(West Des Moines, IA) -- The redevelopment of the Valley West Mall area could cost the city more than $100-million dollars.
The redevelopment project calls for the mall to be demolished to make room for new housing, retail, restaurants, a hotel and a green space on the 60-acre site.
A new tax increment financing district (TIF) would be created to provide incentives for the developer of the Valley West Mall.
That's according to the new Urban Renewal Plan for the area that will be considered next week by the West Des Moines City Council.
The plan says the TIF can provide cash, grants, loans tax rebates or other incentives to developers or private entities in connection with the project.
It also calls for the city to sell to 110-million dollars in general obligation bonds to help finance the project.
The council agenda says the city is still negotiating a detailed development agreement with developer, Valley West Redevelopment LLC.
The West Des Moines City Council meets next Tuesday to vote on the financing package for the Valley West Mall project.