Southern Park Mall now can move forward with plans to invest in nearly $4 million worth of upgrades.
Township trustees approved a resolution Monday that sets up an energy-improvement district, which will allow the mall to take advantage of the federal Property Assessed Clean Energy financing program.
“We have to form a special improvement district,” township Administrator Jason Loree explained. “What that allows the mall to do is get a low-interest loan for energy-efficiency upgrades from the [Western Reserve] Port Authority.”
The township’s role in the district is to act as a tax collector. The port authority lends the money to Southern Park Mall LLC, and the township collects funds from the mall. The dollars are paid back through assessments on property taxes. Read more.