A public hearing was held Tuesday night during the Plymouth Redevelopment Commission meeting for amending the project list in the US 30/Pine Road Economic Development Area commonly known as TIF # 3 and establishing an Allocation area for the purpose of creating Tax Incremental Financing for TIF # 4.
While there were a number of people in the room no one commented on adding the Aquatics Center and Athletic Facility to the list. The project upsizing the drainage culvert under Pioneer Drive near Miller Drive did have some comment.
Marshall County Surveyor Larry Fisher confirmed that it is a regulated drain although the structure is owned by the person who owns the right-of-way. He had no issues with the project but brought forward concerns of additional water on the drain downstream.
Commission member Billy Ellinger suggested, “If we are going to finance it, maybe we should look at an entire project.” He also asked, “Is it ours to help fund.” He noted that the drain could spur economic development in the area.
The second part of the public hearing was to establish an allocation area for the purpose of creating TIF # 4.
Heidi Anspaugh from the Indy office of Umbaugh looked at the tax impact to other overlapping taxing units by creating TIF 4 would include 5 lots on the east side of Michigan Street that the city owns and 2 lots that are currently privately owned although the city has negotiated a deal for them.
Anspaugh noted that without funding from TIF #4 the project, the apartment complex between the river and Penguin Point would not happen. She said the “rough estimate” of TIF funds to be generated from the multimillion dollar project is $300,000 annually and there would be no impact to the overlapping taxing units.
The Plymouth Redevelopment Commission unanimously approved a resolution confirming the addition of the Aquatic Center and Sports Complex along with the drainage project to TIF #3. The commission also unanimously approved a confirming resolution establishing the South Gateway/Western Downtown Economic Development Area to be known as TIF # 4.