City Council Approve 1st Step in Tax Abatement Process for ADDD Equities LLC

Wednesday, March 6, 2024 at 9:09 AM

The Plymouth Common Council took the first step in the Tax Abatement process for ADDD Equities, LLC Monday evening.

City Attorney Sean Surrisi told the council the action Monday night is declaring certain real estate to be within an “Economic Revitalization Area” (ERA).

The nearly 3 acres of property is located on Oak Drive immediately north of Teachers Credit Union.

Marshall County Economic Development Corporation Executive Director Greg Hildebrand told the county ADDD Equities plans to build a state-of-the-art executive office building valued at $1.5 million. Construction Management & Design also known as CMD and Property Management & Maintenance (PMM) will relocate from 1900 North Oak Drive to the new offices and they will construct along with a 15,000-square-foot warehouse facility.

Burke Richeson showed the council a conceptual design of the building and said that trucks and semis will enter off PIDCO Drive while the entrance to the executive office building will use the driveway for TCU. For clarification Richeson said there will be no lease space in the new structure, it will be used by CMD and PMM. He said they will be expanding personnel in the office. They currently have an in-house CPA and will add in-house counsel, in-house surveying, and additional employees.

Richeson said they will be expanding the warehouse employees and working to centralize more of the storage of different building materials in a central warehouse for Property Management Maintenance.

The Plymouth City Council unanimously adopted the resolution declaring the property on Oak Drive to be within an economic revitalization area.

The second resolution for an application of Tax Abatement from Plymouth Hospitality LLC was moved to the next city meeting on Monday, March 27th.