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Council told EDC will seek incentives for Alexine Mall redevelopment estimated at $12.6 million
Summary
Staff presented a resolution to authorize an Economic Development Corporation project to support redevelopment of the former mall into new retail, estimating $12.6 million private investment and 101 construction jobs; the presentation drew no substantive questions at the work session.
City staff on Monday briefed the council on a proposed Economic Development Corporation project to incentivize redevelopment of the former Alexine Mall.
“This resolution is authorizing, BDC project to incentivize Palestine Mall redevelopment, for the creation of a hundred and 1 construction jobs, full investment of approximately $12,600,000 into the redevelopment of the former mall space, redevelopment and into a new retail shop,” Director Christoff said.
Staff presented the project as an EDC economic development grant to Alexine Mall Redevelopment LLC. The presentation identified an estimated 101 construction jobs tied to the redevelopment and an estimated private investment of roughly $12.6 million. Council members asked no substantive questions during the briefing.
The work session discussion was informational. Staff indicated the resolution to authorize the EDC project will move through the normal agenda process for formal consideration; no formal action was recorded during the work session.
If approved in subsequent proceedings, staff said the project would use EDC incentives and a related economic development grant agreement to support private investment in downtown retail space conversion.
