Extension For TIF District
The City of Marinette is giving a developer one more month to complete changes in plans and financing for a condominium development. The developer of the Harbor Terrace project had asked for several extensions as they work on the new condo units in the city’s TIF District Number Seven. The developer asked to extend an over quarter-of-a-million-dollar letter of credit until next month, while he sorted out details of the plan. The Marinette City Council approved extending that letter of credit until next month, even though the Planning Commission had already voted against a new, larger site plan for the project. If the project goes into foreclosure, Marinette may lose out on $2.4 million in property value.
