City council to approve final deal on Cottonwood Mall

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(KSL News) The final deal to make the renewed Cottonwood Mall a reality should be in place by the end of the week.

The Salt Lake Tribune reports Holladay's city council plans to approve the final development deal with mall owner General Growth Properties Thursday evening.

General Growth says the new shopping area will be a mixed-use development of shops, residences, offices, riverside trails and a public plaza.

Holladay has agreed to chip in $96 million of new property taxes that are expected from the project over a 20-year period.

Ninety-five percent of the demolition is done on the original structure, which was built in 1962. The new mall is expected to open in 2010.

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