Marinette City Council has approved financing for a new subdivision on a portion of the former Fleet Farm property in the city.
Under the agreement, the city will provide a $3.4 million tax increment revenue bond payable through the increased tax increments generated by the property to Midwest Expansion of Saumico.
Midwest will buy the property for $350,000 and begin construction by Sept. 1, 2026. The developer agrees the subdivision value will increase to $1.2 million by Jan. 1, 2027, $5 million by Jan. 1, 2027 and $8.4 million by Jan. 1, 2028.
Plans call for construction of a 25-lot subdivision on a cul-de-sac with street, curb, gutters and sidewalk. Lots are anticipated to be around 7,200 square feet and will have homes valued at $375,000.
It is the second project Midwest has developed in Marinette using TIF revenue bond financing. Midwest was provided $11.85 million for the development of a 12 building luxury condominium complex off University Drive on the city’s southeast side. Units in the development could open as early as this fall.
