Franklin Savings Bank announced that it has purchased $116,500 in Community Development Finance Authority (CDFA) tax credits to close the funding gap on the development of Mill City Park at Franklin Falls. Located in the heart of downtown Franklin, the Park will be the first of its kind in New England and will be situated on 13 acres, featuring several whitewater features, a bike pump track, climbing walls, walking trails, an amphitheater, camping sites, and more.
“We are honored to assist Mill City Park with the final stage of funding needed to move forward with the development of Mill City Park in downtown Franklin,” commented Ronald Magoon, President and CEO. “The Bank stepped forward early on in the fundraising phase with a $250,000 donation to the project in an effort to attract other donors to support this major initiative, which will transform the Winnipesaukee River into a popular destination for individuals with a passion for paddling whitewater rapids, hiking, and biking. There is so much activity occurring with the revitalization of downtown Franklin, and Mill City Park will complement all the wonderful things taking shape in the city.”
Mill City Park received a total of $500,000 in tax credits awarded by the CDFA. The bank’s purchase of $116,500 represents 23.3% of the allocation. CDFA tax credits enable businesses to partner with nonprofits to support worthy projects in their communities.
“We are grateful for the generosity of Franklin Savings Bank and all the support it has given Mill City Park over the past few years,” stated Marty Parichand, Founder and Executive Director, Mill City Park. “In addition, their Board of Directors and executive management team have been very supportive of our project; we truly appreciate their assistance with seeing this project become a reality for Franklin.”
Mill City Park at Franklin Falls is a 501(c)3 organization whose mission is to let the Winnipesaukee River repower the Franklin community. Visit MillCityPark.com for additional information on the development of the whitewater rafting park.
The CDFA is a statewide nonprofit public authority focused on maximizing the value and impact of community development, economic development, and clean energy initiatives throughout New Hampshire. Visit NHcdfa.org for further information.
Established in 1869, Franklin Savings Bank is an independent, mutually-owned community bank, offering a full array of commercial lending, personal banking, and investment services. Headquartered in Franklin, the Bank has offices in Bristol, Boscawen, Tilton, Gilford, Merrimack, and Goffstown. Through its wholly-owned subsidiary, Independence Financial Advisors, Franklin Savings Bank also offers investment, insurance, and financial planning services.
A recognized leader in providing the latest in financial services technology, Franklin Savings Bank is committed to serving the needs of businesses, families, and the communities it serves through a dedicated team of employees, a diverse line of financial products and services, and continued investment in emerging technology.
Franklin Savings Bank has donated over 11% of its net income to charity since 2009. Visit FSBnh.bank to learn more or follow the bank on Facebook, LinkedIn, Instagram, Twitter, and YouTube.