The Plymouth Redevelopment Commission received an update on TIF 2 during their meeting last week.
In TIF 2, in the Plymouth downtown area, the Water Street Townhomes project continues to move forward.
A site plan will be the next step and for financing consultants Baker-Tilly will begin the process of making a bond issue around $1 million.
Board member Nancy Felde pointed out that the life of TIF District 2 would be coming to a close before the project had completed its bond payment and wondered if the TIF would be extended to continue to draw tax money for that payment. Plymouth City Attorney Surrisi suggested that the TIF revenue from the project could be generated by the project itself if it was kept as its own entity. Currently, TIF 2 is slated to run its 25-year course in 2030.
