NORTH PLATTE, Neb. — The North Platte City Council gave unanimous approval Tuesday for a $1 million loan to renovate the town’s mall.
According to the agreement, the loan would be forgiven if developers are able to add $30 million worth of new mall development within three years.
The 28-acre mall complex was also declared an “enhanced employment area.” That designation allows developers to put an occupation tax of almost two percent in place to help pay for the estimated $75 million renovation.
More than 30 people expressed their support for the occupancy tax at Tuesday night’s meeting. The designation passed 5-to-2.
Developers say they also hope to recover $8 million in infrastructure through tax increment financing.
