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Creative Financing for Aquatics Center & Early Learning Childcare Center

February 13, 2018
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NewsMembers of the Plymouth Common Council heard on first reading an ordinance authorizing the City of Plymouth to issue its “Taxable Economic Development Revenue Bonds and Notes, Series A, B, and C for the Aquatic Center and Early Childhood Learning Center.

While it is not typical or have an explanation or discussion on an ordinance during first reading, City Attorney Sean Surrisi did give some details.  This is two separate building projects that jointly will cost $11.6 million.

The unique funding for the project will include issuance of series A bonds in the amount of $3.5 million that will be paid from the Plymouth Redevelopment Commission with funds from TIF District # 1.  Series B bonds in the amount of $3,150,000 will be paid by the lease payments that the City of Plymouth, Plymouth Community School Corporation and Ancilla College will pay.  The C series bond will be a line of credit the Marshall County Economic Development Corporation will handle if needed.

The project also qualified for a $2 million grant from the Regional Cities Initiative and with the Early Learning Childhood Center federal tax credits will assist in funding the total project at $3million.

The Aquatics Center will be a 10-lane competition pool with 2 diving boards and seating for 439.  Construction is scheduled to begin this spring and will take 10 to 13 months to complete.  When finished, the pool will be leased to the Plymouth Community School Corporation, Ancilla College and the City of Plymouth.  Rick and Barb Miller’s company will manage the pool once complete.

The Early Childhood Learning Center will be on the north side of Miller Drive and will be operated by Growing Kids Learning Center.  The 12,000 square foot building will house up to 120 kids from infants to school age.

Linda Yoder from the Marshall County Community Foundation and United Way, which will also have office space in the facility said the daycare component of the project qualified for the new market tax credits which will help fund construction.  The daycare will allow parents who haven’t been able to work due to the high cost of child care move into the workforce.

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