City offers help to businesses leaving mall
Forgivable loan program established
As the Crossroads Mall is gradually transformed into Corridor Plaza, the name and the appearance of the property won’t be the only things changing.
Some businesses have moved out of the mall and others may follow.
The City Council on Monday set up a loan program to help those businesses that move out of the mall and reopen in Fort Dodge.
The council also set aside $150,000 for the program.
Those moves were made on two unanimous votes.
Mall tenants that will be moving out, or have moved out since Jan. 1, 2020, and reopen in Fort Dodge within a year of moving will be eligible for forgivable loans of up to $10,000.
The loans can be used to pay for:
Printing business cards, invoices and other materials with the new address.
Making improvements at the new location.
Loans will be forgiven over a two-year period, beginning on the date the business reopens at the new location. Half of the loan will be forgiven at the one-year anniversary of reopening the business. The other half will be forgiven on the two-year anniversary.
For more information on the program, contact Vickie Reeck, community and economic development manager, at 576-4551, ext. 1243.
Crossroads Plaza Development LLC, of Ankeny, the owner of the mall property, is transforming the site from a large enclosed mall to a collection of multi-use buildings. An outdoor plaza for recreation and live entertainment has also been proposed.