MARQUETTE, MI— The Marquette City Commission voted Monday night to approve a Downtown Development Authority plan to expand its Tax Increment Financing District to North Third Street.
The plan would finance improvements to Third and Baraga Streets, produce wayfinding signage, and expand Third Street parking, among other projects.
Some people at the meeting said the plan would benefit tourists, not residents, but Mayor Sally Davis said commissioners are trying to strike a balance between what the city needs on a daily basis and projects to improve the area.
“The spirit of the TIF plan is to have that TIF plan do the things that the DDA is saying that they want to do, and then for the taxing jurisdictions—like the City, the County, the Iron Ore Heritage Trail, the library—to be able to benefit from that increase in value.”
The Commission passed an amended motion to approve TIF plan #4 with a term ending in 2036. That matches the existing timeline of the plan created in 2010. It directs City staff to work with DDA staff and bring back a revenue-sharing plan to the City Commission, which will amend and extend the existing plan to 2054.
The plan is expected to capture about $700,000 through 2036.
The full plan can be read here.
