A Brownfield Plan Amendment is being proposed to remove part of Parcel 0510571 of approximately 1.96 acres from the Founders Landing Brownfield Plan Eligible Property. The removal of this property would mean that all tax revenues generated by the sale and development would accrue immediately to taxing jurisdictions. A public hearing must be established and held by the City Commission for the approval of the Brownfield Plan Amendment.
The original Founders Landing Brownfield Plan was approved in April 2009 and subsequently amended in July 2009 to expand the Eligible Property and increase Brownfield Eligible Activities on portions of the City – owned property that was positioned for sale and private redevelopment. The City retained all waterfront property and other portions of the property for public use.
Over the past 14 years, over $50 million in private investment and $8 million in public investment has been made possible by Brownfield Tax Increment Financing (TIF) reimbursement of Brownfield Eligible Activities derived from the increased incremental taxes generated by additional private investment.
Brownfield TIF is reimbursing the costs for Seawall / Boardwalk along the Lake Superior shoreline, the Baraga Avenue extension, improvements to the US-41 roundabout, and the Pier Redevelopment. Brownfield TIF is also reimbursing extraordinary environmental and non-environmental costs incurred by the private developers.
The Brownfield Plan was presented to and approved by the Marquette Brownfield Redevelopment Authority at their August 17, 2023 meeting.
This public hearing was scheduled at the September 11, 2023 City Commission meeting.