From the Pilot News:
Plymouth’s Redevelopment Commission made a decision regarding taxes.
While two of Plymouth’s TIF (Tax Increment Financing) districts have projects and bond issues that preclude “passing through” or not collecting revenue that they are legally able to collect, Plymouth’s TIF 1 District has cash reserves that would allow it to pass through a significant amount of money.
Plymouth has three such districts.
• TIF 1: located in the Pine Road area in the vicinity of U.S. 30.
• TIF 2: designated as downtown Plymouth.
• TIF 3 : adjacent to TIF 1, in the Oak Road area near Wal-Mart.
A bond issue in TIF 2 makes it nearly impossible to allow money to pass through. Current projects in TIF 3 would also make it unwise to deplete monies to pay for them.
Samuelson said that TIF 3 had actually passed through 91 percent of the revenue it could have taxed a year ago - $35 million - and suggested a pass through number to the board of a minimum of $18.5 million to a maximum of $35 million, adding that in his estimation an amount of $25 million to $30 million would be advisable.
http://www.thepilotnews.com/content/county-permits-pass-through-tune-30-million
