Two Plymouth industrial companies were granted approval in the final steps of the Tax Abatement process during Monday evening’s Common Council meeting.
A Public Hearing was held for the real estate tax abatement request of Plymouth Hospitality LLC for the construction of a 4-story, 75-sleeping unit Hampton Inn on U.S. 30 between Mancino’s and the Aquatic Center. The $6.5 million project will create 15 jobs with an annual payroll of $425,000. The tax abatement has a 10-year phase-in. Groundbreaking is anticipated this spring and construction will take about a year and a half.
A second Public Hearing was held for the personal property tax abatement request of AK Industries/S&S Properties. They will be purchasing a $3 million rotary mold. With this new equipment, AK will retain 170 jobs and create 10 new jobs paying $20 hourly.
Greg Hildebrand, Executive Director of the Marshall County Economic Development Corporation said AK is seeking a 7-year phase-in tax abatement. He said this project will create an additional revenue over the 7 years of just under $100,000 in additional tax revenue.
The Plymouth City Council approved confirming resolutions for both companies that designate their properties to be within an Economic Revitalization Area for the purpose of personal and real property tax abatement.
