NEGAUNEE, Mich. (WLUC) - Thursday night the Negaunee City Council took steps to expand it's downtown district. The City Manager and Council are hoping it will be a move that encourages economic growth.
The plan is to enter into a tax increment financing (or TIF) agreement with the Marquette County. That agreement would be for 15 years and would see the city of Negaunee capture 100 percent of new tax generated by the expansion for the first ten years. After that the county and city would split the tax revenue and in the last five years the county would get 100 percent of the tax.
"We're trying to spur new development and we're trying to capitalize off of that as much as possible, if we can capture extra tax dollars from another area and spread that throughout a wide district including fixing up our buildings, creating jobs, create economic value, that's part of our goal here in the city of Negaunee," said Negaunee City Manager, Nate Heffron.
Thursday night was just the first public hearing for the issue, it still needs one more. The Marquette County Board has already voiced their support for the plan in the hopes of encouraging new economic development.