DATE: April 1, 2019
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, Assistant City Administrator for Community and Economic Development
Tom Marsh. Interim Director Building and Neighborhood Services
SUBJECT:
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Consideration of Resolution 2019-33, A Resolution Authorizing City Staff to Request Letters of Interest for Developing the City of Franklin Owned Property Located at 405 Fifth Avenue (“The Hill”) As An Owner-Occupied Attainably-Priced Residential Neighborhood. (11/27/18 WS, 03/26/19 WS).
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) regarding the next steps in the process of developing The Hill property.
Background
Last year, the Board of Mayor and Aldermen decided to allow The Hill property located at 405 Fifth Avenue to be developed with affordable/workforce residential dwelling units and, to explore the potential of including a building that could be used by social service agencies that serve the community. On September 27, 2018, the Franklin Municipal Planning Commission approved an amendment to Envision Franklin, the City’s land use plan, to revise the design concept for this City-owned property from recreation to mixed residential. The mixed residential design concept can include a mix of single-family homes, townhomes, big houses, and civic and institutional uses as appropriate.
Following the last Worksession discussion on March 26, the Board appeared supportive to proceed with requesting Letters of Interest from entities interested in developing the property and, using the two design illustrations as guidance. Furthermore, it was discussed that the ideal price-points of the proposed housing units would be in be in the affordable and workforce housing range and, decisions pertaining the inclusion of a civic/community building would be considered at a later date.
Financial Impact
Staff has not fully evaluated the designs and development models associated with developing The Hill Property but find the Letters of Interest will assist in identifying the most efficient and cost-effective approach in proceeding further in the process of developing the property and in creating additional attainable housing in Franklin.
Recommendation
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The staff recommends approval of Resolution 2019-33.