The City of Plymouth and the Redevelopment Commission has been working for about 18 months trying to develop the property on the east side of Michigan Street along the Yellow River…..the former Cook Brother’s Furniture and Deon property.
Thursday evening City Attorney Sean Surrisi presented a resolution declaring
this portion of the south gateway an economic development area, the first step needed in creating a new Tax Incremental Financing (TIF) District.
The redevelopment commission hopes to move quickly on creating a fourth TIF District because there is a developer interested in investing $11.5 million for a 60 unit apartment complex. The developer, Scott Sivan from the Riverwalk Group who developed residential units along the river in Mishawaka is planning this project. At this time the proposal is for four buildings filled with 1, 2 and 3 bedroom apartments.
This apartment complex would utilize public and private resources and a portion of the Regional Cities funding for housing in Marshall County.
The city owns 5 of the lots in the proposed development while two others are privately owned by Dennis and Mary McVey and Benjamin Oviedo. The city has been negotiating with the property owners and hope to acquire the parcels in the near future.
The commission’s proposed financial involvement is expected to be $1.5 million. The Plymouth Common Council is expected to pass $1.5 million from the Rainy Day Fund to the redevelopment commission for their share of the project.
Soon the redevelopment commission will enter into a detailed development agreement with the developer, which will include a grant of the property acquired and incentive payments of approximately $1.3 million to be distributed throughout the anticipated 24 month design, develop and construction period. These incentives will serve as the matching funds required through the Regional Cities Initiative.
Another project that will be included in TIF # 4 is additional phases of River Park Square. Part of the development would be additional amenities including a footbridge connecting the South Gateway Apartment Development to the park, extension of the Greenway Trail within the park, renovations to the historic LaPorte street footbridge and other features determined by the Park Board.
