Immobiltec USA is the property owner and Modula is the business that leases the plant on the 56.8-acre site.
They plan to develop and construct an approximately 180,000-square-foot expansion for manufacturing and warehouse space, which will cost an estimated $24 million to build, according to documents submitted to the city.
The company has requested a 15-year, 100% property tax exemption on the increase in value from the project, via a Community Reinvestment Area, according to city documents. The development agreement says the city “shall grant the tax abatement” if it determines the project complies with the terms of the CRA.
But the development agreement also says the project site is included in Franklin’s New Community Authority district (NCA), which provides for the NCA’s collection of a payment from the developer. That payment or charge is not to exceed 75% of the amount of property taxes abated under the CRA for the first 10 years (meaning a tax abatement of at least 25%), and not to exceed 100% of the taxes abated for years 11-15.
Modula currently has 117 full-time employees with an annual payroll of more than $7.4 million.
According to project documents, the expansion would create 60 new full-time jobs by 2028. Those would come in phases — 11 in 2026 with an additional annual payroll of $715,000; 20 in 2027, which would add more than $1.3 million in annual payroll; and 29 in 2028, which would add more than $1.8 million in annual payroll.
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