By Bobbi Clark
The yearly report of the Plymouth Regional Economic Development Foundation was given to the Plymouth Board of Selectmen by Economic Development Director Denis Hanks. Tax increment financing, or TIF, is a state program that allows the town to reduce the amount of taxes that a company pays when it develops a project and hires or retains employees.
Hanks said the nine year TIF program has been successful.
“As far as the money that is brought in in actual tax revenues–which is over $5 million—what we had to give up to get that tax revenue was only about $114,000,” said Hanks.
Selectmen had questions about barriers to attracting new development, and Hanks talked about infrastructure that is lacking.
“We’re still seeing a sewer plant which is underutilized, as far as what’s on it, and connected as far as commercial/industrial. So, sewer, water, roads –all of those things need improvement to open some sites up,” said Hanks.
Selectmen Vice Chair John Mahoney said the DPW Director will be presenting a long-term sewer expansion plan to the board.
“By the time Labor Day rolls around, I have been promised that this board will see a comprehensive presentation,” said Mahoney.
Selectmen meet next Tuesday night.