The Marinette Common Council approved an escrow agreement to cover the costs of creating a Tax Increment District and a Developers agreement for a proposed $20 million dollar plus project to add on 300,000 feet of warehouse space to the south end of the former Aerial Building on Woleske Road. Cynthia Kuber of K&K Intergrated Logistics which now owns the Aerial Building says the proposed new space would used by Johnson Controls for their Distribution Center.
Johnson Controls was using a portion of the K&K Warehouse in Menominee that was destroyed by fire last fall. K&K will put $30,000 into the Escrow Account to cover costs incurred by the city to prepare for the proposed project.
The council also approved an escrow agreement with D.A. Boomer Developments LLC for a proposed development on Pierce Avenue between Parnell and Daggett Streets for a development that would include two apartment buildings each with 15 to 18 units and a professional office building. The project would likely be built over three years starting with one of the apartment buildings this year. Again the developer will put $30,000 into the escrow fund to be used by the city’s consultants to prepare the documents for a Tax Increment District and a Development Agreement.
The council also passed a resolution establishing a Tax Increment District in connection with a mixed-used development on the old Hospital Property on Shore Drive. The development will include 19 single family homes, and 164 apartments. The Tax Increment District would generate $8.34 million dollars, including a $6.7 million dollar development incentive to be earned by the developers, as well as street, sidewalk and storm sewer improvements around the property.