Plans for a new manufacturing center in Plymouth are moving along.
The Marshall County Economic Development Corporation and the Marshall County Commissioners partnered to transfer the property to the MCEDC through the sale of the land at 2809 Jim Neu Drive in Plymouth. Repayment to the county will be made once an entity occupies the building.
A proposed 50,000 square foot facility is anticipated to be built on that property. In previous discussions concerning manufacturing centers, the building is basically a shell and allows a company to customize it to its needs.
Construction may begin this summer.
Plymouth City Attorney Sean Surrisi updated the Plymouth Redevelopment Commission members on their role in the process.
“The plan is that the Redevelopment Commission will be involved in the interim financing of this building through a lease process where the value of the lease is pegged to cover the interest on the mortgage that covers the construction of the building,” said Surrisi.
A potential tenant may have already been found which will mean the quick transfer of ownership to the tenant so the Redevelopment Commission may not be in the process for long.
Surrisi said a commercial appraisal is needed. The appraisal would be for the value of the lease to justify the amount the Redevelopment Commission is paying to lease the building is a reasonable amount.
As plans move forward, Baker Tilly did an analysis and indicated that the lease payment could be made with this obligation along with other bond obligations with revenues in that specific TIF District.
He asked for permission to seek quotes from at least three commercial appraisers. The commission members provided unanimous approval and those should be ready for review during their next meeting in February.
