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Franklin approves up to $3.5 million for Franklin Hill workforce and affordable housing project
Summary
The Franklin Board of Mayor and Aldermen unanimously approved a resolution to support a city contribution of up to $3,500,000 to Franklin Hill Project LLC to help build up to 44 affordable and workforce housing units; the funding is structured as reimbursements and will be tied to a forthcoming development agreement.
The Board of Mayor and Aldermen of Franklin on Feb. 10 unanimously approved a resolution supporting a city financial contribution of up to $3,500,000 to Franklin Hill Project LLC to support construction of up to 44 affordable and workforce housing units at properties addressed 403 and 405 5th Avenue North.
City staff told the board the commitment is a "not-to-exceed" reimbursement arrangement that would cover infrastructure costs, development fees, construction costs and a portion of land formerly under the water management fund. "This reflects a not-to-exceed contribution of up to $3,500,000 toward the project," a…
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