City council approves economic development agreement for Midland - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

City council approves economic development agreement for Midland Park Mall

City of Midland logo (Source: City of Midland) City of Midland logo (Source: City of Midland)
MIDLAND, TX (KWES) -

The Midland City Council has voted to approve an economic development agreement between Midland Park Mall and the city. 

After Sears announced the closing of their Midland location, Simon, the company which owns the mall, approached the City of Midland to discuss the next step. Simon has now agreed to re-develop and find tenants for the empty space and other sections. 

“This agreement is a win-win. With the closure of Sears, we have the opportunity to bring more shops and services to Midlanders,” Midland Mayor Jerry Morales said.

According to the City of Midland, the agreement demands the demolition of the Sears store and construction of at least 150,000 square feet of new retail space. 

The city released the following statement regarding the agreement: 

Simon agrees to use commercially reasonable efforts to fill the space with a full-line department store or premium retailers. Sales tax generated by the new retailers will be reimbursed from the 1% General sales tax the city receives from the State, under the following parameters:

Time Since New Retail Opens Amount Reimbursed
Years 1-3 100%
Years 4-6 80%
Years 7-9 70%
Years 10-12 50%
Years 13 + 0%

The total amount of reimbursement is capped at $7,500,000 or 12 years, whichever comes first.

The vice president of Simon, Rod Vosper, telling us his company is confident in accepting the responsibility that comes with the deal "if we don't generate the additional tax revenue we don't get reimbursement of the sales tax, so the burden is on us to produce the additional revenue."

Simon also has the option to develop additional space within the current mall area. 

Sears is expected to close its doors for good in April.

Copyright 2018 KWES. All rights reserved. 

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