Last TID #4 Economic Development Project Approved

On September 11, 2001 the Plymouth Common Council approved the creation of Tax Incremental Finance District No. 4 project plan. The districts expenditure period or commitment period ended on September 11, 2019. Prior to the expenditure period ending, the Plymouth Common Council approved the last economic development project for Tax Incremental Finance District No. 4 with the adoption of a developer’s agreement to support a new Cobblestone branded hotel (https://www.staycobblestone.com/). The TIF incentive equals four years of TIF increment on the hotel development or approximately $400,000 in incentives. The agreement also covers 50% of the cost of a traffic impact study and potential traffic improvements within the road right-of-way. The project is located on the vacant parcel between Advance Auto Parts and Pick ‘n Save on Eastern Avenue. The project still requires Plan Commission approval upon submission of an official site plan.