Plymouth Aquatic Center Financing Nearly Finalized

 
A long-awaited project aimed at improving quality of life in Marshall County is coming together. Over the last few months, a great deal of progress has been made on a new 27,000 square foot Aquatic Center in Plymouth:
  • Bond ordinance passed
  • Lease agreement approved
  • Operating agreement approved
  • Land purchased
  • Design near completion
Series A bonds of $3.5 million will be paid from the Plymouth Redevelopment Commission with funds from TIF District # 1. Series B bonds of $3.15 million will be paid by the lease payments from the City, Plymouth Community School Corporation, and Ancilla College. The series C bond will be a line of credit. The funding structure for this new project includes Regional Cities grant funding and New Market Tax Credits at a combined total of over $5.0 million. The facility will be available for use by residents 40 hours per week. Students from Plymouth schools and Ancilla College will also have access to the center. The Aquatic Center will include a 10-lane pool with two diving boards, three family changing rooms, and seating for over 400 people. Financing is expected to close in May with groundbreaking on the project to take place this summer.