Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Grant Funding topic
No spam. Unsubscribe anytime.
Redevelopment commission approves $500,000 matching-resolution for Franklin College Innovation Park
Summary
The commission approved Resolution 2025-22 expressing the city's willingness to provide a $500,000 match for a $500,000 IEDC Ready grant to fund infrastructure for two innovation-park buildings; staff said the city will not encumber TIF funds until contracts are in place and the college meets required milestones.
The Franklin Redevelopment Commission voted to approve Resolution 2025-22, which records the city's willingness to provide a 1:1 match for a $500,000 Ready program grant awarded to Franklin College for infrastructure supporting two planned research-and-development buildings.
City staff said the $500,000 from the state is specifically for roads and initial utilities for the two buildings and does not commit the city to funding the entire innovation-park project. Staff emphasized the city cannot encumber TIF dollars at this stage because contracts are not yet executed; the resolution shows willingness to participate but contains contingency language stating the city is not responsible if the college fails to meet the project's required start deadline in December 2026.
The commission moved, seconded and approved the resolution by voice vote. An EDC representative told commissioners the EDC had reviewed Stone Municipal Group's software earlier and recommended the commission consider funding it next year.
Next steps: staff will return with contract details and, if the college completes its required steps, staff will present concrete funding commitments tied to executed contracts and project milestones.
