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County approves $35 million bond for Franklin Electric move

Thursday, November 15, 2012 - 3:31 pm

Allen County Council on Thursday approved the issuance of a $35 million bond to pay for construction of Franklin Electric Co.’s new headquarters, engineering center and warehouse on Coverdale Road. The bond poses no risk to taxpayers, Council members said, because it will be repaid by the company through higher property taxes generated by the improvements.

Franklin executives told Council the company had outgrown its current facilities in Bluffton and planned to move to open the new headquarters by next summer. The move will bring 224 jobs to Allen County and create another 35 jobs within three years earning about $78,732 each.