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Council approves TIF term sheet for redevelopment of Lakeshore/Mid Cities mall site
Summary
The Manitowoc Common Council unanimously approved a tax-increment financing (TIF) term sheet to support redevelopment of the former Lakeshore/Mid Cities mall properties after committee presentation and favorable comment from council members, who described the plan as developer-driven and ready to move forward with staff authorization to execute documents.
The Manitowoc Common Council on its September agenda approved a tax-increment financing term sheet intended to support redevelopment of the former Lakeshore/Mid Cities mall properties.
Council President Bill Schley relayed the Committee of the Whole’s report on document 18-05 and recommended approval of the term sheet and authorization for city staff to execute related documents. The council voted unanimously to accept the committee’s recommendation and approve the term sheet.
Alderman Jim Bridal, who called the proposal “a great development,” said the project stemmed from a developer approaching the city, and praised the cooperation between the developer and the city. “They’re ready to start working on this,” Bridal said, urging patience as the project proceeds.
Alderman Sitkowitz also welcomed the development, describing it as developer-driven rather than a speculative TIF. “I think it’s really important that this was developer driven,” Sitkowitz said, adding that the TIF would “fill the need” for the project to proceed.
The committee report notes the involvement of a private developer identified in the record as Tycor (the developer’s name appears with variant spellings in the meeting record). The motion approved by the council authorizes staff to finalize and execute the documentation necessary to implement the term sheet; council members said they expect additional public updates and photographs to be shared as the project advances.
Next steps described in the meeting record include staff execution of documents and continued committee oversight; the council did not take any further approval votes at this meeting beyond adopting the term sheet.
