MIDLAND, Texas (Local 2/Fox 24) - With Sears closing stores nationwide, a large location at the Midland Park Mall was left unoccupied.
But, Simon and the City of Midland have reached an agreement on how to press forward and bring in new business.
The agreement reached during city council meeting on Tuesday is created to find new businesses to bring to the location.
Simon is set to re-develop the location and find new tenants.
Specifically, Simon has agreed to demolish the old Sears location and construct at least 150,000 square feet of new retail.
Meanwhile, sales tax generated by the new tenants will be reimbursed from the one percent general sales tax the city receives from the state.
"We would like to sincerely thank the City of Midland for their great assistance in helping Simon redevelop the Sears parcel at Midland Park Mall and look forward to exciting changes at the property," said Rod Vosper, Vice President of Development at Simon.
The total amount of reimbursement is capped at $7.5 million or 12 years.
Mayor Jerry Morales said the agreement would benefit both parties as well as residents of Midland.
“This agreement is a win-win. With the closure of Sears, we have the opportunity to bring more shops and services to Midlanders,” Morales said.
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