Two Franklin developers plan to build 150 homes on the city’s east side and have floated the idea of using money from the city’s tax-increment financing district to help defray some of the estimated $6 million cost to prepare the land for new homes.
They did not ask for a specific dollar amount or for help paying for specific projects, such as new roads or sewer extensions. In fact, no formal proposal has been made.
The subdivision would include 149 homes, including 38 no-maintenance, high-accessibility homes aimed at attracting retirees. It was estimated the new neighborhood could generate as much as $500,000 in new tax revenue when fully built. The vacant land previously was owned by Franklin Community School Corp., and no taxes were being paid.