This month, members of the Plymouth Plan Commission were asked to consider a resolution approving the development of a Tax Increment Financing District for the Centennial Crossing housing development.
City Attorney Sean Surrisi told members this is the second step in the process of the Redevelopment Commission creating a new TIF District. The district is for a 45 acre parcel of land situated on the north side of Plymouth-Goshen Trail and east of Price’s Memorial Park that is owned by Carol and Tanya Stockberger.
Centennial Crossing is being developed by Construction Management & Design and includes 55 single family homes and up to 258 multi story apartments and a senior facility. The development is planned for two phases with the possibility of a third phase. Surrisi said the ground was annexed into the city last year.
Surrisi told Plan Commission members, “The proposal is for the TIF District to be established and the Redevelopment Commission to conduct a bond issuance that will be purchase by the developer and solely funded through the taxes that are generated off the portions of the real-estate that can generate TIFs, the multi-family apartment buildings and the units that are leased can generate TIF revenue.” The single family homes that are sold won’t contribute toward the TIF, those taxes will pass through just like ordinary taxes.
The City Attorney said the bond issuance will generate some funds to offset infrastructure costs associated with the project.
The Plan Commission’s responsibility was to review the project and see if it was in line with the goals of the Comprehensive Plan.
The total estimated assessed value of the development when build out is complete is expected to be well over $12 million.
After asking just a couple of questions the Plymouth Plan Commission voted 8 in favor and 1 abstention that that plan is in compliance with the city’s comprehensive plan.
The Plymouth Common Council will consider a similar resolution at their March 25th meeting.
