The Plymouth Common Council cleared the way for a real estate tax abatement for Plymouth Molding Group on Commerce Drive in Plymouth during their Tuesday meeting.
Several years ago, the company had outgrown its location and approached the Plymouth Industrial Development Corporation (PIDCO) about the possibility of having them construct a building on the Commerce Street site that they could lease. They preferred to keep the company in Plymouth but couldn’t find a suitable facility.
It was originally thought the tenant — in this case, PMG — would be responsible for the real estate tax, and when PMG applied for the real estate abatement, they were told that the company was not eligible since the property itself was owned by PIDCO and PIDCO did not have employees.
The company did receive an abatement at that time for personal property on the machinery they purchased for the building.
Further research found that the company was actually eligible for that abatement on the real estate as well.
Greg Hildebrand, CEO of the Marshall County Economic Development Corporation, came before the Council to request that the company be granted the retroactive standard real estate abatement, phased in over seven years.
The Council voted 7-0 to declare the property an economic revitalization area clearing the way for the abatement request.
