Vault Marquette Parking Structure takes another step forward
The City of Marquette Brownfield Redevelopment Authority approved a reimbursement agreement for certain project activity costs.
MARQUETTE, Mich. (WLUC) - The City of Marquette Brownfield Redevelopment Authority approved a reimbursement agreement Thursday for the Vault Marquette Parking Structure development’s environmental and non-environmental eligible activity costs.
Permitted costs will be reimbursed to the authority and Braveworks, Inc., the project’s developer.
“For every Brownfield project, there is a series of agreements, one of which is this reimbursement agreement, and what that does is that stipulates how the revenues that come from the property taxes, how they are distributed in what order,” David Allen, Chairman, Marquette Brownfield Redevelopment Authority, said.
“That way there’s clarity for how the property taxes that come back will be paid out.”
The reimbursement agreement is strictly for the parking structure proposal.
The development as a whole has yet to be confirmed by the city commission.
The proposal has $12 million in Brownfield eligible activities for the city and developer.
Braveworks estimates an investment of more than $30.2 million.
Copyright 2021 WLUC. All rights reserved.