MARQUETTE, MI— The Marquette City Commission has approved an amendment to the former Marquette General Hospital Brownfield Plan.
Site owner Veridea Group’s plan is for multiple uses, but in order to provide for the desired density and investment, parking needs to be integrated instead of on the surface; however, the cost for developing integrated parking is high and threatened the viability of the development without Brownfield TIF support.
Commissioners approved a Brownfield Plan Amendment that shifts from abatement and demolition to integrated parking. The requested costs for integrated parking are anticipated to be at least $5 million lower than the original total Brownfield Plan budget.
The city also negotiated a modification of the TIF capture period for private expenses to 15 years.
Mayor Jessica Hanley says she voted for the change because it doubles the investment on the property and doesn’t extend the length of the Brownfield.
“So, we get a significantly higher taxable value in the end for the same amount of time. So, I think that this to me was a no-brainer in allowing for this to happen and allowing for a much larger buildout on the top of the property.”
Officials say once the development is completed, the city will see a significant increase in property tax revenue after the completion of the TIF capture period.
