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[NOTE: Meeting times listed previously were incorrect. See new information, below.]
To the Franklin Observer Editor and Franklin Residents,
There was a Public Hearing by the Franklin Town Council last June concerning a “Friendly 40B “* proposal for 264 Apartments at 444 East Central St at Stobbarts. Five of our Town Councilors voted to send the proposal to the Zoning Board of Appeals for approval. The first meeting for this will be March 27th in the Council Chambers at 7:30 pm.
While I am personally and professionally in favor of development this one will surely cost us Municipal Revenue with diminished Quality of Life in our Town.
Let's start some factual revenue figures for Station 117 on Dean Ave. The premises brings in $875,555 in Tax Revenue for units that are all Market Rate. This translates to $3500 each in tax revenue for 250 units. Down near Franklin Country Club we have Cooks Farm Condos . There are 57 units that each bring in $10,000in tax revenue. So we have $570,000. I’m told by a resident there’s one school student in that whole development.
In contrast, if we had 175 two bedroom Market Rate condos at Stobbarts, the revenue can be $1,750,000 to the Town, and there would be minimal school students in the 2 bedroom units. Here’s the “Friendly 40 B math for 264 apartments, 25% of which will be “Affordable.” That means 66 Units will be assessed for less than Dean Ave Station 117. They will be 1,2 and 3 bedroom units likely with 50 School Students as listed. Franklin’s cost share to educate each of those students, before State Aid is $11,000. So, right away $550,000 comes away from the apartment revenue coupled with 66 affordable units that will be assessed less.
This 264 Unit "Friendly 40B" will not be able to generate $300,000 in revenue after the reduction in assessment and the addition of 50 students. We will have multiple 4 story buildings snarled traffic and a much diminished Quality of Life in Franklin. We need Condos to bring in $1,750,000 tax revenue in this Override Environment. In a time of Overrides, how could Councilors Sheridan, Frongillo, Hamblen, Jones and Mercer vote for this project knowing that we need revenue?
The room was filled with Residents who told them Condos not Apartments was the way to go…..at least a dozen got up. Excuses?
Franklin’s State Affordable rate is 11%, safely above state requirements. There was need to vote for more affordable housing when it is counter to the needs of the town. I don’t see why this was voted by them. Franklin Residents, to voice your needed opinions on the important subject please go to the Franklin Zoning Board meeting on Thursday, March 27, at 7:30 pm in the Council chambers. Feel free to contact each ZBA member personally as they act on how YOU FEEL about the project.
For our town's financial future, 55 and Over Condos are the way to go.
Joel D’Errico
[Life Long Resident, 10 Year Town Councilor 90s, 7 Yr Fincom, Keller Sullivan School Bldg Comm]
* The 40B law was created decades ago to give developers a cudgel for developers to use to force towns to develop housing. "Friendly 40B" refers to a collaborative approach where towns and developers work together to create affordable housing, often under the Local Initiative Program (LIP), minimizing density and blending with the neighborhood, as opposed to the "unfriendly" approach where developers bypass local zoning and pursue state relief.
