Mall at Fairfield Commons proposes $3M special improvement district
The Mall at Fairfield Commons owners are working on a plan to create a $3 million special improvement district to fund energy improvements at the mall.
The improvements would include replacing 400,000 square feet of roof and installing about 21 energy efficient rooftop HVAC units, according to city documents.
The mall owner, Washington Prime Group — a retail real estate investment trust based in Columbus, has asked city council to levy an assessment on the mall property to fund the project.
“This has been used around the country for alternative energy projects and it has been used for energy efficiency projects,” said David Rodgers, an attorney with Frost Brown Todd, L.L.C. who is representing the mall, during a Oct. 17 work session. “… The city council does not have the authority under the law to impose an assessment unless somebody asks you to assess their property. The key is a special assessment, if someone asks you to put an assessment on their property, is a valuable security for borrowing money.”
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