MARQUETTE, Mich. (WZMQ) – Last summer Governor Whitmer signed into law an amendment to the Brownfield Redevelopment Financing Act. It adds new economic incentives for housing-focused real estate development. Marquette City Commission took a look at this new law during Monday’s work session.
This new law allows developers to apply for Brownfield Redevelopment Financing for projects that add housing. The city now can approve Brownfield funds to any potential housing development of two or more units regardless of the condition of the property. Monday night the city commission work session heard a proposal from developers who want to turn a portion of Chippewa Square into 14 one and two-bedroom apartments.
The development would turn the current office spaces into apartments and if the developers received this funding, the city would be able to place a cap on the rent being charged. Marquette City Commissioner Jermey Ottaway said that this project could generate considerable tax revenue, thus helping the overall financial health of the city. “We’re also investing in our future as a community. 20 years from now it’s going to be worth a lot more,” said Ottaway. “We’re gonna get more tax money right. Also, you know, potentially more people are going to have a place to live, but the state knows that there’s a housing problem and wants to give every avenue to help local communities kind of solve that.”
Monday’s session was a chance for commissioners and the public to learn more about the changes to Brownfield Funding, ask questions of the parties involved, and give comments on the subject. Marquette’s housing situation is among the top concerns of the commission. “We have to find income based housing that makes sense for the people that live here,” said Ottaway.
Monday’s work session was the first step of what will be an exhaustive look at what is best for the city and its residents. More public hearings are expected on this subject with no timeline yet in place for when a decision will be made.
