Article submitted by Gavin Greer, The Pilot News Staff Writer
The Plymouth Redevelopment Commission held its final meeting of the year last week there they held a public hearing about the amendment to TIF 2. City Attorney Sean Surrisi explained that there were a couple of parcels in the allocation area that were going to be changed. This was the city parking lot next to Garro Street and the property on South Michigan Street. This is the property of the proposed brewery.
These parcels would be carved out of TIF 2 and would be put into TIF 8 which is also known as the Water Street Allocation Area. This TIF includes the aforementioned parcels along with the properties that currently have homes on them next to the town parking lot next to Garro Street.
Surrisi let the commission know that there were two resolutions involving TIF 2. The first went along with a tax increment for TIF 2 associated with the bond issuance that generates the funds to provide support for the two projects that will be done in TIF 8. The proposal is to provide $800,000 in support of the Water Street Town Home Project. This will be local matching funds to help get the $520,000 that the state has pledged for the project through the READI grant. This will also provide $150,000 in support of the Yellow River Brewery Project.
This resolution pledges the tax increment that is generated in TIF2 and in the new Water Street Allocation Area toward the payment of these bonds.
Proposals have been sent out to banks in Indiana for this to try to purchase the bonds. They received an acceptable proposal from an affiliate of the 1st Source Bank Friday, December 22.
The target date for closing is Thursday, Dec. 28.
This resolution was approved.
Surrisi also discussed Resolution 2023-1090, the last step of the process of creating the new allocation area which was also approved by the board.
