A public hearing on a request for the Franklin City Commission and Simpson Fiscal Court to create a tax increment financing district will be held Monday, June 14 at City Hall beginning at 11:30 a.m.
According to the public notice, the city and county have been asked to reinvest a portion of the taxes and fees generated as a result of new development, only, to be returned to the developer for capital investment and/or development costs to construct improvements in the area known as the Franklin Gateway Development Area.
SAV Investment is asking the city and county to create what is known as a TIF for the area consisting of more than a total of 43 acres on three sites on Nashville Road and one on Peden Mill Road in the area of I-65 Exit 2.
The Franklin Gateway Development Area would consist of residential and retail development. It is currently designed to include a hotel and convention center, retail shopping, a restaurant, a proposed theater, a bowling alley and residential apartments.
A copy of the proposed development agreement and ordinance are on file at City Hall and the county judge executive’s office in the Courthouse and can be seen by the public during regular business hours.
Fiscal Court has approved first reading of the ordinance and the city commission has heard first reading.
A county ordinance must pass a first and second reading vote and be published to take effect.
No vote is taken on first reading of a city ordinance. A city ordinance must pass a second reading vote and be published to take effect.