The Plymouth City Council members took action Monday night to refund bonds that support the Dr. Susan Bardwell Aquatic Center.
Shawn Peterson from Ice Miller explained to the council members that two series of bonds will be consolidated into one with a lower interest rate which should save $1.6 million over the course of the project.
The TIF #3 overseen by the Plymouth Redevelopment Commission will pay the bond semi-annually in the amount of $221,715.57 until 2035.
As a result of this consolidation, the city’s TIF #3 Fund will be responsible for the payment of the bond which means lease revenues will be freed up to be separately contracted for operating expenses at the Aquatic Center.
The Plymouth City Council members approved an ordinance that authorizes the city to issue its taxable economic development refunding revenue bonds. The council suspended the rules and approved the ordinance on all three readings.
The Plymouth Redevelopment Commission members approved a TIF Pledge Resolution Tuesday night that falls in line with this process.
The bonds are expected to close next week.
