MARQUETTE, Mich. (WZMQ) – The Marquette DDA is proposing to expand the Tax Increment Financing (TIF) district in the city.
Currently the city uses a TIF model on Washington Street. The proposal would add a 30 year TIF to Third Street allowing for funds to be invested in public spaces and privately owned businesses.
The DDA hopes to increase connectivity between Third Street and other areas of Marquette with the funds. They also hope to increase access to the development planned at the site of the Former Marquette Hospital.
The TIF would set the tax base for 2023 and allow for any increases over the next 30 years to go directly to the DDA.
“This is not an additive tax, it is just a reallocation of a portion of the taxes that these third street businesses are already going to be paying,” remarked Tara Laase-Mckinney the Executive Director of the Marquette Downtown Development Authority.
According to the DDA they hope to have the proposal submitted to the Marquette City Council by early 2024.