Franklin Savings buys tax credits for Gale School

FRANKLIN — Franklin Savings Bank purchased $50,000 in New Hampshire business tax credits from Lakes Region Community Developers to support the redevelopment of the Gale School in Belmont. The project will transform the historic building into a vibrant community facility hosting a child care center operated by the Boys & Girls Club of Central New Hampshire and a program center operated by Lakes Region Community Services.

Construction could begin as early as next year if fundraising is successful. LRCD must sell $574,000 more in tax credits to move ahead with construction.

“The family supports that will be offered in the renovated space are critical to the health of our local economy," said Ron Magoon, president of Franklin Savings Bank. "We also love the collaboration between these three long-standing organizations that serve our region so well.”

“Lots of people have worked incredibly hard over decades to save the Gale School and bring it back to life to serve the community again," said Carmen Lorentz, LRCD executive director. "It’s humbling to be part of this effort.”

The Gale School was built in 1894, and was used by the Belmont school district until the mid-1980s. The building has been mostly vacant since then, and years of neglect have taken their toll. The Gale School was named to the New Hampshire State Register of Historic Places in 2018, and was selected as one of New Hampshire’s Seven to Save in 2017.

In July 2020, the building was successfully moved by the local Save Our Gale School Committee to a new location at 60 Concord Street in Belmont Village. LRCD agreed to partner with the committee to redevelop the building.

Businesses interested in supporting the Gale School project by purchasing tax credits should contact Carmen Lorentz at 603-524-0747, ext. 110.

For more information, visit lrcommunitydevelopers.org and fsbnh.bank.