Council approves bonds for another cheese storage plant

by Emmitt B. Feldner of The Review staff

PLYMOUTH – The city is aiding yet another cheese storage facility in the new industrial park.

The City Council Tuesday approved the issuance of $2.25 million in industrial revenue bonds for Plymouth Cold Storage LLC.

The company plans to build a 47,000 square-foot cheese cold storage facility off Blanke Court in the southeast industrial park, City Administrator Brian Yerges told the council.

“This project, as far as I know, is moving forward at full speed,” Yerges said of the new facility.

He stressed that the bonding – similar to $10 million in industrial revenue bonds approved earlier this month for OCS Plymouth for another cold storage facility – is what he termed “conduit borrowing.”

The bonds are not an indebtedness of the city, but of the borrower – in this case Plymouth Cold Storage – and are repaid by the private borrower.

Using the city’s name on the bonds enables the borrower to get a lower interest rate, Yerges explained.

“In case of a default, the city is not on the hook for this. There are no direct costs to the city. All attorney fees and other costs are covered by the entity request- ing the bonds,” Yerges said.

“I think this is a perfect use for IRBs,” Mayor Donald Pohlman commented. “They have worked not only to the company’s advantage but to the city’s advantage as well in the past.”

The council approved a class A beer license application for Plymouth Mart LLC, which will reopen and operate the former Clark gas station at the intersection of Eastern Avenue and South Bruns Avenue.

Sheboygan County Court Commissioner Rebecca Persick, one of three candidates the Sheboygan County Circuit Court Branch IV seat in the spring election, introduced herself to the council during the public comment section of the agenda.

Persick is running against two municipal judges, Catherine Delahunt of Sheboygan/Kohler and Matthew Mooney of Plymouth, to succeed retiring Judge Terence Bourke.

Persick emphasized her experience as a judicial official on the county level in her presentation.

She conceded that city officials are familiar with Mooney in his current position. “I believe he does a great job as a municipal judge for you,” Persick said of Mooney, “but I think (I’m qualified) because I have the experience I do.”

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