A Brownfield Plan is being proposed for the redevelopment of the Marquette Savings Bank at 101 S. Front Street and 119 S. Lakeshore Boulevard into a boutique hotel, commercial space, residences and public parking facility, as well as other public improvements. A public hearing must be established and held by the City Commission for the approval of the Brownfield Plan.
Approval of the Brownfield Plan will provide for the reimbursement of Brownfield Environmental and Non-Environmental Eligible Activity costs, including environmental due diligence and environmental response activities, lead and asbestos abatement, demolition, site preparation, and infrastructure, including a public parking facility and park improvements.
The property is located in the Downtown Development Authority (DDA) and Local Development Finance Authority (LDFA) Tax Increment Financing (TIF) Districts which have first right to certain tax increment revenues. In order to receive approval for State tax capture for Eligible Activities, the Michigan Economic Development Corporation and Michigan Strategic Fund require either a proportionate expense or approval to forgo future tax increment revenues to reimburse Brownfield Eligible Activities.
Interlocal Agreements under the Urban Cooperation Act with the Marquette Brownfield Redevelopment Authority (MBRA) were presented to and approved by the LDFA at a special meeting on July 7 and the DDA at a regular meeting on July 8.
The Brownfield Plan was presented to and approved by the MBRA at their June 17, 2021 meeting.
This Public Hearing was scheduled by the City Commission at their June 28, 2021 regular meeting.