The Plymouth Redevelopment Commission heard from representatives of Ice Miller, Carter Dillon Umbaugh, and Shawn Peterson from Strategus on how the new pool project, and a new daycare and United Way building will be financed. For the pool, there will be three different bonds, the first, called Series A, is a 2.2 million dollar bond at 2.95% interest with a nine year amortization. The second, Series B, is a debt service reserve bond of $300,000 and the third, Series C is a bond that would only be used if the tenants of the building default on their leases. The tenants of the pool building are the City of Plymouth, the Plymouth School Corporation, and Ancilla College. The lease payments will be approximately $280,000 per year. The fees associated with the bond sale will be $200,000.
The daycare building, which will also house the Community Foundation and United Way, will be funded by a federal program called New Market Tax Credits at approximately 3 million dollars. New market tax credits are targeted to low income, highly economically distressed areas. It was noted that 41% of Marshall County Children live in poverty. The building will be located at the east end of the Plymouth TechFarm, across the street from the pool. A new non-profit building corporation will be formed to hold title to both the pool and daycare buildings. In the next few weeks, a meeting will be held to review the detailed design of the buildings and review final financing documentation.
In other business, the Redevelopment Commission approved a $30,000 payment to Marshall County Economic Development Corporation in addition to the regular City payment, and a $10,000 payment for the U.S. 30 Coalition