Another manufacturer in Plymouth is growing and expanding.
Monday evening the Plymouth Common Council approved a declaratory resolution confirming the real estate at 2925 Commerce Street, immediately west of Harrington Noodles to be within an Economic Revitalization Area (ERA) for a personal property tax abatement.
Greg Hildebrand from Marshall County Economic Development Corporation told the City Council that Plymouth Industrial Development Corporation (PIDCO) is in the process of constructing a new $2.5 million build-to-suit 40,000-square-foot facility that will be expandable for another 40,000-square-feet for Plymouth Molding Group (PMG). He said they are currently “busting at the seams” in their location at 2150 Jim Neu Drive and have had to turn away business.
This new facility will allow them to purchase 6 new injection molding machines for $600,000 and hire 8 additional employees. PMG will relocate their existing equipment to the new plant along with the 18-full-time employees they currently have. It’s anticipated the new manufacturing facility will be open in early 2023.
PMG was established in 2014 and is an injection molding plastic manufacturer that produces items for several industries including RV, construction, and agriculture.
The City Council voted 6 to 1 in favor of the 7-year phase-in personal property tax abatement. Councilman Greg Compton voted against the resolution because of the real property depreciation. He was in favor of a 4-year tax phase-in for the personal property and a 7-year phase in for the real property.
With a 7-year phase-in, PMG will have a 100% deduction in the first year. In the second year, it will be 85%, 71% in the third year, and 57% in the fourth year. Rounding out the 7-year phase-in PMG will have a 43% deduction in the 5th year, 29% in the 6th year, and 14% in the seventh year.