Muncie Redevelopment Commission releases MALTIF balance to fund demolition at Muncie Mall outlots
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Summary
The commission unanimously approved using the MALTIF account balance — roughly $432,000 — to reimburse demolition of the JCPenney end of the Muncie Mall to free up outlots for development, with reimbursement to be handled on a reimbursement-basis contract.
The Muncie Redevelopment Commission on June 26 voted to make the current balance of the MALTIF fund available to begin demolition of the JCPenney end of the Muncie Mall and to clear outlots for new development.
Redevelopment Director Jeff Howe told commissioners the MALTIF balance is “just under $432,000” and proposed allocating those funds to initiate demolition at the mall’s McGuyer/JCPenney end to make outlots — which staff and the mall developer say are key to attracting retailers and other private investment — available for development. Howe said the commission would operate on a reimbursement basis for demolition costs.
Commissioners said clearing the outlots is essential to catalyzing additional investment at the mall site and noted the mall’s assessed value has fallen in recent years. The motion to release the MALTIF funds was approved by roll call: Commissioner Dale, Commissioner Miller, Commissioner Prabilla and Commissioner Wagley all voted yes.
Howe and commissioners said the demolition and outlot work is intended to accelerate interest from retailers and other developers; Howe described the move as “step one” in a broader strategy to spur private investment and improve assessed value on the east side of Muncie. Staff will return with reimbursement agreements and project documentation as demolition work is contracted and completed.