Investing in Franklin benefits everyone
When a revitalization project is proposed for downtown Franklin, a familiar question echoes from neighborhoods outside the business district: “What’s in it for us up on the hill?”
It’s an understandable question, but it stems a zero sum view of economics which is the idea that if someone else benefits, it must come out of your pocket. Some even derisively label Mill City Park a mere “playground.” But playgrounds are wonderful things, and this one draws visitors from as far away as England to spend money here.
Major developers don’t invest millions on a hunch. The city’s support for the water park was the signal Chinburg Development needed to know Franklin was worth investing in. It was a significant reason they chose to restore the Stevens Mill into over 150 apartments. To make that renovation viable, the city granted a temporary tax deferral.
That deferral expires in a few years. When it does, the transformed mill will begin making substantial property tax payments into the city’s general fund. That is brand-new revenue to fund our schools and roads. Every dollar of commercial tax base built downtown is a dollar that doesn’t have to be extracted from individual homeowners.
Furthermore, as Franklin becomes a vibrant destination, property values will rise across the entire community, not just on Central Street. A rising tide lifts all boats; investment in Franklin funds its future and protects every homeowner’s bottom line.