Monday evening the Plymouth Common Council approved on first reading two ordinances that will create two new funds: the Aquatics Center Project Fund and the TIF 3 Debt Service Reserve Fund.
The creation of these funds will assist in the tracking of finances for the 10-lan pool and the early childhood learning center.
Recently the Plymouth Economic Development Commission sold its $3.5 million Taxable Economic Development Series A Revenue Bonds and the $3.15 Series B bonds. The city clerk treasurer needs to establish the fund for receipts and disbursements of money associated with these bonds.
The ordinance also authorized a transfer of $536,411 from TIF 3 to the new fund.
The Series A bonds are payable from tax increment collected by the Plymouth Redevelopment Commission in the Pine Road TIF District while the Series B bonds will be payable from the operating lease agreements with the City of Plymouth, Ancilla College, and Plymouth Community School Corporation.
The second fund, the TIF 3 Debt Service Reserve Fund is also for the pool and early childhood learning center projects.
This fund will hold money associated with the Series B bond debt service reserve. The ordinance allows for the transfer of $213,835 from TIF 3 to establish the fund.
While City Attorney Sean Surrisi asked the city council to consider suspending the rules and passing the two ordinances on second and third reading that must be done by a unanimous vote. When the roll call vote was done, Councilman Gary Cook voted no on the suspension of rules so the council will consider the ordinances on second and third reading at the June 11th meeting. Councilman Jeff Houin abstained from voting since he is the attorney for the Plymouth Community School Corporation who is involved in this project.
Keeping with the pool and early childhood center, City Attorney Sean Surrisi presented a memorandum of understanding between the City of Plymouth and Marshall County Economic Development Corporation. In support of the projects, the city agreed to waive the building permit costs and the financial guarantees for the drainage and stormwater systems.
This MOU passed with a 5-1-1 vote with Councilman Gary Cook voting no and Councilman Jeff Houin abstaining from the vote.
