A sales tax planned to help redevelop the old Northshore Square Mall may be less after the development plans were reconstructed.
According to a news release issued by Slidell Mayor Bill Borchet, the Northshore Square Economic Development District originally planned for a 1 percent sales tax to help redevelop the mostly empty mall space.
Borchert said that those plans were recalibrated, and a tax of 0.07 will be introduced instead.
According to Borchert, this reduced tax will essentially be a net neutral rate for the expanded district.
The district will also allow private investors to lead the redevelopment instead of seeking a full acquisition.
The private investor in place already has a purchase agreement for two of the large box stores at the mall, which would prevent the city from being able to buy the entire property.
Borchert said this will provide more support to ensure long-term success for the site.
“We are excited about this investment and look forward to working with this local company to help them expand in our market,” said Borchert.
The City of Slidell and NSEDD have withdrawn their request to appear before the Bond Commission over the 1 percent tax.
READ MORE:Slidell mayor says 1 percent tax may not be necessary for Northshore Mall redevelopment
