Members of the Plymouth Redevelopment Commission heard the request to create a fifth Tax Incremental Financing (TIF) District during their meeting Tuesday evening.
City Attorney Sean Surrisi said Winona Building Products has purchased the former Del Monte building on Western Avenue and as an incentive the city suggested creating a 5th TIF District encapsulating their five lots.
The Western Avenue Economic Development Area would promote significant opportunities for gainful employment and attracts a major new business enterprise to the City. In support of this designation, the Redevelopment Commission specifically finds that the adoption of this allocation provision will result in new property taxes in the area that would not have been generated but for the adoption of this allocation provision.
Members unanimously approved a resolution to create a 5th TIF District.
While Redevelopment takes the initial steps the Plymouth Plan Commission will have to approve that it serves the goals of the city’s comprehensive plan. During the September 10th meeting of the City Council, they too will have to confirm the ordinance creating a fifth TIF District the fits into the city’s comprehensive plan.
The Redevelopment Commission will also conduct a public hearing in September on the proposal.
