The Laurel City Council unanimously approved legislation at Monday’s City Council meeting authorizing the mayor to issue nearly $16 million in bonds to help finance the Laurel Commons redevelopment.
The tax increment financing, which will occur at a later date is based on the expectation that the city’s expenditures will be offset by increased property values. The Laurel mall TIF would help pay for public improvements like a parking structure on the southeastern portion of the property and a bus hub.
Until the economy recovers, mall owners Somera Capital Management are finding temporary owners to occupy the small.
David Ayer, senior general manager of Laurel Commons, said the mall recently signed temporary contracts for five new tenants, including the skate park Good Vibes Central, massage parlor Healing Touch, STM Digital Photos and two restaurants in the food court. He added that eight more are slated to be coming.

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