MASON CITY | The owner of Southbridge Mall said Monday he intends to pay the more than $230,000 in back property taxes and assessments he owes and will be making a payment next week.
Mike Kohan of Kohan Investments, Great Neck, New York, doing business as Southbridge Mall Realty Holdings LLC, owes $216,690 in property taxes dating back to when he purchased the mall for $1.5 million in September 2016.
In addition, his company owes an extra $14,552 for its part in the 2011 Federal Avenue Streetscape assessment. That assessment is spread over a 10-year installment with payments due each September.
MASON CITY | The owners of Southbridge Mall have paid no property taxes since purchasing the…
Kohan said he is excited about the plans for the mall, including an ice arena/multipurpose center that is part of the River City Renaissance project.
"There are a lot of pieces to that. I promise to do my part," he said.
He said he will be in contact with the treasurer's office within the next week to discuss the back taxes.
In October 2017, Kohan paid $28,190 on two tax sale properties but has not made any other payments.
The property taxes figure into the River City Renaissance project because they are to be used to pay part of the city's costs in the mall-related part of the overall project.