2010 and that subsequent funding over the last decade totaled about $1.7 million; the FDC funds have been used for residential repairs, commercial façade matching and direct investments. She reported the commercial revolving loan program had made 42 loans totaling just over $2.0 million, with about $1.2 million repaid, and said repayment performance has generally been strong despite a small number of troubled accounts.

Why it matters: Krista said the FDC’s program funds have been largely spent down and that program balances fell to an effectively negative line in the report because of timing on a $76,000 installment; after accounting for that payment, she estimated roughly $50,000 would remain without a new appropriation. She said the FDC has supported catalytic downtown projects and direct investments that staff and board members said have multiplied assessed value in affected parcels.

Board discussion focused on what ongoing annual appropriation would be reasonable. Krista summarized the board discussion with a range: "We could probably get by with $300,000 a year. $400,000 would be more comfortable. $500,000 would be great," she said. Amy Richardson, an FDC board member and co‑founder of Maine and Madison Market Cafe, described how façade grants helped her business and urged continued support: "Maine and Madison wouldn't be the cool place that it is had we not had that and been able to not spend as much on the outside." Mayor (name not specified in the transcript) urged caution about the upper range: "I'd be real careful around $500,000 ... I'm closer to myself, what I see, dollars $200,000 to $300,000."

Outcome and next step: Commissioners indicated they were comfortable advertising a resolution for the next meeting in the $300,000 neighborhood and asked Ellen to prepare the resolution for formal consideration next month. Krista also said Franklin College students are compiling a before‑and‑after parcel assessment of FDC investments and that the FDC plans an interactive map to show project parcels and eligibility.

The commission plans to review the resolution and formal appropriation at its next regular meeting; no final appropriation was made at the March 18 session.