Plymouth City Attorney Sean Surrisi explained to the Plymouth Redevelopment Commission members this week that more information about how the proposed Veterans Parkway Extension project will benefit the city will be discussed by the Plymouth City Council before they provide a vote on a resolution that would place Veterans Parkway Extension on the project list.
The project would essentially be funded by both Marshall County and the City of Plymouth with two-thirds of the cost being the county’s responsibility. The city’s responsibility of one-third of the cost of the project would come from TIF Funds in the Plymouth Redevelopment Commission’s budget. The county would apply for the project between Michigan Road to Oak Road and the city would apply from Oak Road to Pioneer Drive (or Pine Road).
Surrisi noted that the Plymouth City Council was satisfied with the financial analysis done by Baker Tilly that focused on funding support of the project with TIF #3 funds along with its obligations. The same study was reviewed by the Redevelopment Commission where about $145,000 would be spent this year and next year on preliminary engineering costs ahead of the grant application with the city. If the city shows that some work is already underway for the project, there is a higher chance the grant could be chosen for funding.
If awarded, the city would split the remaining cost of the project with INDOT which is estimated at $1,082,000. INDOT would pay 80 percent and the city would be responsible for 20 percent.
If the council approves the resolution, the grant application would be assembled to be turned in by the deadline in November. The grant award would be announced in early 2022.
Surrisi said the city council is anticipated to discuss the matter further during their meeting Monday night and the Redevelopment Commission could resume discussions at their October meeting with a potential public hearing.
