It was a long discussion last night about the development agreement between the City of Marshalltown and the new owners of the mall, Reserve Development and The Shop at Marshalltown.  Glen Kitto, with Reserve Development and The Shops at Marshalltown, was in attendance and talked about their vision.

Reserve Development and The Shops at Marshalltown is not unfamiliar with a major renovation.  Kitto says this is what they do

The agreement discussed last night would give The Shops of Marshalltown Tax Increment Financing on any additional property value added to the mall.  The Shops of Marshalltown is committing to spending $2 million in site work, $2.4 million in façade improvements, and over $17 million in interior work.  With this agreement, Kitto says it will bring in national retailers.

Many citizens in attendance questioned why the big national retailers need the incentive to come, as they should have the money to make the move.  Kitto says that is how the game is played.

The Council gave direction to staff to draft the development agreement on a 6 – 1 vote.  Part of the agreement The Shops of Marshalltown will need to keep the Mall at 70% capacity.  Once the agreement is signed, Kitto says the big retailers will begin announcing when they will be coming to town.

Zach Tomesch, News Director KFJB