Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council approves $4 million increase, collateral assignment for Crossroads Mall redevelopment; developer details setbacks and timeline
Summary
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.
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.
Noel Anderson, community planning and development director, and BJ Stokesberry of ATI Group/McClure described why the extra funds are needed and how financing will work. Stokesberry said…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
