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Redevelopment will reimburse VanVactor Farms |
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Friday, 24 October 2008 |
By Carol Anders
Staff Writer
PLYMOUTH — The Plymouth Redevelopment Commission will begin making payments to a local developer as part of an agreement authorized in October of 2005.
VanVactor Farms, Inc. will be reimbursed over the next five years at $18,541.61 per year for the installation of a sewer bore that was extended under U.S. 30. The amount of the agreement was $92,728.
According to Plymouth Clerk-Treasurer Toni Hutchings, the first payment will be made Oct. 28 and the remaining annual payments will be made on July 1 first of each year.
A part of the agreement made between Redevelopment and VanVactor Farms stipulated that payments would not be made until the captured funds of assessed value of new development in TIF District III was over $100,000. Hutchings said the last draw for the TIF District was over $150,000.
The captured funds from TIF District III apply only to new development that occurred after the TIF District was formed.
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Last Updated ( Monday, 27 October 2008 )
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