Coversheet


City of Marquette, MI 300 West Baraga Avenue Marquette, MI 49855


Agenda Date: 2/13/2023 New Business Requests to Purchase City-owned Property - 601 South Lakeshore Boulevard

BACKGROUND:

The City has received multiple offers to purchase the City-owned parcel of land located at 601 S. Lakeshore Blvd:

Marquette Opportunity, LLC - April 5, 2022 with reaffirmed interest in January 2023
ABROS - November 21, 2022
MCFCU - January 25, 2023

These proposals are consistent with the Community Master Plan Future Land Use Map and consistent with the RRC Certified City Economic Development Plan goal of improving and diversifying the tax base.

Before any formal evaluation of the proposals is established, the City Manager is seeking affirmation in the interest of the City Commission to sell the property for the creation of additional tax base.

If the Commission so desires, the City Manager will lead an evaluation of the proposals.

FISCAL EFFECT:

TBD based upon negotiation. It is anticipated that a multi-million dollar project such as a hotel would generate significant tax revenue annually at build out.

RECOMMENDATION:

Affirm an interest in selling the property for tax creation and direct the City Manager to further evaluate proposals and present a recommendation to the City Commission.

ALTERNATIVES:

Defer further action until the Community Master Plan update has been completed in late 2023 or as otherwise determined by the Commission.

ATTACHMENTS:
	Description
	Marquette Opportunity LLC LOI
	ABRO LOI
	MCFCU LOI