February 25, 2014
Renovation of Southpark Mall in Moline could begin soon. Tonight the city council will probably give its final approval to a development agreement with the owner, Macerich. It plans to demolish the former Sears store and food court, then update the rest with new entrances, signs, and landscaping, plus improvements to the parking lot and a new entrance from John Deere Road.
Ray Forsythe, director of planning and development for Moline, says the city created a tax increment financing district for Southpark last fall, and will use tif revenue to re-imburse the company.
"In the future when the property value increases beyond where it is currently, then they're eligible to get a rebate to reimburse them for some of these tif-eligible expenses. It's things like the demolition, building rehab, and public improvements."
Macerich says demolition could begin soon, and the whole project might be completed by the end of the year. Many current tenants of the mall are remodeling, or have already remodelled, their stores.
Macerich also owns Northpark in Davenport, and many other shopping malls across the country.
(drawing courtesy of Macerich - shows section of Southpark to be demolished)