A TIF approved by Jefferson City's tax increment financing commission Tuesday will go toward renovations to both the interior and exterior of Capital Mall.
The TIF is a partnership between the city and mall developer Farmer Holding Companies. Jefferson City Counselor Drew Hilpert says the concept is to figure out how much revenue the mall brings in over a year, the developer will then make improvements, and then they will figure out how much revenue is coming in after the improvements are done.
The increase in revenue between the two periods is called the increment; a portion of the increment is used to repay the developer for the costs of the improvements.
Hilpert says the city decided to enter the partnership because of the potential for economic development.
"In the end of this thing, we're gonna hopefully get a revitalized mall... It's not the solution to everyone's problems, but when people come to Jeff City they [will] have the option of going to the mall, doing some shopping that they wouldn't otherwise have," Hilpert said.
Hilpert said Jefferson City taxpayers will not see a tax increase because of the TIF.
Hilpert says the multi-phase project should begin this summer, but may take years to totally complete. Exterior fixes include redoing the mall's entrances, resurfacing the parking lots, landscaping and new outdoor lighting.
Inside the mall, the upgrades include new lighting, roof renovation and painting.
Hilpert says the total price tag on the mall improvements is $35.8 million, with the TIF contributing $10.3 million.
Shoppers inside the Capital Mall Wednesday had their own ideas on how to bring patrons to the mall; many shoppers agreed it's key to add new stores.
"Trendy stores for kids," Holts Summit resident Pam Drake said.
Trina Lloyd, also of Holts Summit, agreed. Lloyd added it would be good to bring back other venues of entertainment to juniors and preteens.
Jefferson City resident Sylvia Ray had another suggestion.
"I think that restaurants would definitely attract more people. There are a lot of restaurants in the city but you can add more that would add appeal and cause people to come to the mall," Ray said.
Ray also suggested more areas where parents can bring children and grandchildren to play safely.The TIF will go back to City Council on July 7, and Hilpert says he expects it to get final approval in mid-July.