The Pinehills, a mixed residential and commercial development in Plymouth, has unveiled a plan for a new hotel and spa. Plymouth Selectmen have approved a TIF –or tax increment financing agreement—for the project.
The hotel developer is Mirbeau, a company based in Skaneateles, New York and John Judge, President of Pine Hills says the TIF is an important part of a process that will be mutually beneficial.
“The TIF provides a small tax base for the hotel developer in order to help success of the project. In essence between hotel taxes and property taxes the town will get, over a 10-year period, about $4 million to $4.5 million—and there’ll be about a $500,000 forgiveness that will be approved, if town meeting votes to do so,” says Judge
Judge says TIF approval will help with financing, “In this economy commercial lenders and equity investors really look closely for public-private partnerships. They know from experience that public-private partnerships are the most successful when it comes to ventures like this.”
The Mirbeau Inn will be located in the Village Green area and will ultimately include 90 rooms, a restaurant, wine bistro and a spa and garden area. The plan is to begin construction in January.