Marquette city, township to share tax revenue from potential new housing development
MARQUETTE, Mich. (WLUC) - The Marquette City Commission Monday agreed to share tax revenue with Marquette Township from a potential new housing development.
Under Public Act 425, two local units of government can share tax revenues resulting from new or expanding development within the areas of their jurisdictions. JM Longyear is planning a development on its Forestville Road property that would see 240 homes built.
The total acreage for the site is 161 acres, with 34 acres being within Marquette city property. Last week, the Marquette Township Board authorized its attorney to draft the PA 425 agreement for the City Commission’s consideration. The City Commission unanimously authorized the City Manager to negotiate that agreement at Monday night’s meeting.
“The unique part of this is the portion that’s within the city would see some housing development on it, we would not be responsible for providing city utilities or services, the township would, and yet we would still be able to see some form of revenue for compensation for utilizing property within the city for development,” said Marquette City Manager Karen Kovacs.
The project cost is estimated at $14 million. The exact details of how each municipality would get through the revenue-sharing agreement are not yet known. You can find background information about this agreement by clicking here.
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