Shoppingtown Mall tax deal gets approval from county legislature
Wed, 02 Feb 2011 01:18:48 GMT —
A tax deal for Shoppingtown Mall is halfway to reality.
The Onondaga County Legislature approved a payment in lieu of taxes, or PILOT, deal for the mall on Tuesday. As part of the deal, the mall's owner, Macerich has until 2014 to complete a renovation plan for the mall. If the renovation isn't finished by then, either side can decide what to do next with the PILOT agreement. Macerich has been planning an extensive remodeling of the mall since before the economic downturn.
Macerich has been trying to get its $60 million assessment cut in half. A court case is currently pending.
Both the Legislature and the Town of DeWitt have approved the PILOT deal. It still needs approval from the Jamesville-DeWitt School District and the Onondaga County Industrial Development Agency.