Outdoor New England | ONE

Franklin Savings Bank buys $100,000 in tax credits to revitalize Franklin

City News, Company NewsMarty ParichandComment

Concord Monitor | Elodie Reed | February 7, 2017

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A nonprofit dedicated to revitalizing Franklin is $100,000 closer to upgrading some of the city’s downtown facades.

Franklin Savings Bank announced Monday it purchased a quarter of the $400,000 in tax credits that the New Hampshire Community Development Finance Authority awarded to Franklin Business and Industrial Development Corporation in August.

The FBIDC is the financial administrator for the nonprofit PermaCityLife, which has been spearheading economic development in downtown Franklin for two years.

“We are pleased to support PermaCityLife with their revitalization efforts in downtown Franklin,” said Ronald Magoon, Franklin Savings Bank president and CEO.

Tax credits from organizations like the Community Development Finance Authority allow businesses to enter into private-public partnerships with nonprofit organizations.

With the money, PermaCityLife plans to make facade improvements on some Central Street buildings it bought in 2016.

PermaCityLife has been involved in other projects including a co-working center; a volunteer-run coffee shop; several other businesses; and, in conjunction with Outdoor New England owner Marty Parichand, planning for a whitewater play park along the Winnipesaukee River.

“This group has been instrumental in the restoration of buildings which have attracted new businesses to the area,” Magoon said. “There really is a true sense of pride and community in the city and we are very pleased to be a part of it.”

http://www.concordmonitor.com/Franklin-NH-Franklin-Savings-Bank-100000-tax-credits-7960509