Bangor Mall’s owner, citing hardships, seeks tax break
Simon Property Group of Indianapolis has asked the Bangor Assessor’s Office to lower the appraised value of the Bangor Mall, from $60.9 million to $32 million, which would halve the $1.4 million in property taxes that it must pay for the fiscal year from July 11, 2017, through June 30, 2018.
The Bangor Daily News reported that in a Jan. 8 letter to the city Simon Property Group cited economic hardships, including sales declines, increased occupancy costs and vacancies that include the closing of Macy’s and the upcoming closures of Sears. The City Council passed a motion Monday for $10,000 to hire law firm Jensen Baird Gardiner & Henry for legal services related to the abatement request and a possible outside appraisal by the city, city assessor Philip Drew told the BDN.
The mall also has a new temporary owner. LNR, the company servicing Simon’s defaulted loan on the mall, formed a Maine-based company to handle the mall’s property for it and the loan trustees.
Rather than letting the mall go into foreclosure, Steve Jellinick, vice president at Morningstar Credit Ratings, which rates loans like Simon’s, told the BDN that Simon handed over the property to expedite its sale by the trustees.
The mall’s website was taken down recently and redirected to the Simon Property homepage.
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