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Redevelopment panel approves Whole Property Group’s Phase 2 PAYGO negotiation for Muncie Mall
Summary
The Muncie Redevelopment Commission approved a resolution authorizing staff to negotiate terms for Whole Property Group’s Phase 2 pay-as-you-go TIF request to demolish and redevelop the Muncie Mall site; the developer presented cost, vacancy and timeline details, and the commission voted to proceed.
The Muncie Redevelopment Commission voted Feb. 26 to approve Resolution 2026-01, authorizing the board president and staff to negotiate final terms of a Phase 2 pay-as-you-go tax-increment financing (PAYGO TIF) arrangement requested by Whole Property Group for full demolition and redevelopment of the former Muncie Mall site.
John Mulhern, principal at Whole Property Group, told the commission the company had purchased the failing mall in December 2023 and initially planned a smaller Phase 1 demolition (JCPenney, Sears, and the movie theater) but ran into infrastructure problems and tenant closures that made the original plan unviable. "Phase 2 is complete demolition of them all," Mulhern said, arguing that a full teardown would better unlock outward-facing…
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