A Redevelopment Commission is required to make a determination before July 15 of each year with respect to the amount of incremental taxes to be raised in the following year. If the Redevelopment Commission intends to collect less than the entire amount of potential incremental taxes in the following year, it must give notice to that effect to the county auditor by July 15.
At their June meeting members of the Plymouth Redevelopment Commission had the duty to determine if any assessed value from the three TIF (Tax Incremental Financing) Districts would be given back.
City Clerk Treasurer Toni Hutchings said this is an annual discussion with the Redevelopment Commission. Members need to evaluate the funds being collected verses the projects in the district and determine if any assessed value can be given back to the other taxing units.
TIF #1 was established in 1993 along US 30 and Oak Road. Over the last several years the Redevelopment Commission has given back A/V, from $20 million up to $35 million on the high end. Commission members believe there is more than enough being collected on the assessed value for the projects in the district. Therefore, they motioned to give $30 million of the assessed value back to the other taxing units.
TIF #2 is East Jefferson Street and the downtown area. Although some funds are being collected, this district is responsible for paying the bonds for River Park Square and therefore all assessed value will stay in the TIF fund for projects.
TIF #3 is along US 30 at Pioneer Drive. This area has the potential to grow big rapidly with the Tech Farm, industrial sites and the shell building with Garmon. The assessed value being collected is necessary for the lease payment on the shell building and other projects on the Redevelopment Commission’s list. Commission members decided to keep those funds for projects in the district.
Clerk Treasurer Toni Hutching confirmed that the decisions made on the assessed value in each of the TIF Districts and said, “This is exactly what we did last year.”
Tax money on the additional assessed value will stay in TIF 2 &3 but TIF 1 will give $30 million back to the other taxing units.