An ordinance considered by the Plymouth City Council Monday night that would authorize the City of Plymouth to issue TIF money to pay a bond for the infrastructure toward the proposed Centennial Crossings housing development project.
Centennial Crossing will be located along Plymouth-Goshen Trail and Randolph Street. Burke Richeson, with R.E. consultants representing Construction Management Design, said the first construction phase will feature all of the infrastructure work and the construction of 36 villaminiums where 24 of those will be leased with the rest sold, two apartment buildings will feature two bedroom and two bathroom apartments, and one bedroom and one bathroom apartments. Additionally, 24 condominiums would be built along with a 24-unit senior living facility with one bedroom and one bathroom units, and two bedroom and two bathroom units. A clubhouse, basketball hoop and pool would be available. Five garage buildings will be constructed under the first phase. The first phase is expected to be finished in Fall of 2021.
The second phase, with projected completion in Fall 2022, would include 22 villaminiums with 12 to be sold and 10 to be leased, apartment buildings that will feature two bedroom and two bathroom apartments, and one bedroom one bathroom apartments, a senior living facility and two garage buildings.
The roads and infrastructure would be dedicated to the city. The developer would be responsible for snow removal for areas that aren’t owned by the city.
The city will sell bonds up to $2.9 million to assist with payment of the infrastructure of the project. The Tax Increment Financing money generated in that TIF district will pay for the repayment of the bonds over the course of 25 years, but it could be paid off sooner. If there is a shortfall of funds, the developer will need to pay that shortfall. No city money will be contributed toward the project.
The Plymouth Economic Development Commission supported the project and gave a favorable recommendation to the City Council to approve the ordinance and approve and sign all paperwork. The city council approved all three readings of the ordinance Monday night. As for a Memorandum of Understanding of what the developer would be responsible for in terms of financing and development with a request to waive plan review fees, the City Council approved the agreement with a vote of 6 to 1 with Councilman Greg Compton opposed. Councilman Jeff Houin noted the fees of about $7,500 wouldn’t be considered as revenue to the city.
