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Redevelopment Commission Releases $30 Million of A.V. in TIF 1

June 23, 2011
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06/24/11 This week members of the Plymouth Redevelopment Commission listened to the presentation by City Attorney Nelson Chipman who presented the administration’s recommendation to release some of the assessed value in TIF Zone #1.

The administration’s recommendation was to continue capturing the incremental increased in TIF #2 and #3 in order to support the unfinished projects on the lists.  Chipman said, “As you know, TIF 1 is a very healthy and active allocation area and we have released a significant amount of the captured assessed valuation the last couple of years.”  Each of the last three years the A/V released has been $20 million.  He continued, “The administration recommends that to continue, and even recommends an increase in the amount of captured A/V released.”  Their recommendation was the release of $30 or $35 million.

City Clerk Treasure Toni Hutching presented Redevelopment Commission members with calculations showing that if $30 million of assessed value was released they would still capture $14 million in A/V estimated to bring in annual revenue of $380,000.  Releasing $35 million would still allow TIF #1 to bring in an estimated annual revenue of $250,000.

Mayor Senter had pledged to reduce property tax rates when he ran for office.  While the rate has gone up for reasons he couldn’t control, the reassessment, it would have gone up much more if there hadn’t been a release of additional assessed valuation.

After a lengthy discussion of projects on the list in TIF 1 and possible additional projects that could come in the next several years the members voted 4 to 1 to release an additional $30 million in A/V.  Shawn Grobe voted against the $30 million wanting to release $35 million.

Releasing $30 million of assessed value will benefit the other taxing units including the library, school and solid waste.

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