The area that will be home to a new development in Plymouth is now a TIF District.
The Plymouth Redevelopment Commission members Tuesday night held a public hearing to gather information and comments concerning a tax impact statement that is required in the process.
Heidi Amspach with Baker Tilly (formerly Umbaugh and Associates) discussed a tax impact statement during the public hearing. The overlapping taxing units were all given notice of the potential of a Tax Increment Financing (TIF) area on Plymouth-Goshen Trail north of Centennial Park in Plymouth. The county received a copy of the statement, as well as the Plymouth Community School Corporation, the Plymouth Public Library, one special district and others. According to Amspach, there is no tax impact on the overlapping taxing units in that area.
The TIF area would receive about $200,000 a year from any non-residential property within that allocation boundary of the Centennial Crossing project which can be used toward bond issues or back into the TIF area.
The proposed Centennial Crossing housing development will include 55 Villaminiums and 220-258 apartment units, a clubhouse and amenities, and two full-time jobs to start.
The non-residential units, which include the apartment units, will be the entity contributing to the TIF District.
There were no public comments during the public hearing.
The Plymouth Redevelopment Commission members later voted in favor of a resolution that establishes the Plymouth-Goshen Trail as an Economic Development area, approves an Economic Development Plan, and establishes an allocation area for the purposes of a TIF District.
