NORTHERN PASS PROJECT SELECTS FRANKLIN AS SITE OF CONVERTER TERMINAL
Investment in Franklin estimated at $250 million
FRANKLIN NH—Franklin City Manager Elizabeth Dragon and Mayor Ken Merrifield confirmed today that the “green energy” project Northern Pass has chosen Franklin, New Hampshire as the site of a new Direct Current (DC) converter terminal . The converter terminal will be located at the southern point of a proposed 1,200 Megawatt High Voltage DC transmission line, originating with the renewable, low carbon hydroelectric facilities of Hydro-Québec in Canada. The converter terminal will convert DC electricity from the transmission line to Alternating Current (AC) electricity for distribution onto the New England electric grid.
Northern Pass is a joint venture of Northeast Utilities and NSTAR.
The current total assessed value of the City of Franklin is approximately $563 million and the new facility is estimated to carry a price tag of $250 million - or more – representing an increase of at least 44% in the city’s taxable value.
City Manager Elizabeth Dragon commented, “Good things are happening in Franklin every day. The people of this City, both residents and employees alike, have accomplished great things over the years with very little money but lots of heart. We now have an amazing opportunity to have the financial capacity to do things we haven't been able to in the past. In addition, Franklin has been working towards becoming a “greener” city with its newly created single stream recycling program and formation of an energy committee. This project will bring green energy to the region. The future is very bright for Franklin and I'm excited to be a part of it.”
Mayor Ken Merrifield stated that “This is a once-in-a-lifetime opportunity for Franklin. This project will bring hundreds of construction jobs to the area and will provide a permanent boost to our financial power. The Franklin Renaissance is now accelerating.”
On the day of the public announcement, Mayor Merrifield created a new advisory committee, the Mayor’s “Revenue Enhancement Commission”, which will soon begin in-depth discussions on the potential benefits for Franklin. Topics to be considered include tax relief for residents and businesses, increased support for education, capital improvements, and innovative business incentives. “We can recast our history in this moment,” the Mayor said.