Look for construction at Worthington Square to begin later this spring and be complete by next Christmas.

Look for construction at Worthington Square to begin later this spring and be complete by next Christmas.

That will be possible because the new mall owners have received a loan from WesBanco to fund the center's full-scale renovation and subsequent leasing, it was announced on Tuesday.

The amount of the loan was not announced.

"We are excited to receive this vote of confidence from our lender," said Bill Morris, one of the managing principals for Worthington Square Venture.

That company, which includes Worthington resident Tom Carter, purchased the struggling mall in December.

The 138,000-square-foot, mixed-use center is scheduled for a complete renovation, including the removal of some of the roof, returning the north end of the center to an outdoor venue; upgrading circulation; adding new landscaping; outdoor and indoor fireplaces; new furniture and fixtures; indoor and outdoor play areas; and environmentally friendly energy management and lighting systems.

Additional funding will support tenant improvements.

No new tenants have been announced, but Chico's, First Watch and Talbots recently signed long-term leases.

Last week, it was announced that Insight Bank plans to purchase the former Dalt's restaurant and adjoining office building at 140-150 W. Wilson Bridge Road. It is an outparcel of the mall and was included in the sale of the mall.

Mall developers also will have money for renovation and additions coming from the city in the form of 30-year tax increment financing (TIF), which will divert money from taxes back into the cost of redeveloping the mall.

The city will forgo 100 percent of the property taxes on the increased value of the mall, and the Worthington school district will forgo 15 percent to 20 percent of the property tax dollars it would be due.

Because of the type of TIF approved, developers can use the tax money on a wide variety of improvements.

"We see tremendous potential for Worthington Square and are pleased to provide funding for the substantial renovation," said Dave Duncan, senior vice president of WesBanco. "We believe the renovation will enhance the value of the center for everyone - owners, investors, shoppers and the community of Worthington."