The redevelopment project in Marion, Illinois, is set to receive a significant boost through public backing from a $112 million bond deal. This effort aims to transform a stagnant shopping mall into a vibrant entertainment and commercial district. However, the project has encountered challenges, primarily related to one of the developers, Jerry Barrass.
$112M State Bonds for Marion Mall Revitalization
Barrass, a key member of the development team, owns nearly 20% of the land involved in this 466-acre project. He faces multiple lawsuits, including a pending foreclosure on 90 acres within the redevelopment zone. This situation raises concerns about the future of the project, as changes to land ownership could necessitate new feasibility studies under state law.
Current Project Status
Despite these challenges, the remaining partners, Rodney Cabaness and Jeremy Shad Zimbro, have reportedly bought out Barrass’s interests and are pushing forward. They ensure that the project is progressing, having already utilized approximately half of the available bond funds.
- The initial phase includes:
- A fieldhouse featuring an interactive golf driving range.
- A family entertainment center with bowling, go-karts, and laser tag.
- A Hampton Inn hotel, slated to open in summer 2024.
- City officials remain optimistic, asserting that plans for future attractions are underway.
Challenges and Changes
Local developers are exploring various attractions for the project. An abandoned bid for a cricket stadium illustrates the hurdles faced, as state regulations require key venues to be within an hour of a major airport. While investors are focused on current attractions, Barrass’s financial issues have cast uncertainty over the project’s trajectory.
Barrass’s companies have over a dozen lawsuits ongoing, with significant debt affecting their ability to contribute to the project. Cabaness admitted he was unaware of Barrass’s financial troubles prior to the lawsuits. Despite these setbacks, Cabaness and Zimbro are now responsible for managing contract work and ensuring the project’s success.
The Economic Impact of the Project
The Marion redevelopment is more than just a mall revival; it’s projected to create 1,500 new jobs and generate significant annual revenue for the region, offering much-needed economic stimulation in an area facing stagnant population growth.
Under the STAR Bonds financing plan, sales tax revenue generated from the project will be used to repay the bonds, with investments aimed at revitalizing the local economy. Marion officials envision that the new attractions will draw tourists, boosting not only the local economy but also enhancing the quality of life for residents.
Current Developments
The project is the first in Illinois utilizing STAR Bonds, introduced to help municipalities fund large-scale developments. Recent legislative support indicates a broader adoption of this financing method, which helps mitigate local government financial risks if the development does not meet revenue expectations.
In a recent unveiling, Cabaness and Zimbro showcased the first phase of the project within the transformed Illinois Centre Mall, now rebranded as Marion Oasis. This will serve as a hub for recreational vehicles and powersports merchandise, alongside other anticipated retail and entertainment offerings.
While uncertainties linger regarding Barrass’s involvement and financial status, local officials remain focused on the overall vision of turning the Marion mall into an attractive destination for both residents and visitors alike.
