Construction on the addition at Pretzels, Inc. in Plymouth is going well.
City Attorney Sean Surrisi told the Plymouth Redevelopment Commission members that the bond sale closed on Sept. 19 so all of that paperwork is complete.
During a public hearing in September, 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. One hundred 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.
On Monday, Surrisi said officials at the factory are happy with the
construction thus far. In the spring, the first of four new ovens is expected
to be installed with the second one to be installed two months later. Once those are fired up, the final two ovens will arrive to complete that portion of the project.
