<p>Developers who set their sights on property in a large swath of Franklin will be eligible for federal tax incentives through a new program.</p>
<p>The goal of the new nationwide Opportunity Zone program was to propel development in low-income urban or rural communities using federal gains tax incentives made possible in the 2017 Tax Cuts and Jobs Act.</p>
<p>Franklin had submitted three possible zones of the city for consideration; one was accepted by Gov. Eric Holcomb and then approved by the U.S. Secretary of the Treasury. The zone includes most of Franklin north of downtown, northwest along State Road 144 to Bargersville town limits, north to Paul Hand Boulevard and east of North Graham Road.</p>
<p>The area qualified because it is mostly rural, said Krista Linke, director of community development for the city.</p>
<p>The Franklin Business Park is included in the zone, and industrial development as well as other types of development are eligible for the federal gains tax incentives, Linke said.</p>
<p>The opportunity zone designation is in place for 10 years, allowing for long-term growth. The incentives do not affect the amount of local property tax dollars collected by the city, schools, libraries and other government units.</p>
<p>Franklin Mayor Steve Barnett had been interested in the program after learning about it because it offered another tool to spur development in the city.</p>
<p>The city is spending millions of dollars on a new road that opens up more property for development, the shell building is under construction and four roundabouts are being built on the truck route, making the opportunity zone designation vital because of the development potential in the area, the city’s application said.</p>
<p>The opportunity zone in Franklin is one of 156 zones across the state, and the only use of the program in Johnson County.</p>
