The closed the official agreement with Simon Property Group on Tuesday that will help fund the $52 million renovations of
Updates are already in progress.
“The closing of this agreement is one more critical step toward officially renovating and transforming ,” said Village of Greendale President, John Hermes. “These renovations have officially begun, and will only add to the previous improvements we have made to the 76th Street Corridor, including the development of a , addition of market-style Wal-mart, Boston Store renovations, and of course, the addition of Macy’s as the newest Southridge anchor tenant.”
The new interior and exterior features and amenities like flooring, lighting, redesigned mall entrances, signage and a fully renovated and updated food court.
Renovation plans also include the . The Village is currently reviewing a $2 million TIF district help the $8.5 million renovations of .
The Village hopes that this will also encourage and Sears to renovate. At a planning commission meeting on August 15 it was said that Sears has already approached the Village about renovation, but is thinking about it.
The mall renovation in 2011 marks the 41 year anniversary since it opened.
A press release from the Village says that the 1.2 million square-foot mall is Wisconsin’s largest shopping area in Milwaukee, anchored by , Sears, and , and originally opened in 1970.
Understanding a TIF district
According to the Village a TIF district will not have negative impact on resident’s taxes. “The base taxes paid by the properties within the tax incremental financing(TIF) district to the Village of Greendale, the Greendale School District, Milwaukee County, and the Milwaukee Metropolitan Sewage District will be the same with or without the TIF. To further clarify, the base taxes paid by any property with the TIF district will be the same whether or not the TIF is implemented.”
TIF districts use future property taxes from the development to pay off loans needed to create the development. Property taxes from new developments are used solely to pay off the loan. Once the loan is covered, the development goes on the tax rolls and pays out to local schools, local government, county government, technical colleges and the state.