Plymouth Board of Public Works members considered an economic development agreement for the Aquatics Center and Early Childhood Learning Center project when they met last Monday.
City Attorney Sean Surrisi explained that the agreement sets up the terms of obligation for the Marshall County Economic Development Corporation entities, also referred to as the developers, to build the facilities with the money that’s being provided by all the different sources.
He said the agreement already went before the Redevelopment Commission at their last meeting where it was approved. He also explained the why the agreement needed to come before the board members as well.
Surrisi stated, “The sole obligation of the Board of Public Works, as the representative of the City Proper, would be that in the event after 7th year – as we’ve been told that Series C Note isn’t intended to ever be issued, it would be only if the new market tax credit transaction didn’t unwind that it would be issued and that would actually have to be done by the city.”
Surrisi mentioned that if the Series C Note ever has to be issued by the city, the payments would be made by the Redevelopment Commission. He added that the Redevelopment Commission and the MCEDC entities take responsibility for all other obligations mentioned in the agreement.
Board member Jeff Houin noted that since he is a representative for the Marshall County Economic Development Corporation he needed to abstain from voting on the matter. However, the remainder of the board members voted to approve the agreement.
