Last week, members of the Plymouth Redevelopment Commission approved a resolution amending the East Jefferson Street/Central Business District TIF District and established the Water Street Allocation area for the purpose of Tax Increment Financing (TIF).
TIF District #2 was created in 2001 and included most of both sides of East Jefferson Street from Richter Road on the east end to Michigan Street on the west end. The district also includes both sides of Michigan Street from Jefferson Street on the north end to the Yellow River Bridge on the south end. Also included is the east side of Center Street and the west side of Water Street.
The Redevelopment Commission has determined that it would be beneficial to the public health, welfare, and economic well-being of the community at large to amend TIF District # 2 by removing several parcels which will then form a portion of the newly declared Water Street Allocation Area or TIF District #8.
The parcels to be removed from TIF #2 included the city’s parking lot at the northwest corner of Water and Garro Street and two residential lots to the north where the new Water Street rental townhouses will be constructed along with a retail space and the Yellow River Brewery property at the corner of South Michigan and LaPorte Streets.
Projects that can receive support from TIF #8 will be the Water Street Townhouses and the restaurant/brewery at 101 S. Michigan Street. These projects will attract new businesses to the community and bring new jobs with them.
The Redevelopment Commission estimates the cost of the projects to be funded through the use of TIF Funds is $1,715,000.
The resolution to amend TIF #2 and create TIF #8 will next go before the Plymouth Plan Commission to make sure the projects are in line with the goals of the city’s Comprehensive Plan. From there the City Council will consider the modification and projects and then the plan will come back to the Redevelopment Commission for a public hearing. It’s anticipated that TIF District #8 will be created before the end of the year.