The Manitowoc Common Council is taking the next step to do something with the former Lakeshore Mall property.
The council approved a project plan to start creating a Tax Increment District or TID Joint Review Board for any future development on the property.
Mayor Justin Nickels explained on WOMT’s Be My Guest program that the city created the district to capture the new growth that will be there and for helping with the demolition.
“They’re starting to rip up the parking lots,” he stated. “We took down some trees and things that we needed to just take care of because of ash and all that. The building itself, asbestos abatement should be happening as we speak or pretty soon here in the building. Once that’s completed, it will be torn down.”
Nickels continues, saying the county, Lakeshore Technical College, and Manitowoc Public School District all have a say in the district because all the new taxes go toward paying the debt on the property.
He also says this proposal still needs to go through the TIF Joint Review Board for final approval before anything gets started.
The city bought the property earlier this year and officially owned it in May.
After everything is either torn up or knocked down, the city plans to get the land ready for development.
The property’s closing cost was about $5.3 million, while the demolition will cost about $925,000.