This month, members of the Plymouth Redevelopment Commission were updated on future PIDCO projects by City Attorney Sean Surrisi and Greg Hildebrand, Interim Director of the Marshall County Economic Development Corporation.
Currently, PIDCO is wrapping up the construction project on the facility that Plymouth Molding Group (PMG) will lease from them. The project on Commerce Street has been slightly delayed because NIPSCO is unable to obtain a transformer because of supply chain issues and the need to send transformers to areas where severe storms have damaged the electrical system.
Surrisi said there was a request from PIDCO, rather than them seeking a tax abatement on the building which wouldn’t benefit them, they are requesting support from the Redevelopment Commission for that project which they say will lead to some future projects and would be of lesser cost to the commission.
Hildebrand said the funds would incentivize PIDCO to do other projects like this. His recommendation was to pass $30,000 of the projected proceeds from the TIF on to PIDCO for the first two years would allow them to look at other opportunities in the county.
Don Wendel, PIDCO board member said the funds requested from the Redevelopment Commission would be solely to fund projects similar to the PMG project. He also said PIDCO is running out of ground, and they are actively looking for ground to purchase or have an option on. Wendel said, “If not, PIDCO may be out of the industrial development business.”
Redevelopment Commission President Mike Miley said they weren’t taking any action on the request during the January meeting.
The City Attorney said they would have to go through the whole process of adding the project to the designated TIF project list with approvals of the project by the Redevelopment Commission, Plan Commission, and City Council and then a public hearing on the proposal. The whole process takes 2 to 3 months to complete. Surrisi said the first TIF dollars on the PMG Facility owned by PIDCO won’t even be recognized until 2024.