The Plymouth Common Council approved the ordinance authorizing the City to issue its “Taxable Economic Development Revenue Bonds and Notes, Series A, B, and C” for the Aquatics Center project and the Early Learning Center with the United Way and Community Foundation offices.
The funding mechanism for these projects is extremely complicated and will use Regional City Initiative money, New Market Tax Credits and TIF funds.
Jerry Chavez President and CEO of the Marshall County Economic Development Corporation told the city council the project has evolved over the past year or so and created a better project overall. He said the Aquatic Center will be 27,000 square feet and will feature a 10 lane competition pool with two diving boards, changing rooms, restrooms, and mezzanine seating for observation above the pool.
Across the street will be a 12,000 square foot facility that will house the early learning center that will be operated by South Bend based “Growing Kids”. They will offer level four quality child care for 120 kids from infants to school age. The building will also house the offices of United Way of Marshall County and the Community Foundation.
The city will issue Economic Development Revenue bonds to fund the project $11.6 million projects. The unique funding for the project will include issuance of series A bonds in the amount of $3.5 million that will be paid from the Plymouth Redevelopment Commission with funds from TIF District # 1. Series B bonds in the amount of $3,150,000 will be paid by the lease payments that the City of Plymouth, Plymouth Community School Corporation and Ancilla College will pay. The C series bond will be a line of credit the Marshall County Economic Development Corporation will handle if needed.
The project qualifies for a $2 million grant from the Regional Cities Initiative and with the Early Learning Childhood Center New Market Federal Tax Credits will assist in funding the total project at $3million.
