Town of Franklin Economic Development Authority Report
Executive Summary
The Town of Franklin Economic Development Authority (EDA) has written an economic policy plan for
the Town of Franklin. The plan is intended to advance dynamic and interactive discussion. It will be used
to continuously assess and foster decision-making about the following in the Town of Franklin:
Development
Infrastructure
Quality of life
Mission Statement
The purpose of the EDA is to foster a sustainable economy consistent with the town’s planning
objectives. The mix of industry, commerce, open space, residential development, and the arts in Franklin
results in the town’s vitality and an excellent quality of life for its citizens. Maintaining this balance is
important.
Guiding Principles
Six basic principles guide Franklin’s economic policy. These principles seek to safeguard the special
features that give the town its character while embracing appropriate economic opportunities.
Franklin should remain a major economic center of the region.
Economic activity must respect Franklin’s natural, cultural, and historic heritage.
A pedestrian-friendly core commercial center is essential.
Sustained economic prosperity requires a balance between residential development,
industrial/commercial development, and open space.
Open space in the rural district must be preserved.
Investing in the infrastructure is necessary to maintain and expand the existing tax and job base.
Issues
Of Franklin’s approximately 64,000 acres of land, 12% is zoned for business, commercial, or industrial
use, and 88% for residential development. Historically the town has relied upon business and industry to
provide 35%-40% of the tax base, as well as employment opportunities. Non-residential development
has traditionally been the backbone of the Franklin economy. Today, however, Franklin does not have a
great deal of non-residential development potential.
The population of Franklin is expected to rise dramatically over the next few decades. The following
chart shows the expected change:
Years Population Growth
1990-2010 4.5%
2010-2030 53% (projected)
Source: Office of State Planning
At issue is the town’s ability to continue to support increasing public costs (most importantly, education)
with a tax base shifting toward residential taxpayers. The EDA believes Franklin should remain the
market center of the region and avoid becoming a bedroom community. Franklin has maintained a
sense of community in part because more than 50% of working residents are able to earn a living within
