The New Franklin City Council took a significant step towards economic development during their recent meeting on May 25, 2025, by advancing plans for two Tax Increment Financing (TIF) districts. This initiative aims to stimulate growth in an area that has seen little commercial or residential development over the past 25 years.

Mayor's remarks highlighted the critical need for infrastructure improvements, specifically the installation of sewer and water systems, which are essential for attracting developers. He emphasized that without these utilities, the city has struggled to entice investment. The proposed TIF districts are designed to provide financial incentives for developers, making it easier for them to invest in the community.

The council discussed the importance of adopting an economic development plan and the formation of TIF districts, which would allow the city to capture a portion of the increased property taxes generated by new developments. This captured revenue would then be reinvested into the community, supporting infrastructure and public services, particularly benefiting the local school system.

In addition to the TIF discussions, council members addressed various technical details regarding the agreements, including tax percentages and the duration of the TIF districts. The mayor noted that the city is committed to ensuring that any development complies with zoning regulations and meets the needs of the community.

The council's actions reflect a proactive approach to economic growth, aiming to create a more attractive environment for future development. As the city moves forward with these plans, residents can expect to see improvements that could lead to increased job opportunities and enhanced public services in the years to come.