The Plymouth City Building renovation is another step closer to getting underway. A lease agreement was approved this week by both the Plymouth Redevelopment Commission and a newly-organized Redevelopment Authority, according to Clerk-Treasurer Jeanine Xaver.
That will allow the redevelopment authority to issue bonds to renovate the current city hall, as well as the second floor of the chamber of commerce building. The work will include new city council chambers, a new mayor’s office, and improvements to the clerk-treasurer’s office.
The redevelopment authority will take ownership of the building, while the redevelopment commission will lease it for a period of 20 years. Xaver says no comments from the public were offered to the redevelopment commission during a hearing on the project.
She adds the city’s been working with accounting firm Umbaugh and Associates on financing. The city plans to sell up to $2.6 million in bonds, which will be payed back over 10 years. However, Umbaugh officials expect the final amount to be lower, once the city gets a second appraisal on the chamber building and construction bids are received.
Xaver says the Plymouth Board of Works is scheduled to open the bids during its July 10 meeting. After that, city officials will be interviewed by a bond rating company. Bonds are scheduled to be sold on Thursday, July 27 at 11 a.m.