MAYOR GRAHAM RICHARD
Last week, the City received some good news regarding Southtown Mall. The City will soon be able to move forward with development of the property and bring new jobs to Fort Wayne.
Three independent appraisers filed a report detailing the value of the property with the Allen County Circuit Court. According to the panel of appraisers, the Southtown Mall property is worth $3,440,001. On Thursday, March 4, the City tendered a check for this amount to the Court and the next day the Court issued an Order for Possession to the City.
The present owners have 20 days to accept or reject the amount determined by the Court. If they reject the amount determined by the panel of appraisers they could request a jury trial. The present owners had maintained that the mall was worth $6 million.
The final amount determined by the panel was approximately 15% higher than the City’s original estimate. The increase in cost will be paid for through future lot sales or Community Revitalization Enhancement District (CRED) dollars. No property tax dollars will be used to fund the project. Fortunately, the City considered the possibility that the final price could be slightly higher than original projections and built this contingency into the forecast of the costs.
The next step will be for the City to begin environmental remediation and infrastructure improvements to the site. The City will also begin working with a developer to begin construction for Menards.
> Read More Information About Us
> More Articles Written By Our Staff
- Community Invited To Paint Rocks For Urban League Project - April 26, 2024
- The “Bad Guys” In Your Garden & What To Do About Them - April 26, 2024
- Why Voting In The Primary Election Matters - April 26, 2024