November 21, 2016

Foothills mall sales tax returns falling short of projections

With developers still working to lease all of the space available at the redeveloped Foothills mall in Fort Collins, the city’s sales tax revenue is taking a hit.

The Coloradoan reports that city officials are expecting to collect only about half of the $8.6 million in sales tax revenue they’d projected for Foothills this year. That’s in part because only 63 percent of the mall’s retail space is leased, though developers expect to be at 80 percent with in a year, the paper notes.

The city of Fort Collins contributed $53 million to the $313 million redevelopment project, the first phase of which opened about a year ago.

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With developers still working to lease all of the space available at the redeveloped Foothills mall in Fort Collins, the city’s sales tax revenue is taking a hit.

The Coloradoan reports that city officials are expecting to collect only about half of the $8.6 million in sales tax revenue they’d projected for Foothills this year. That’s in part because only 63 percent of the mall’s retail space is leased, though developers expect to be at 80 percent with in a year, the paper notes.

The city of Fort Collins contributed $53 million to the $313…

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