Franklin officials are lining up a multimillion-dollar bet on keeping local workers in town, backing a small downtown apartment project that would reserve units for lower-income and workforce households. At a recent Board of Mayor and Aldermen meeting, city leaders signed off on a tentative funding cap tied to a 44-unit development, framing the move as a package of reimbursements and incentives rather than a no-strings cash handout. The deal still has to come back to the board in the form of binding agreements before any public money actually moves.
What the board approved
The board voted to support a not-to-exceed city contribution for a proposal connected to Franklin Hill Project LLC, with the money aimed at covering infrastructure expenses and development fees for a small apartment building. The addresses in play are 403 and 405 5th Avenue North, with the potential public contribution capped at up to $3.5 million. WKRN News 2 reported on the city debate and the outline presented to aldermen.
Project details and safeguards
According to meeting materials, the concept calls for as many as 44 apartments, with staff estimating about 10 as "affordable" and 34 as "workforce" units, though those figures could shift as the plans are finalized. Staff described the city participation as a reimbursement setup, tied to milestones and a future development agreement. "This reflects a not-to-exceed contribution of up to $3,500,000 toward the project," officials said during the meeting, as reported by Citizen Portal. Aldermen stressed that the final contract language will need to protect taxpayers and link any city payouts directly to the delivery of the promised housing.
Why it matters
Housing in Franklin is not cheap, especially for people who work in the city but do not earn tech or executive salaries. The median sale price in March was roughly $827,000, a reminder of why city leaders keep talking about housing for teachers, service workers, and municipal employees. Narrowing that gap is part of a broader effort already underway. The city operates a Housing Development program and a Housing Commission that are working on incentives and policy tools to grow affordable options, according to the City of Franklin.
Next steps
Developers and city staff will now hammer out a detailed site plan and a binding development agreement, both of which must return to the Board of Mayor and Aldermen for final approval before any reimbursements are triggered. Officials say they expect those documents to spell out construction timelines and include clawback provisions if the project stalls or fails to deliver the agreed number of units, according to Citizen Portal.
