UPDATE: The owners of Northgate Mall say it desperately needs upgrades to avoid further decline.

Chattanooga's Industrial Development Board gave initial approval on Monday to a project that would help revitalize the area.

The $15 million project would upgrade the more than 50-year-old mall's sewer system. The plan is for the city and county to loan the mall $15 million, which would eventually be paid back with mall revenue.

A presentation prepared by the City of Chattanooga explained that the property's value has tanked by nearly half in the past decade.

In 2017, the appraised value of the mall was $50,000,000.

In 2024, the appraised value of the mall was $28,000,000.

Now, the city is asking for a public partnership to save it.

"Chattanooga has an opportunity to avoid a negative

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