An apprehensive City Council, fearing the loss of a developer for the proposed expansion of the Fashion Plaza mall, on Monday put negotiations with May Centers Inc. on hold for 30 days to allow the developer to reevaluate its plans.
May Centers officials, who have tentatively agreed to undertake the $40-million mall face lift with owner Sylvan Shulman, said they have become increasingly uneasy about the apparent 3-2 council split over the terms of the expansion. Councilmen Brad McFadden and William Tarozzi have said they oppose the agreement because of the city's financial commitment.
Under the May Centers-Shulman proposal, the city and its Redevelopment Agency would give the developers up to $90 million in anticipated revenues over the 30-year life of the agreement, according to city staff estimates.
Mayor Robert L. Bacon said he is upset by the setback to what has been termed a crucial makeover for the city's major retail center. "I'm worried, yes," he said. "I do not know what May Co.'s view is, whether they are tired of what is happening in our city. They may just decide there's another place to go spend their money."