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, according to documents submitted to the city.
Modula plans a groundbreaking in early June, Assistant City Manager Karisa Steed said.
The site is already a Community Reinvestment Area, with the business eligible for a 15-year, 100% property tax exemption on the increase in value from the project, according to city documents.
But the development agreement also says the project site is included in Franklin’s New Community Authority district, which provides for the NCA’s collection of a payment from the developer.
The city negotiated a net 25% tax abatement for the first 10 years and a net zero percent abatement for the following five years, meaning there would basically be no tax abatement for the final five years with funds reinvested into the NCA, Steed said.
Modula now has 117 full-time employees with an annual payroll of more than $7.4 million.
The expansion would create 60 new full-time jobs by 2028, according to project documents. The new jobs 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.
Franklin is the North American hub for Modula, which may make more investments in the future, Steed said.
“We believe their intentions are to expand further,” she said.
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