Grand Island City Council Reduces Bond Amounts for Mall Project

The Grand Island City Council voted 9-0 on September 22 to reduce the bond amounts for Northwest Commons, which is part of the Grand Island Mall Project. The Staenberg Group, owner of the project, requested the reduction because projected TIF and EEA amounts would not be reached before the bonds expire. The original TIF bond was issued for $5.6 million, and the current balance is $3,518,572, with the group requesting a reduction to $1.6 million.

The reduction changes the financial structure of the Northwest Commons project. The City Council determined that the fiscal impact of the reduction would be in the best interest of the city and citizens, and that there would be no additional liability for the city.