A Once Dying Mall in Southern Illinois Is Getting a Mighty Makeover, Thanks to $112M Bond Deal- but the Project Has Hit a Speed Bump

Capitol News Illinois | A once dying mall in Southern Illinois is getting a mighty makeover, thanks to $112M bond deal — created by the state and backed by local tax money — but the project has hit a speed bump

One of three developers entrusted by state and city of Marion officials to oversee a multimillion redevelopment project — a key to the region’s economic health and publicly backed by a $112 million bond deal — was on the verge…

A Once Dying Mall in Marion is Getting a Mighty Makeover, Thanks to $112M Bond Deal, But The Project Has Hit a Speed Bump – Illinois Answers Projects

The bonds, modeled after an initiative with the same name in Kansas, were created by Illinois law more than a decade ago to allow governments to pay for construction, land acquisition and other project costs with future sales taxes generated by the development. The bonds are fulfilled in 30 years but payments must be every six months.

A once dying mall in Southern Illinois is getting a mighty makeover, thanks to $112M bond deal- but the project has hit a speed bump

Officials in Marion say the massive redevelopment is on track, but one of the three main developers has already dropped out, facing a slew of lawsuits

A Once Dying Mall in Southern Illinois is Getting a Mighty Makeover, Thanks to $112M Bond Deal, But The Project Has Hit a Speed Bump

MARION, Ill.  — One of three developers entrusted by state and city of Marion officials to oversee a multimillion redevelopment project — a key to the region’s economic health and publicly backed by a $112 million bond deal — was on the verge of being sued for millions of dollars before ground was broken, court records show. Jerry Barrass, an original member of the three-person master developer team and the main contractor on the taxpayer-suppor…