Item Coversheet

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

Agenda Date: 1/29/2024

Consent Agenda
Schedule Public Hearing - Downtown Development Authority TIF Plan

BACKGROUND: 

For several years, the Marquette Downtown Development Authority (DDA) has been considering an expansion of the current Tax Increment Financing (TIF) district to include the area of North Third Street incorporated into the DDA district in 2011. Demand for expanded services from Third Street business owners, along with projected growth along North Third Street, has increased the need for the TIF district expansion. In addition to the expansion of the TIF district, this financing plan also extends the life of the current DDA TIF to 2054.

 

Examples of priority projects included in the TIF plan are:

 

  • Third Street parking supply analysis, expansion, and management
  • Marquette Commons enhancement projects
  • Wayfinding signage throughout the district
  • Baraga Avenue Street improvements
  • Third Street improvements

 

If approved by the Marquette City Commission and State Taxing Authority, this TIF Plan is projected to bring in approximately $52,750,000 for reinvestment in Downtown Marquette over 30 years and will ensure the continued growth and vibrancy of the entire district.


FISCAL EFFECT: 
None by this action.

RECOMMENDATION: 
Schedule a public hearing for the Downtown Development Authority TIF Plan for the March 11, 2024 City Commission meeting.

ALTERNATIVES: 
As determined by the Commission.

ATTACHMENTS:
Description
TIF Plan