Hull Property Group announced that John Mulherin, Vice President of Government Relations for the company, recently met with Mayor Jim Thornton and members of City Council to discuss the creation of a new tax allocation district ("TAD") to include the LaGrange Mall and nearby properties.
The TAD would freeze property tax collections for the mall at current rates, allowing Hull Property Group to pay off the cost of the planned expansion. Hull Property Group would also be able to offer leases on retail space at a lower cost than it would otherwise be able to do.
Current plans are to bring in a national sporting goods retailer to fill the space left vacant by JCPenney. Additionally, a 2-store retail space would be added to the corner of the property with potential tenants to include a national dental chain and a mobile phone company.
Hull Property Group has already purchased the former Ryan's Steakhouse property. Demolition could begin before the end of the year, and construction of a new restaurant space could start in the first half of 2016.