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Commission recommends 3-year vesting extension for Madison PUD to allow developer to secure financing
Summary
Planning staff and commissioners agreed to recommend a 36-month extension of vested rights for the Madison PUD to allow the applicant time to obtain permits and financing; the commission voted to forward that recommendation to the Board of Mayor and Aldermen.
The Franklin Municipal Planning Commission voted to recommend a 36-month extension of vested rights for the Madison at Franklin PUD, moving the vesting expiration to March 10, 2029.
Staff explained the development plan for the Madison PUD, approved in 2020, would add 64 units to reach 254 total units. Staff said no building permits have been secured and that the applicant seeks the extension to secure financing and begin site preparation. Without an extension, staff said project entitlements would lapse and the approved plan could be reevaluated under current standards.
Commissioners questioned why the applicant was not present and whether financing was the remaining hurdle. Staff said financing is often the primary delay and the applicant indicated they are working to break ground. Commissioner Mann voted no; the motion to recommend the extension to the Board of Mayor and Aldermen passed by roll call.
The commission’s recommendation will go to the Board of Mayor and Aldermen, which holds final authority over vesting and entitlements.
