New funding for Marquette’s North Third Street Corridor

John Truitt
·2 min read

MARQUETTE, Mich. (WJMN) – The Marquette City Commission heard public comment Monday night before voting on a measure that would provide critical funding for the third street corridor. In a unanimous vote, the Marquette City Commission agreed to expand the Downtown Development Authority’s tax increment financing district to include North Third Street.

Tax increment funding, or TIF is not an additional tax, it’s a financing tool that captures an increase in taxes generated by higher property values, new development and rehabilitation, which will then finance further development and encourage investment in the designated TIF zone of North Third Street.

Although the third street corridor has been a part of the DDA since 2011, TIF was not extended to that area. The council originally wanted a term of thirty years, however the commission agreed to an amendment that would reduce the term of TIF funding. Commissioner Jermey Ottaway introduced the measure for a vote.

“30 years has not been passed,” said Ottaway. “Currently that with the with the plan tonight that was approved it is only approved until 2036 which is actually where the other plan was. this is actually just including third Street today because Third Street was honestly overlooked when it was included as a district years ago.

“So we’re kind of making, you know, a right where there was a wrong. And it’s very important to understand that they haven’t been getting this funding the entire time. It’s time to make sure that they have it. Because it doesn’t cost the taxpayers anything?

“Additionally, I think that’s important for people to really understand. This isn’t costing you money out of your pocket necessarily. It’s just allocating it to the DDA directly as opposed to it staying in the general fund.”

Ottaway went on to commend the DDA for their work on improvements to downtown, he says he is confident the same results will be seen on North Third Street.

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