The Plymouth City Council members took action Monday to create a new TIF District.
City Attorney Sean Surrisi presented a resolution to the council on Monday that outlines the creation of a TIF District. The resolution declares the Plymouth-Goshen Trail as an Economic Development Area, approves an economic development plan, and establishes an allocation area for the purposes of Tax Increment Financing (TIF).
This is the area where the proposed Centennial Crossing housing development will be constructed. The housing development will include 55 Villaminiums and 220-258 apartment units, a clubhouse and amenities, and two full-time jobs to start.
Financing of improvements in support of the project would be through the Plymouth Redevelopment Commission in the approximate amount of a $2 million bond.
The Plymouth City Council members unanimously approved the resolution, joining with the Plymouth Redevelopment Commission and the Plymouth Plan Commission in the approval of similar documents.
A public hearing on the matter will be set during the April meeting of the Plymouth Redevelopment Commission. Following that hearing, the members there will be able to confirm creation of the TIF District.
