A long discussed plan to move businesses out of the floodplain in downtown Franklin is getting started with the city spending $900,000 to buy three properties and incentivize the owners to move.
The three properties are all located in the area of Jefferson and Jackson streets and are prone to flooding.
Now, with the help of tax dollars from the city’s tax-increment financing, or TIF, districts, the businesses can move to other areas of the city. And the city can use the more than 10 acres of land to develop greenspace that can be used for drainage, as a park, for parking and for downtown festivals.
The plan is one city officials have discussed for years.
[sc:text-divider text-divider-title=”Story continues below gallery” ]
Under the proposals approved by the city redevelopment commission, the city would buy just over six acres of land from Bastin Logan Water Services, about four acres from Dan Paris, who owned Recovery One of Indiana, and just under an acre from Albert and Mark Hendershot, who used to operate Hendershot Plumbing on the property. The offers also include additional money that could be used to help pay for moving expenses, redevelopment commission member Bob Heuchan said.
All of the properties are near Young’s Creek, which runs just south of Jefferson Street through downtown and has caused flooding in that area multiple times in the past.
Moving those businesses out of the downtown area will help with water retention, giving the drainage greenspace to go to instead of flooding businesses, Mayor Steve Barnett said.
But the move also will create more space for events and festivals, add more parking and get some heavy vehicle traffic out of downtown Franklin, Barnett said.
Under the proposals by the redevelopment commission, the city would offer cash grants of $382,500 to Bastin Logan Water Services, $230,000 to Paris and $137,500 to the Hendershots.
In addition, the board also is offering a grant of $150,000 to Paris that could be used to rehabilitate his businesses at 200 and 298 W. Jefferson St. Officials don’t know yet exactly what Paris’ plans are for his property, but Heuchan expects some work will be done to his auto and tire shop and to the property that currently serves as a parking lot, he said. Paris recently sold Recovery One of Indiana, a wrecker business, but still owns Recovery One Auto and Tire.
The money to buy the land would come from the city’s TIF districts, which set aside property taxes from new development in certain areas to fund infrastructure and economic development projects.
The amounts also include incentives to help the businesses relocate to other areas, Heuchan said. For example, both Bastin Logan and Paris were offered 165 percent of the average of two appraisals of their property, with the intention that the money would be reinvested in the city when they relocate, he said.
The Hendershots were given $20,000 more than the average of two appraisals as a compromise on the amount they had hoped to reach, Barnett said. The owners are not planning to reopen in Franklin, but the additional money was worthwhile for the city to get the needed property and remove the aged building on the property, Barnett said.
Each of the property owners will be given about a year to relocate, Heuchan said.
The city’s initial plans are to demolish the buildings on the properties to create greenspace, connect a trail to Jefferson Street using that property and add more parking off South Main Street, Barnett said.
In the future, officials have discussed adding an amphitheater and using the space to host events, including having room for food trucks to park and sell their items during events, he said.
The city would not build any permanent structures on the property that could be damaged when the area floods.
Franklin is collecting water from development in Indianapolis, Greenwood and Bargersville, and as more development happens in those areas, more water needs to drain. And even the drainage improvements the city has made in recent years, such as installing larger pipes underground, aren’t enough to handle all that water, Barnett said.
The properties were all stressed from recent and past flooding, and this plan allows that section of the city to be redeveloped, Heuchan said.
[sc:pullout-title pullout-title=”At a glance” ][sc:pullout-text-begin]
Here is a look at the properties the city is buying as part of a plan to move businesses out of the floodplain in downtown Franklin:
Bastin Logan Water Services
Where: 237 W. Monroe St.
Property: 6 acres
Cost: $382,500
What’s next: The company is planning to relocate to another area of the city.
Recovery One of Indiana
Where: 220 Jackson St.
Property: 4 acres
Cost: $230,000 for the property, $150,000 grant to rehabilitate owner Dan Paris’ properties at 200 and 298 W. Jefferson St.
What’s next: Paris has sold his towing and wrecker business, but will continue to operate Recovery One Auto and Tire on Jefferson Street.
Hendershot property, owned by Albert and Mark Hendershot
Where: 231 S. Jackson Street
Property: About an acre
Cost: $137,500
What’s next: The Hendershots do not plan to relocate to another area of the city.
[sc:pullout-text-end]
