Members of the Plymouth Redevelopment Commission made the determination Tuesday to release a portion of the excess Assessed Valuation from Tax Increment Finance District #1. This assessed value (AV) will be passed through to the other taxing units.
Plymouth Clerk-Treasurer Lynn Gorski reminded Redevelopment members in a memo that each year they are obligated to notify the County Assessor and the State by June 15th of their decision to release any excess assessed valuation in each of the city’s seven TIF Districts.
Redevelopment Commission members must look at the projected revenues in each of the city’s TIF Districts and any projects in the districts that are being funded with those revenues.
The Clerk-Treasurer told members that in 2023 they released $20 million of AV from TIF District #1. She also told them there were no other TIF Districts in the city with any excess AV that could be passed through to the other taxing units.
Redevelopment Commission President, Mike Miley recommended releasing the same amount as last year, $20 million in AV. Members of the board were supportive and unanimously approved releasing $20 million in AV from TIF District #1. Their decision will be forwarded on to the County Auditor for disbursement to the other taxing units.