Tuesday evening members of the Plymouth Redevelopment Commission conducted a public hearing on the proposed amendment to projects for TIF District #3. TIF District #3 is commonly known as the U.S. 30 and Pine Road Economic Development Plan.
Sean Surrisi, Plymouth City Attorney explained the project that will benefit additional growth in TIF #3 by PIDCO (Plymouth Industrial Development Company). Surrisi explained that PIDCO had constructed a new industrial building for Plymouth Molding Group (PMG) because they had outgrown their existing location and were contemplating moving out of Marshall County and even looked at an adjoining state. The proposal would give PIDCO a portion of the TIF revenues generated from the industrial plant. It was estimated to be about half of the revenues generated in the first two years which is the equivalent of $60,000.
During the public hearing Greg Hildebrand, President of the Marshall County Economic Development Corporation explained that if PIDCO has sought a tax abatement for the new building, the savings would have been passed on to PMG and not benefited PIDCO. He said this way PIDCO can take the funds and use them in TIF District #3 for additional industrial growth in the city.
With no other comments, the Plymouth Redevelopment Commission unanimously approved the resolution, the final step in the process. The TIF Funds for PIDCO are expected to be available in 2025.
