MARQUETTE, Mich. (WLUC) — The Marquette Municipal Commission agreed Monday to share tax revenue with Marquette Township from a potential new real estate development.

Under Public Law 425, two local units of government may share tax revenues resulting from new or expanding development in areas within their jurisdiction. JM Longyear is planning a development on his Forestville Road property that would see the construction of 240 homes.

The total area of ​​the site is 161 acres, of which 34 acres are on the property of the town of Marquette. Last week, the Marquette Township Council allowed his lawyer to draft the PA 425 agreement for review by the city commission. The city commission unanimously authorized the city manager to negotiate the deal at Monday night’s meeting.

“The unique part of this is that the part that is in the city would see a housing development, we would not be responsible for providing the utilities or the city services, the township would, and yet we would still be in able to see some form of revenue for compensation for the use of property in the city for development,” said Marquette City Manager Karen Kovacs.

The cost of the project is estimated at $14 million. The exact details of how each municipality would go through the revenue-sharing agreement are not yet known. You can find general information about this agreement by clicking here.

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