Developers of former Timbers property to appear at
the September 28 City Council Meeting
(Tuesday - October 05, 2021) - Representatives of the Marquette based
real estate developer Veridea Group, will appear at the next meeting of
the Iron Mountain City Council, to provide details on their pending
development on the former Timbers property in downtown Iron Mountain.
According to City Manager Jordan Stanchina, the company will provide a
PowerPoint presentation, detailing the plans for the property.
The project is currently being referred to only as "IMT lodging."
The company is proposing a four-story hotel building and supporting facilities on the property. The City Council earlier amended the City's Zoning Codes, which would have limited the height of the structure.
It is hoped that this development will help breathe more life into Iron Mountain's downtown.
At this time, there has been no indication as to when construction on the project might begin.
At that same meeting, the Council will hold a public hearing, regarding the tax abatement being proposed for the development. Under the proposed abatement the facility's property tax burden would be reduced for up to ten years. The abatement only applies to City taxes. The company would still have to pay their normal share of school and County taxes.
Announcement of the Veridea Group's appearance was made by the City Manager at the Monday City Council meeting.
The Council at that Monday meeting approved a similar tax abatement resolution for Boss Snowplow's new construction.