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The demolition of the former Mid-cities and Lakeshore Mall properties won’t be coming from taxpayer dollars.
Mayor Justin Nickels tells Seehafer News that the money is coming through the TIF or Tax Increment Financing District that’s already in place.
The city also got a three-year loan from Manitowoc Public Utilities to help cover costs.
Nickels notes that MPU rates will not be going up because of the loan because of how good of financial shape it’s in.
The project will also not increase property taxes either because of newly generated taxes that are from the area.
BEST Enterprises will be tasked with the project to demolish the former Younkers store and parking lot before it’s seeded.
The entire project will cost about $925,000.
Nickels announced last week that the city officially owns the three parcels of property after working on what to do with the property over the last fifteen years.
