By Carol Anders
Correspondent

PLYMOUTH — By unanimous vote, the Plymouth Redevelopment Com-mission has released $20 million of assessed value in TIF (tax increment fund) #1 district.

This is the second year in a row that that redevelopment board has chosen to release that amount.
The vote was taken during a special meeting of the commission Wednesday night.

John Julian, H.J. Umbaugh, said the analysis of the impact of reducing the assessed value will reduce the amount collected by about one-half.

The state statute concerning the release of funds has changed for this year and Redevelopment had to make a decision by July 15 on whether to release assessed values.

Julian said the needs in the district have not changed substantially and the need to capture all of the funds is not warranted.

According to Julian, 2008 taxes payable in 2009 show an income of $1,114,170 and reducing the assessed value would show income of $561,800.

Plymouth Mayor Mark Senter said, “I endorse the second year release of assessed value in TIF #1.”
Audience member and local businessman John Oliver asked Julian what he has seen around the state from other redevelopment commissions and if they were releasing assessed value as a way of lowering tax rates.

Julian responded saying, “The commissions are taking a closer look at the needs and balancing it against the funds captured.”

He added, “I don’t see a large number of redevelopment commissions being as aggressive as they can. This commission has exceptional cash flow with no bonded debt.”

The commission determined that there is a need to continue capturing 100 percent of the assessed value in TIF #2 and TIF #3.