MARQUETTE, Mich. (WZMQ) – Marquette City businesses on North Third Street will now be included in the tax increment financing district. At Monday’s City Commission meeting, the proposed expansion of the Tif district was passed through with a 6-0 vote with an amendment to the 30-year timeline.
The Tif Expansion will only be active until 2036, allowing time for the city commission and the DDA to discuss the financial impact this might have on the community.
The Tif District allocates a portion of the existing property taxes on Third Street to the DDA so that they can use the funds towards grants and other financial benefits to the businesses in the area.
“30 years has not been passed currently with the plan tonight that was approved…this is just actually including Third Street today because Third Street was honestly overlooked when it was included as a TIF district years ago,” commented City Commissioner Jermey Ottaway.
City Commissioners said the DDA has brought a lot of development to downtown Marquette along Washington Street. Now, Third Street will be included in that financial assistance in the same way.
