It's the biggest development in and it's ready to grow again. Tuesday night, the Village Board didn't have to think too hard about a decision to expand CherryVale Mall. Expect to see more upscale stores, restaurants, and more traffic. All of that adds up to some major revenue coming into the Village of Cherry Valley.
With the village's blessing the mall is going to expand the south west side near Bergner's. In all over the next year 60,000 square feet is going to be developed. This extra money is great for the village since they don't levy property tax, everything is done through sales tax. The village gave the mall a sales tax rebate agreement. That means they will offer back a portion of the 1% sales tax to the mall.
Village President Jim Claeyssen says, "It's 80% of their infrastructure and improvements. There's a 7 year timeline as it was explained it's half of 1% of sales tax dollars."
The mall is expected to break ground this fall. You may remember that in October of 2004 the mall went through a major facelift. For the first time in years the mall is close to 100% occupancy. The addition should be complete for the 2007 holiday shopping season.