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City to Host Q&A Session on Mall Project on Monday, April 28

Released on Wednesday, April 23, 2014

The City of Fort Collins will host a Q&A session on the Foothills Mall proposal from 7-9 p.m. Monday, April 28 at 215 N. Mason St., Community Room.

The forum is an opportunity for residents to hear more about the proposed amendments to the mall agreement that would allow the developer, Alberta Development Partners, to meet leasing agreements over time.

City Council will consider whether to approve the revised agreement on May 6. The purpose of the April 28 forum is to answer questions about the agreement; public comments will be taken when Council officially considers the proposal at the May 6 City Council meeting.

Under the current approach, $72 million in bonds for public infrastructure would be issued that will generate $53 million worth of proceeds once 240,000 square feet is leased. Under the newly proposed approach, bonds would be issued once the developer has signed 155,000 square feet of leases. However, only a portion of the proceeds - $23 million –would be released to the developer. As additional square footage is leased, the remaining $30 million in bond proceeds would be released to the developer. In the proposed modifications, a total of 310,000 square feet must be leased before the developer has access to all of the $53 million of bond proceeds.

City officials have brought the proposal to City Council because the proposal requires an amendment to the existing redevelopment agreement with the developer. The developer has requested the change in part because of a delay in obtaining approval of the original redevelopment agreement, which occurred in January.

The mall is owned by Walton Street Capital, a private equity real estate investment firm, and Alberta Development Partners, a Denver-based real estate acquisition, development and investment firm.

For updates on the mall project, go to fcgov.com/foothillsmall.

Contact
  • Emily Wilmsen Public Relations Coordinator 970-221-6870 http://www.fcgov.com/woodward