File photo. Officials announced plans for the Linwood Shopping Center last year.
Redoing the Linwood shopping center is risky, but the city is moving toward it.
The planning and zoning committee on Wednesday recommended full council approval for two ordinances for the $14.9 million project.
One would be the first step toward approving $13.25 million in bonds.
The other would start the Tax Increment Financing approval for it.
The city has already purchased the property at 31st Street and Prospect for $1.2 million.
The project would demolish a grocery store there that has been closed since 2007 and replace it with a new 38,000 square feet grocery.
It would also renovate 26,500 in retail space and provide 271 parking places, officials said, but all agreed it was risky.
Even if the center performs as financially projected, the city could be on the hook for at least $500,000 a year to pay for bonds and interest for two decades or more, they said.
Councilman Scott Taylor, chair of the committee, said the city had to act to build up an area of the city that needs it.
“We’re doing more here because we need to do more here to get the project done,” he said.
Who’s talking