MARQUETTE, MI— A plan to construct a new public parking facility in downtown Marquette has been approved by the City Commission.
The 212-space structure would serve both the public and the Vault Hotel being built in the old Marquette Savings Bank building. The development agreement requires the entire project be finished within 40 months of the completion of all predevelopment activities.
During a hearing on the development agreement Monday night, Commissioner Jenna Smith expressed concern about construction and its impact on pedestrians. Architect Barry Polzin said no street should be completely closed off as the facility is built.
“What we really anticipate is never taking more than half of a street. We have to run new power lines up Main Street, so we’ll probably start with that. So, half of Main Street might be taken up. Lakeshore will stay full, East Washington will stay fully open.”
Once the parking facility is completed, the Marquette Brownfield Redevelopment Authority will issue bonds to acquire the structure. Tax Increment Financing revenues will repay the bonds.
An environmental review of the site is ongoing.
Marquette Assistant City Manager Sean Hobbins says the entrance to the parking structure will be on Lakeshore Boulevard. It will cost around $155,000 a year to operate and generate about $180,000 in revenue annually. He says there should be an average of 90 surplus parking spaces in the structure at any given time.
A motion to accept the development agreement passed unanimously.
