Marshalltown City Council moves mall project forward
MARSHALLTOWN, Iowa — The Marshalltown City Council voted 6-1 to moved forward with crafting the language of a developers agreement to bring new life into the Marshalltown Mall.
The mall would be re-named Shoppes at Marshalltown.
'I'm here in front of you with a grand vision for repurposing the mall,' said developer Glen Kitto. 'We can't attract national tenants without a brand new looking mall, so it's very important for us to get financing in order to make that happen.'
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Kitto estimated there would be 225 construction jobs to rebuild the mall. Once complete, the mall would employ around 250 people.
'What council will do tonight is simply discuss whether or not they want to pursue the writing of a development agreement,' said Carol Webb, Marshalltown City Administrator. 'The information that's contained in tonight's materials relates to major terms of the agreement such as what will, primarily the tax increment financing incentive.'
The council's vote was to move forward on terms, but did not approve the 20-year proposal, which under tax increment financing, would raise $7.2 million.
If things move forward, a store could open the doors in summer of 2026. So far, no retailers have signed on. Kitto said stores don't want it known what they are planning, but once one signs an agreement, others will follow.
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Marshalltown City Council moves mall project forward
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