Introduction
In an exciting development for the Lagrange Mall and the city of Lagrange, a tax allocation district has been created to revitalize the area. This article will delve into the details of this exciting project, highlighting the benefits it will bring to the local community. With an investment of $16 million, the Lagrange Mall is set to undergo a much-needed transformation, attracting new retailers and generating significant sales tax revenue.
Attracting Business and Growth
The Lagrange Mall and the city of Lagrange recognize the importance of attracting businesses and fostering economic growth. However, they understand that they cannot force any retailer or restaurant to choose their location. Instead, they have put proactive measures in place to make the area more appealing to potential investors.
The Power of a Tax Allocation District
To enhance its attractiveness to businesses, Lagrange took advantage of a power granted to them by the citizens in a 2011 referendum. They created a tax allocation district, which provides economic incentives to mall owners and retailers looking to expand their operations in the area.
Economic Incentives and Development Plans
The tax allocation district offers a range of economic incentives to entice businesses and promote growth. These incentives include benefits such as financial assistance for lease agreements, improving the physical facade of the mall, and filling the vacant space left by JC Penney’s departure.
Partnering for Success
The success of this venture would not have been possible without the collaboration of various local agencies. The City of Lagrange, the Troup County Commission, and the Troup County Board of Education have all played vital roles in making this project a reality. Their efforts have paved the way for $16 million in new capital investment, which is projected to generate over a million dollars in annual sales tax revenue.
Transforming the Lagrange Mall
Aside from the financial benefits, the tax allocation district will breathe new life into the Lagrange Mall. The investment will go toward improving the mall’s physical appearance, which has become somewhat dated over time, particularly due to the vacant space left by JC Penney. With the funding in place, there is now an opportunity to attract new anchor tenants and fill the gaps, creating a vibrant retail hub.
Conclusion
The creation of a tax allocation district in Lagrange is a significant step forward in revitalizing the Lagrange Mall and attracting new businesses to the area. By offering economic incentives, improving the mall’s physical facade, and filling vacant spaces, the city and its partners have demonstrated their commitment to fostering economic growth. The $16 million investment is projected to generate substantial sales tax revenue, contributing to the overall prosperity of the community. With this forward-thinking approach, Lagrange is positioning itself as an attractive destination for retailers and a vibrant hub for residents and visitors alike.