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Commissioners approve bond modification for Franklin Electric headquarters relocation
Summary
Allen County approved a modification to taxable economic development revenue bonds tied to a $25 million Franklin Electric project relocating its headquarters to southwest Allen County; county attorney said Franklin pays financing costs and the agreement matures in 2033.
Allen County Attorney William Fishering presented a modification to the County's taxable economic development revenue bonds (Series 2012 replacement bonds R-3 and R-4) on July 10 to reflect Franklin Electric's change in financial institutions related to a $25 million project relocating the company’s headquarters from Wells County to southwest Allen County. Fishering told the board that Franklin Electric pays the financing costs and no taxpayer funds are used for the repayment; the agreement matures in 2033.
Commissioner Ronald W. Turpin moved to approve the bond modification and Commissioner Richard E. Beck seconded; the motion passed 2-0. The county record notes the financing is a private obligation of the company under the development bond terms, and the modification updates the remaining bond balance and related documents.
