In doing so, though, the city took upon itself the obligation of the maintenance and ongoing security of the facility, according to Jacob Schulte, program manager for Middletown’s community and economic development department.
He has been working closely on the Towne Mall redevelopment project. Part of that, he said, is the “active asset management” of the mall itself.
Credit: Nick Graham
Credit: Nick Graham
“In doing a liquidation auction that follows procurement policies and procedures for us to properly dispose of it, it allows the city to make some additional revenues, offset the maintenance and management of the facility...it cleans out the area and again, gets rid of something that may otherwise have been universal waste in a demolition or a redevelopment.”
As for a revenue goal, Schulte said there is not a specific number in mind. “We’re just kind of going to see what the market brings. Any additional revenue for the city is going to be a great value add for the redevelopment of the site.”
After the auction, Towne Mall next steps include interviewing and providing recommendation to council for the top three finalists from the city’s request for qualifications, or RFQ, which is a document used to obtain proposals from potential developers to assess their qualifications and capabilities.
These were presented at the city council meeting on Tuesday, Feb. 18.
After one of three finalists is chosen, there will be a pre-development agreement.
There is no cost to the city for the RFQ process itself. Once there is a pre-development agreement, the developer chosen will identify what the cost would be for the redevelopment.
“If there’s an ask of the city for additional support...that’s where [a cost] is identified,” Schulte said.
On Saturday, April 12, the sale will begin at 11 a.m. with a preview at 9 a.m. until auction time. Saturday’s auction will include the liquidation of the contents of the Funke People Store, including brand-new coats, jeans, t-shirts and purses, among other things.
The Funke People Store is around 3,500 square feet, but was so “packed” that some of the items were moved to the Dunham’s Sporting Goods, which is around 17,000 square feet, according to auctioneer Dave Lunsford.
On Sunday, April 13, the auction will begin at 1 p.m. with a preview at 11 a.m. until auction time. Items for sale include the remainder of Funke People and the “entire contents” of the Towne Mall, including fixtures, benches, lighting, shelving, kiosks and tables.
Schulte is hoping for a good turnout. “There’s something there for everybody,” he said.
Dave Lunsford Auctioneers will hold the auction. A food truck will be on site both days. The entrance is between the Planet Fitness and Burlington at 3641 Towne Blvd.
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