The City of Marinette Common Council approved last week a $1 million incentive for a 93-room, four-story hotel to be built near the old ShopKo building on Roosevelt Road and agreed to sell city-owned lots to allow for expanded developments. A tax increment financing agreement will provide an incentive to develop the hotel based on an expected improvement value of around $7 million. Mayor Steve Genisot says, “just like every community, they are all offering incentives, whether it be land or other TIF incentives, to help buy projects down.”
Genisot says, “I think it’s been a great change over on that side of town.”
In Phase one, they expect the hotel to be constructed in 2022 and 2023. In phase two, which is expected to be completed in 2024, it includes restaurants. If they complete both phases, the project’s new land and improvements value could be around $8.9 million. The project is expected to generate $3.9 million in incremental tax revenue over a 20-year term. They proposed the hotel to be a Holiday Inn Express.