The Plymouth Redevelopment Commission reviewed a resolution Tuesday night that would reimburse the Plymouth Wastewater Department for the construction of a lift station and other sewer infrastructure for the Centennial Crossings project.
The investment into the work was estimated around $285,000. In this resolution, it states that the Redevelopment Commission would reimburse the department the principal amount, plus interest at the current effective federal funds rate, or .1 percent, whichever is greater, until the entire amount is retired. Payments would be made from any excess TIF revenue generated within the Plymouth-Goshen Trail Economic Development Area.
City Attorney Sean Surrisi suggested that the TIF would not start generating revenue for at least a year-and-a-half.
The Plymouth Redevelopment Commission members unanimously approved the resolution.
