Council approves $4 million increase, collateral assignment for Crossroads Mall redevelopment; developer details setbacks and timeline
The council approved a $4 million increase in the development agreement for the Crossroads Mall redevelopment and a collateral assignment to facilitate bank financing. Developers said prior owner disclosures stalled an earlier closing but expect phased demolition and site work to begin after closing.
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The Waterloo City Council on Aug. 25 approved a $4 million increase to the development agreement with Waterloo Crossroads Development LLC and adopted a collateral‑assignment resolution that the developer said is needed to secure bank financing. The council’s votes clear the way for a planned closing on multiple parcels and a multi‑phase redevelopment of the Crossroads Mall site.
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