Grants, Loans Awarded to Vault Projects

MARQUETTE — The Michigan Department of Environment, Great Lakes and Energy has awarded $2.1 million in brownfield grants and loans to redevelop contaminated land in the northern Lower and Upper Peninsulas.

Overall, in 2022, EGLE will provide $20.7 million in brownfield funding for 67 projects statewide.

The plan includes the redevelopment of a historic bank building in Marquette.

The City of Marquette, Marquette Vault LLC and EGLE have partnered to facilitate the redevelopment of the historic National Savings Bank building and the construction of new commercial, residential and public parking spaces in the heart of downtown Marquette. increase.

Historically, the site has housed a railroad and automobile garage/service center. Existing contamination of soil and groundwater, likely resulting from these previous uses, will be addressed to allow the site to be safely reused.

A $495,000 brownfield redevelopment grant and a $1 million loan from EGLE will cover environmental costs, selective demolition and asbestos reduction. Contaminated soil and groundwater will be disposed of properly, and barriers will be installed under new buildings to prevent potential exposure to underground contamination. In addition, the city has approved brownfield plans to generate future tax revenues to help pay for other environmental costs and site improvements.

After making the site safe for re-use, Marquette Vault LLC transformed State Savings Bank into a boutique hotel with 70,000 sq.m. including additional hotel rooms, commercial spaces, residential units and a 200-space public parking facility. Build a new development of ft. The $33.5 million redevelopment project is expected to bring Marquette several benefits, including the creation of 10 full-time jobs, 40 part-time jobs and an increase in his $10.5 million taxable value of the property. has been, he said EGLE.

“As a homeowner a few blocks from the property, I am thrilled to see this magnificent and historic building supporting such an important development in the heart of downtown Marquette.” David Allen, Chairman of the Market Brownfield Redevelopment Authority, said: “We are proud that the partnership between the City of Marquette, Michigan and private developers is nearing completion.”

More than half of EGLE’s budget each year flows into Michigan communities through grants, loans, and other expenditures that support local projects and protect public health and the environment, ultimately driving economic growth and Michigan workers. jobs, EGLE said in a news release.

When brownfields (vacant or abandoned land with known or suspected contamination) are redeveloped, property values ​​increase both on the reclaimed site and on other land nearby.

EGLE’s Restoration and Redevelopment Division provides financial and technical assistance, including grants, loans, tax-advanced loans, and free site evaluations, to facilitate the redevelopment of brownfield properties.

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