The Marquette Brownfield Redevelopment Authority approves a Brownfield Redevelopment Plan

The current state of the site has been determined blighted and functionally obsolete, making it an eligible property for the reimbursement of certain eligible activities such as building demolition and environmental remediation. The Brownfield funding, generated through Tax Increment Financing (TIF), comes from the capture of incremental property tax revenues due to additional private investment and is an economic development tool to catalyze redevelopment efforts within the City of Marquette.

The Foundation entered a Memorandum of Understanding with the City of Marquette and Marquette Brownfield Redevelopment Authority to facilitate expectations and public outcomes, which led to numerous public meetings regarding the proposed project and unanimous approvals of a Brownfield Redevelopment Plan.

Environmental Due Diligence occurs

Phase I and Limited Phase II environmental assessments and Hazardous Materials Survey, supported by a $52,900 investment from the Marquette Brownfield Redevelopment Authority’s Local Brownfield Revolving Fund.

Analysis shows the Economic Feasibility of Redevelopment

Analysis shows the viability of an estimated $166 million mixed-use development, featuring a wide range of housing, including owner-occupied townhomes, multi-family housing, apartment units, a senior living complex, some retail/commercial, as well as greenspace and pedestrian corridors to better connect the development and surrounding neighborhoods to NMU’s campus.

The Marquette community is engaged

The Foundation hosted public information sessions and roundtable meetings with community leaders to inform residents about the potential redevelopment and to gather high-level feedback on goals to consider for the project. The Foundation summarized findings in a report, which was released to the public.

A qualified master developer partner is identified

The Foundation’s Board of Trustees issued a national Request for Qualifications for a master developer and oversaw the selection process. The Veridea Group, a real estate development company that specializes in projects in the Upper Peninsula and Montana, was selected as the qualified master developer for the site. The Foundation and Veridea have yet to enter into a development partnership agreement, which will occur after the Foundation closes on the transaction provided for in the Agreement and acquires the Site.

Funding for demolition and site preparation is secured

Out of the estimated $20.5 million required for site demolition and hazardous materials removal, the Foundation and its partners have secured – or are in the process of securing – the following:

• $8 million – State of Michigan Fiscal Year 2022-23 Budget appropriation in the Department of Labor and Economic Opportunity Budget as part of a one-time $75 million for blight elimination at strategic economic development projects statewide.
• $4 million – From LifePoint under the agreement
• $8 million – Letter of Intent from the Michigan Economic Development Corporation to the City of Marquette for a Community Development Block Grant blight elimination grant. The City is currently in the process of finalizing the grant application. The Foundation, City, and MEDC are meeting regularly regarding this critical commitment and opportunity.

Closing on the sale

On September, 22, 2022, NMU Foundation and DLP Marquette General Hospital, LLC closed on the Contract for Sale of Real Estate. The NMU Foundation is now the owner of the project site.