DATE: August 14, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
SUBJECT:
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*Consideration of Resolution 2015-67, a Resolution of Support for Creation of an Economic Development District in a Block of Downtown Franklin - Harpeth Square Development
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning Resolution 2015-67, supporting adoption of an Economic Development Plan for the downtown block including the Harpeth Square property.
Background
At the work session of August 11, 2015, the Board of Mayor and Aldermen heard a proposal concerning a parking garage in the recently approved Harpeth Square development. A draft of an economic development plan was presented to outline the general benefits of the project to the City, Williamson County and the Franklin Special School District. An economic impact report, prepared by staff at the Middle Tennessee State University School of Business, was also delivered to highlight the overall impact of the Harpeth Square project to the local economy.
The discussion throughout the work session focused on the nature of a public-private initiative between local government and the developers of the City block bordered by Main and Bridge Streets and First and Second Avenues North. In the proposal, approximately 200 parking spaces within a 600-space garage were offered as public parking. A review of potential tax revenues resulting from the project were delineated and a staff recommendation of splitting new tax revenues through a tax-increment financing vehicle (TIF District) was discussed.
Financial Impact
The financial impact of the current proposal would pledge forty-two percent of any new property taxes that would flow from the $80 million investment in the City block defined in the draft Economic Development plan for a period of fifteen years. The estimated total cost to the ...
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