GRAPEVINE -- The City Council on Tuesday night approved allocating $14 million from a tax increment financing district to Grapevine Mills mall for an estimated $40 million face-lift.
The package specifies $10 million for interior improvements and up to $4 million for exterior improvements."Right now, there's about $10 million in the TIF fund," Assistant City Manager Jennifer Hibbs said. "We're projecting that there will be about $14 million by the expiration of the TIF."The financing district expires in December 2017, City Manager Bruno Rumbelow said.The package calls for extensive renovations including new storefronts, floor and ceiling finishes to create a more traditional mall appearance, and seating and restroom upgrades, Rumbelow said."The concept here is to make the interior of that mall look brand-new, and to improve the tenant mix to cater to the demographic and income characteristics of our trade area," he said.In a statement, Mayor William D. Tate said that Grapevine Mills proved itself to be an asset to the city as a magnet for jobs, increased tax revenue, tourism growth and expanded business development."With a strong vision for the future, which includes the ongoing success of Grapevine Mills, the City Council remains committed to our strong tradition of economic growth and prosperity as one of the leading municipalities in Texas," Tate said.A $27.5 million, 175-acre tax increment financing district established in 1996 paid for streets, utilities and other infrastructure around the mall, which opened in 1997. Increases in tax revenue generated by the mall repaid the debt.In 2009, the council granted a $1 million incentive package to Merlin Entertainment Group to build the Legoland Discovery Centre at the mall. It was also refunded by the financing district.In 2010, the financing district funded a $1 million incentive package for the mall for improvements to parking lots, sidewalks, lights, signs and interior areas. It resulted in the addition of Sea Life Grapevine Aquarium, which opened in July.In other business, the council voted 5-2 to deny a zoning change and plat for the proposed Broadstone Grapevine Apartments. Council members had the same objection as in December: They aren't ready to give up on commercial development in the area.Also, the council voted 7-0 to approve historic landmark subdistricts for properties at 527 S. Dooley St. and 521 Estill St.The Dooley Street home is a New England colonial-style house built in 1940 for Floyd and Helen Deacon. The Estill Street home was built around 1959 for C.L. and Vera Fay Chambers and, at 680 square feet, is believed to be the smallest house in Grapevine.This report includes materialfrom the Star-Telegram archives.Terry Evans, 817-390-7620Twitter: @fwstevansHave more to add? News tip? Tell us
