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Franklin council approves TID 11 to support Yaskawa campus, citing 1,000 jobs and $182M investment
Summary
The council adopted a resolution creating Tax Increment District 11 to support Yaskawa America's campus development — a pay‑as‑you‑go incentive of $4.2 million within a $5.2 million project plan, projected to support roughly 1,000 jobs and $182 million in capital investment.
The Franklin Common Council on July 7 approved a resolution to create Tax Increment District (TID) Number 11 to support the proposed Yaskawa America campus. Presenters described roughly 576,000 square feet of new facilities, an expected $182 million in capital investment and about 1,000 new positions with average salaries near $90,000.
Todd Tabes, the city's municipal financial advisor, outlined the TID project plan: total project costs of about $5.2 million, with a predominant $4.2 million pay‑as‑you‑go incentive to Yaskawa. Tabes said the incentive would be paid only from tax increment generated by the company and only if the company meets occupancy and performance conditions, and that the city would not borrow to implement the plan. "The incentive payment is made solely from the tax increment generated by the company," Tabes said.
The project team said the city expects incremental value growth in the district and projected roughly $10.8 million in tax increment revenue if the district remains open for the full statutory term. The plan also includes a potential $165,000 reimbursement for traffic-signal relocation if the company meets certain terms.
Council approved the resolution by roll call (motion carried, six ayes); the joint review board will meet on July 22 to consider final approval of the district. No city borrowing was proposed; staff said the first years may require city advances until incremental taxes begin to flow.
