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Council reviews two MEDA-financed redevelopment plans that would use village-owned parking
Summary
Jeff Ratcliffe of KEDA/Houghton Land Bank reviewed two MEDA-backed projects: Quello Block LLC seeks 15 spaces for 15 years for a Calumet Boutique Hotel; MCP Properties LLC seeks 18 spaces for 15 years and would develop Lot 6 (Block 19) as a parking lot, with MCP responsible for maintenance and snow removal.
Jeff Ratcliffe of KEDA/Houghton Land Bank presented two MEDA-financed redevelopment plans that would rely on Village-owned parking. The Quello Block LLC proposal for a Calumet Boutique Hotel would need 15 parking spaces for 15 years drawn from the Fourth Street parking lot. The MCP Properties LLC proposal for 425 & 427 5th Street would need 18 spaces for 15 years and would require developing the vacant Lot 6, Block 19 into a parking lot; per the draft development agreement, MCP would build, maintain and provide snow removal for that lot.
Trustee Kelly Ryan suggested any parking study should include the entire village rather than focusing only on the downtown, a point that Ratcliffe and council members discussed while reviewing the timeline and conditions of the proposals. The DDA has voted to accept the MCP development agreement and asked the Council to consider approving it at the upcoming Regular Council meeting; Ratcliffe noted ownership of property would not transfer until closing when funding is secured.
