Officials from Winona Building Products are getting ready for the sale of TIF bonds and the closing of new market tax credits for an expansion project at the location at 506 North Street in Plymouth.
In a previous meeting of the Plymouth Redevelopment Commission, Baker Tilly Director Heidi Amspaugh noted that the bond term is 15-years and all the TIF money generated during that time will go to the company to help them pay the debt service. For the 10 years immediately following that, the money raised will go back to the city.
Four expansion phases are anticipated that involve real and personal property investments, along with the purchase of equipment and renovation of their current space and new construction.
Amspaugh also noted that company reps say this will help bring in additional jobs, with 40 expected in the first quarter and 150 over the next 4 years. Starting pay is $18 per hour.
Plymouth Mayor Mark Senter told the commission members that production has halted at the plant, but will continue in mid-January following the closure of the bonds and the new market tax credits for the expansion.
