COLUMBUS, Ind. — City officials have given final approval to appropriating more than $4 million for the purchase of the FairOaks Mall in a transaction scheduled to close in December.
The Columbus City Council on Tuesday voted 6-0 to pass a final reading of an ordinance appropriating $2.25 million in Economic Development Income Tax (EDIT) funds toward the purchase amount, $1,337,500 from the city’s general fund and up to another $200,000 in EDIT funds for due-diligence costs, estimated closing costs and necessary capital reserves.
The council also passed a separate ordinance appropriating $500,000 from the Columbus Parks and Recreation Department’s general fund reserves that will be used for the purchase of the mall.
Please read Thursday’s edition of The Republic for more details.
