FRANKLIN, Ind. — The Franklin City Council approved Budgetary Ordinance No. 26-11 at a public hearing on Monday, Oct. 19, authorizing additional appropriations from proceeds from property sales for upcoming park developments.
The funding structure involves transferring property titles from the city and the park district to the Franklin City Building Corporation, which will then lease the real estate back to the city to pay debt service on project bonds.
Projects benefiting from the funding include continuous improvements and infrastructure additions at the Franklin Aquatic Center and Scott Park.
Clarifying the real estate transfer process, Mayor Steve Barnett emphasized that the municipality is not selling off any civic assets or closing existing facilities, such as the local senior center.
City Council members voted unanimously to approve the budgetary ordinance following the public hearing.
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