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by Jennifer Bailey
Commercial-News.com

DANVILLE — The Village Mall could be having a comeback.

The mall has been in foreclosure since last year, but a company is close to buying it and bringing two large anchor stores with it to the former Goody’s and Hobby Lobby spaces.

The city council Tuesday will consider approving a redevelopment agreement with T Danville Mall LLC, a Texas limited liability company.

Mayor Scott Eisenhauer said the company must be successful in purchasing the mall, in which a deal could close in the next few weeks.

The company also is negotiating lease agreements with the two stores, and the mall sites must be renovated.

The stores could open in October.

Eisenhauer said he couldn’t yet name the two well-know national retailers not currently in Vermilion County. Each represent retail categories that are experiencing 50 percent leakage in the Danville market, he added.

The stores combined projected sales would be approximately $7.5 million.

As an incentive package, the city will provide up to 50 percent of the home rule sales tax generated by each store for a five-year period. But that total shall not exceed 50 percent of the total redevelopment costs.

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