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Franklin board debates new Infrastructure Development District policy after hours of questions on homeowner costs and protections
Summary
Board of Mayor and Aldermen held an extended review of draft Infrastructure Development District (IDD) policies, pressing staff and consultants on how bonds, holdbacks and special assessments would affect buyers and whether the tool will deliver municipal benefits without shifting risk to residents. Staff will revise the policy and return in January.
Franklin — The Board of Mayor and Aldermen spent the bulk of its Dec. 9 work session debating a proposed policy to govern Infrastructure Development Districts, an emerging financing tool that staff say can fund ‘exceptional’ infrastructure and redevelopment while keeping existing taxpayers from covering new development costs.
The draft policy, presented by city staff and consultants, would align IDD petitions with the normal development-plan process and requires applicants to specify municipal benefits such as enhanced intersections, infrastructure beyond developer requirements, attainable housing or redevelopment. Vernon, a city consultant, said developers would submit a notice of intent concurrently with a development plan and that a final petition would come forward for public hearing and board consideration once civil…
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