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Franklin City hears ‘bail out’ proposal | Preston Citizen

Franklin City hears ‘bail out’ proposal

August 17, 2011


Citizen staff writer

Legacy Ranch officials are hoping Franklin City will help with infrastructure costs. The housing venture is the fastest growing development in the county.

Franklin City Council was placed in a precarious position during their meeting last week, as developer Mike Hutchings from the Maple Leaf Developers and Legacy Ranch sub-division manager John Hulvert approached council with a proposal for the city to guarantee a loan of $170,000 to Nebraska National Bank, for completing infrastructure within the subdivision and bringing it up to city standards. Until the roads are finished, the city cannot sign off on the project, and take over the responsibility of up-keep. As of right now, said Hutchings, Maple Leaf is out of money, and is unable to either borrow the money or finish the project without a guarantee the city will pay off the loan. (See the full story in The Preston Citizen.)

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