New sidewalks will be built and the bridge over Youngs Creek will be replaced on South Main Street.
The cost of replacing the bridge will be about $1.7 million, but nearly $1.4 million will be paid for with money from a federal grant. The city of Franklin and Johnson County have agreed to split the remaining cost of $345,000.
The bridge will not be repaired until 2017.
Along with the bridge work, the project will include new sidewalks and more signs for pedestrians, city engineer Travis Underhill said.
The city is asking the Franklin Redevelopment Commission to pay for the project.
The Franklin City Council approved the project 6-0 vote. Council member Joe Abban was absent. The redevelopment commission would still need to approve spending the money.