Plymouth Redevelopment releases $15M in AV from TIF #1, update on Water Street Townhouses

Members of the Plymouth Redevelopment Commission agreed to release $15 million of assessed valuation in TIF District #1 during their meeting last week. 

Plymouth Clerk Treasurer Lynn Gorski told the commission that Baker Tilley presented documentation showing scenarios with various increments of release.  Her recommendation based on the revenues and expenses in TIF #1 was to pass through $15 million in assessed value.  She also recommended not passing through any assessed value in the other 7 TIF Districts under their control.

It was noted that last year, the Redevelopment Commission did pass through $18 million in AV. 

Commission President Mike Miley asked the clerk to discuss the revenues and expenses. She stated in TIF #1 that they currently have a cash balance of $148,000, with an estimated tax revenue of $348,000 for this year in TIF #1, for a total cash balance of $496,000.  In the 2025 budget, the estimated spending in TIF # 1 would be $461,000, leaving a balance of $35,000 at the end of the year.  Gorski said with that balance, she recommended passing through $15 million of assessed value, which would potentially give the commission $90,000 in 2026.

The Plymouth Redevelopment Commission unanimously approved the recommendation of the clerk-treasurer to pass through the $15 million of AV in TIF #1, and no other pass-through from the other TIF Districts. 

In other business, City Attorney Jeff Houin gave a brief update on the Centennial Crossings Project in TIF # 6 to the Plymouth Redevelopment Commission.  They are currently going through the process to dedicate the infrastructure in the residential development to the city.  He also said he hasn’t heard any updates on a possible expansion project or an additional phase of the development.

The Water Street Townhomes in TIF #8 continue to move along.  Work on the interior building infrastructure is ongoing with trade professionals, and the city’s wastewater department has connected the sewer lines to the building. The project is on track to open by the end of the year. 

Houin said Bradley Corporation is handling the leasing.  There have been a couple of formal commitments for leasing units already, with considerable interest in the retail space as well.