During Tuesday night’s City Redevelopment Commission meeting, City Attorney Sean Surrisi brought forward the possibility of creating a 4th TIF district.
The city currently has a potential for a housing and possible retail development on the South Gateway along with the prospect of an 80 unit apartment complex on the Norway Lumber property on West Jefferson Street. This project is valued at $13 to $14 million.
City officials met with financial consultants from Umbaugh to discuss the possibility of creating an additional TIF district to incorporate both projects along with properties on the west side of downtown that has been identified in the comprehensive plan as needing redevelopment.
NPR will find out on February 25th if they will get the tax funding through the state for the apartment complex project. Surrisi said, “The state funding is key to their project moving forward.”
Surrisi said things will gear up pretty quickly if the funding comes through and the Plymouth Redevelopment Commission could have detailed information on an additional TIF district at their next meeting.
The Redevelopment Commission also approved the invoice from Marshall County Economic Development Corporation in the amount of $33,010.57 which is the quarterly interest on the Commerce Building.
