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Redevelopment Commission appropriates funds to close out Graham Road payment, reviews Scott Park, Innovation Park plans
Summary
The Franklin City Redevelopment Commission approved Resolution 2026-08 to appropriate funds related to the Graham Road reconstruction final payment (described in the meeting as roughly $124,000), reviewed cash-flow projections for 2026–27, and discussed funding and scheduling for Scott Park and a College Innovation Park.
Franklin City’s Redevelopment Commission approved Resolution 2026-08 to appropriate funds for expenses and costs related to the Graham Road reconstruction so the final contractor payment can be processed.
Presenters said the project’s work was complete and that there had been a miscommunication last year about reappropriating the funds; the appropriation places the money back in the city account so remaining dollars can be spent. During discussion staff identified a payment amount of $124,000 that they described as the final payment for milestone contractors and noted related grant reimbursements that return funds to the city account.
The commission also received a cash-flow update for 2026–27. Staff said many items have resolution numbers and called particular attention to Scott Park, which staff said will require substantial funds. Scott Park is in engineering and preliminary surveying, with wetlands and floodplain constraints requiring permitting; staff estimated the project range between $10 million and $15 million and said the city will consider cash-flowing elements of the project or issuing bonds.
Commissioners discussed the proposed College Innovation Park and whether incentives could be paid from TIF. Staff said the proposed industrial portion is the only piece the city would consider supporting; they noted a pledge of $500,000 from the city and that an IEDC matching grant had been increased (presenter said IEDC was contributing $1,000,000). Staff said the College Innovation Park site is not adjacent to existing TIF districts and that creating a new allocation area would be required to pay incentives from TIF.
The commission moved to approve the appropriation resolution, the motion was seconded and passed by voice vote. Staff said Graham Road reconstruction will start this year, that final payments are being processed, and that financial reporting (January reports) is pending due to year-end reconciliation and a software conversion.
Next steps include staff sharing updated financial reports when available, returning with Scott Park engineering cost details as they come in, and working through formal steps if a new TIF allocation area is needed for the College Innovation Park.
