The Vault Marquette Brownfield Plan was approved by the City Commission at the July 21, 2021 regular meeting and an amended Reimbursement Agreement was approved at the May 9, 2022 regular meeting. The next item for consideration in relation to this plan is the Development Agreement between the Marquette Brownfield Redevelopment Authority (MBRA), City of Marquette, and Marquette Vault, LLC for the design, construction, and acquisition of the Public Parking Facility.

This Development Agreement outlines the requirements for the design, site plan, construction, plans and specifications, schedule, financing, operating budget, and other deliverables of the 212-space public parking facility and elements of the surrounding development by Marquette Vault, LLC, and the issuance of bonds to acquire the parking facility. Notably, this agreement requires the completion of the entire project within 40 months of the completion of all predevelopment activities. This timeline has been reviewed by both parties and is viewed as an expedient development period given the magnitude of the complete project. 

 The following are a summary of the basic terms and conditions:

• The Developer will secure and provide construction documentation, including but not limited to title, survey, environmental reports, organizational documents, financing, site plan, permits and approvals, construction contract, and preliminary Guaranteed Maximum Price (GMP).  The Developer will also provide a budget for long-term capital expenditures and operating costs.
• The Pre-Development Site Plan will present descriptions of the points of ingress and egress from public streets, a plan for traffic management during construction, and estimates of traffic impacts on adjacent streets for approval by appropriate City staff.
• The Brownfield Authority has hired a parking consultant to provide technical expertise and advice in the development process and shall review all documentation in a timely fashion.
• Based on all the pre-development documentation and review, the Developer and the Authority will execute a Pre-Development Satisfaction Letter for the design, GMP, financing, and other conditions.
• The Developer will proceed with construction of the public parking facility with inspections by the MBRA representatives, as necessary.
• A Special Assessment District (SAD) will be established to ensure that the minimum bond payment can be met if there is a shortfall in Brownfield TIF.
• Upon completion of the public parking facility and acceptance by the MBRA, bonds will be issued to acquire the facility.
  
  

The Development Agreement has been reviewed by the City Attorney and was approved by the MBRA on April 20, 2023, with a recommendation for approval by the City Commission.

The Operating Agreement for the Public Parking Facility between the MBRA, City, and Downtown Development Authority is under development.