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Redevelopment Commission Releases $20 Million of AV from TIF # 1

May 18, 2017

local News_2This week the Plymouth Redevelopment Commission had to make the determination of how much, if any assessed value would be passed through to the other taxing units in the city’s four Tax Incremental Financing districts.

For the past several years the Redevelopment Commission has passed through $30 million of the assessed value in TIF # 1 and nothing in the other districts.

This year, after approving the City Hall renovation and expansion project to the list of projects in TIF # 1 it was determined that only $20 million of assessed value should be passed through leaving enough to cover pledges to exiting projects, the bond payment for the City Hall project and still have approximately $90,000 available annually for any other project that might come forward.

The Redevelopment Commission voted to pass no assessed value through in TIF districts, 2, 3, and 4.