GOAL 1 Encourage independent and locally owned downtown businesses. RECOMMENDATIONS: Limit chain businesses in Downtown Franklin through zoning or other regulatory tools. Establishing a limitation on chain businesses can help preserve downtown’s vibrant economy and its appeal to locals and visitors for its uniqueness. Many cities across the country have adopted regulations to help preserve local character and maintain a diverse mix of businesses by limiting chain businesses, including McCall, ID; Sausalito, CA; Sanibel, FL; Nantucket, MA; Fredericksburg, TX; Coronado, CA; and others. Restrictive easements on buildings could be considered by individual willing property owners as well. Chain businesses could be a future challenge as market pressure continues and may be a threat to independent businesses. Establish leasing incentives that help preserve independent businesses. Franklin’s small businesses face rising rents and property taxes that often outpace their revenue potential. To help sustain locally owned retailers and restaurants, the City could explore targeted rent offset tools, such as subsidies used in other communities, such as Portland, OR; though these approaches can be controversial. Foster local entrepreneurship through a storefront business incubator. Incubators provide a lower-risk environment where entrepreneurs can test their brick-and-mortar concepts. It is challenging to do this in a high-value market like Franklin, but opportunities may exist. Options include designating a commercial space in a City-owned property as an incubator, or negotiating with a new downtown development to reserve a small retail space for emerging businesses. A useful model is the Co Lab Business Incubator in South Orange, NJ, which opened in a 2,000 square foot storefront as part of a mixed use project. THEME: SUPPORTING ECONOMIC VITALITY & SMALL BUSINESSES 150 FRANKLIN, TN | PRESERVATION PLAN
RkJQdWJsaXNoZXIy NTY1Mzc2