HUTCHINSON, Kansas – The city of Hutchinson is moving forward with a proposed tax increment financing
district for up to $5.25 million of up to $18.4 million to refurbish the mall.
The Hutchinson City Council decided to put a measure on the April’s ballot to fund a tax to help revitalize the property.
City leaders say the mall has been a vital part of the community, and they want to get it back to being a retail hub.
They believe the mall can bounce back with a little help.
“It’s a good property, it’s in a great location in terms of retail development that is that has developed around it, I think the bottom line is that the ownership of the mall has changed and that will go a long way towards bringing life back to that facility,” said John Deardoff, Hutchinson City Manager.
If the vote passes, the mall’s new owner, Rockstep Capital, could then use the savings in property taxes and sales tax growth to finance the cost renovating and purchasing the mall.
The developer estimates the total costs of improvements including acquisition costs, building construction costs, infrastructure costs, professional fees and financing costs will total $18,400,000.