A public hearing was opened during Tuesday night’s Plymouth Redevelopment Commission meeting that would amend the U.S. 30/Pine Road Economic Development Plan to designate the Pretzels, Inc. expansion building an Air Allocation Area as its own allocation area. The amendment would also name Pretzels, Inc. a designated taxpayer.
In May, Pretzels, Inc. announced plans to add more than 120,000 square feet to the facility, creating space for additional production and packaging lines. The estimated cost is about $70 million and will usher in 180 new jobs.
The facility opened in 2017 and this is the second expansion by the company to accommodate growing business needs.
During the public hearing, City Attorney Sean Surrisi explained that Pretzels, Inc. plans to pay for the expansion with economic development revenue bonds in an approximate amount of $9.8 million. Whatever assessment is made on the expansion when finished, 100 percent of the TIF money used will be paid for the repayment of the bonds for a 14-year period. For the four years following that period, the company would get 80 percent of the TIF money back and the rest would be available to the Redevelopment Commission to the benefit of the TIF area.
No money is being put forth by the city for this project.
Two residents asked about jobs and clarification on how the project would be funded.
Later in the meeting, the commission members approved a resolution that adds the air parcel as its own allocation area in TIF #3 and designated the company as a taxpayer. Another resolution was approved that spells out the economic development revenue bonds will fund the expansion. The votes were unanimous.
