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Council approves Chapter 380 incentive to keep Macy's at Towne East Mall
Summary
The council unanimously approved a Chapter 380 economic development agreement with Towne East Mall owner Brookfield/Towneysmall LLC to provide a 1-cent sales tax rebate tied to Macy's performance, capped at $2.5 million or 10 years, to retain Macy's as an anchor tenant.
The Mesquite City Council unanimously approved a Chapter 380 economic development performance agreement Wednesday to encourage Macy's to remain at Towne East Mall.
Kim Butram, the city's economic development director, told the council Brookfield Retail (TowneEast Mall LLC) owns roughly 468,000 square feet of the mall core, including the DICK'S Sporting Goods building, and asked the city to offer an incentive to prevent another anchor vacancy while Sears redevelopment moves forward. "This is a well thought out plan and a structure for transitioning the mall,"…
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