Supervisors approve mortgage agreement for industrial park building

The Franklin County Board of Supervisors approved on Monday a reimbursement note and mortgage agreement to partially pay for the new Spec 4 building in the Hampton Industrial Park.

     The agreement is an eight-year obligation that requires Franklin County to pay an annual sum of $30,000 towards the mortgage. The payment period doesn’t start for two years, and the county won’t have to pay any of it back if a business buys the Spec 4 building and moves in after it’s completed.

     If necessary, the payment will cover the Franklin County Development Association’s (FCDA) obligation for the project. The new building is a joint venture between the county, Corn Belt Power Cooperative, Franklin Rural Electric Cooperative and FCDA. The $30,000, eight-year payment period will cover one-third of the building’s overall cost if the building isn’t sold.

Read the full article in the June 11 edition of the Hampton Chronicle.