Dave Pollak: Investing in Franklin funds future, benefits every homeowner

To The Daily Sun,

When a major revitalization project takes hold in downtown Franklin, a familiar question echoes from the neighborhoods outside the business district: "What’s in it for us up on the hill?"

It’s an understandable question, but it often comes from a zero-sum view of economics which is the idea that if somebody is making money, it somehow hurts everyone else. Some even derisively label Mill City Park a mere "playground." But playgrounds can be wonderful things, and this one draws visitors from all over. On Winni River Days, I met someone from New Jersey, and someone from England, who both came for the park.

Major developers do not invest tens of millions into a community on a hunch. The fact that the city actively supported the water park was the exact signal Chinburg Development needed to know that Franklin was worth investing in. It was the primary reason they decided to purchase and restore the defunct Stevens Mill into over 150 apartments. To make that massive renovation viable, the city granted a temporary tax deferral incentive.

That deferral expires in a couple of years. When it does, the transformed mill will begin making full property tax payments into the city's general fund. That is brand-new revenue to fund our schools and repair our roads. Every dollar of commercial tax base we build downtown is a dollar that doesn't have to be extracted from individual homeowners.

Furthermore, as Franklin transforms into a vibrant destination, more people will want to live here. The law of supply and demand tells us what will happen to home prices. For residents up on the hill, their likely single largest asset grows in value. A rising tide lifts all boats; investing in Franklin funds its future and benefits every homeowner.

Dave Pollak

Northfield