06/20/13 After a rather length discussion which included an education portion members of the Plymouth Redevelopment Commission decided to “pass through” $30,000,000 of assessed value from TIF Zone 1.
Todd Samuelson from Umbaugh presented a review of “pass through” for the past three years. In 2011 the Redevelopment Commission returned $20,000,000 of assessed value from TIF 1. The following year $30,000,000 of assessed value was released and last year it was increased to $35,000,000. Samuelson explained that as the projects in the TIF District are completed, less funding is needed so less assessed value should be captured.
There is approximately $1.8 million still obligated on projects in TIF 1 including $340,000 for the Metronet, $212,000 for the Oak Road improvement project, $23,000 for Pine Road, $760,000 for 7th Road and $250,000 for the lift station on US 30.
Clerk Treasurer Toni Hutchings said, “At the end of April there was $3.6 million in TIF 1 with $2 million already obligated.” Recently revenues have been about $100,000 since most of the AV has been passed through to the other taxing units. She stated, “Its hard on other taxing entities if you pass through and then take it away in another year.”
Samuelson’s recommendation was to release between $18.5 million up to $35 million.
After a discussion the Plymouth Redevelopment Commission voted to “pass through” $30,000,000 of assessed value to the other taxing units in TIF 1. Because of obligations for projects in TIF 2 and TIF 3 the commission decided to not release any assessed value in those two districts.
