Marquette, MI – (Great Lakes Radio News) – NMU has approved an agreement with the City of Marquette for the sale of property at 1100 Wright Street which is currently used as a student parking lot.
The city plans to locate its new Municipal Service Center at the site. The agreement is for a cash payment of $808,000 at the scheduled May closing.
The city also will reserve up to $600,000 to assist NMU in acquiring the National Guard Armory property.
If the university does not purchase the property within two years, the city will pay NMU $441,000 cash plus interest and the remainder of the reserve will revert back to the city.