LONGMONT - The Twin Peaks Mall redevelopment project will receive up to $33 million in public financing following a 6-1 vote Tuesday night by the Longmont City Council.

The owner of the mall, NMMS Twin Peaks LLC, plans to redevelop the mall into a 470,000-square-foot retail center with a large movie theater, club warehouse retailer and natural grocer as major tenants. Retailers, restaurants and the theater will be in a village-style open-air arrangement.

NMMS Twin Peaks LLC, part of Fort Collins-based Newmark Merrill Mountain States, purchased the mall out of bankruptcy last year for $8.5 million. The estimated cost of the makeover is $80 million, according to Newmark Merrill.

The agreement is between the developer, the city, the Longmont Urban Redevelopment Authority and the Twin Peaks Metropolitan District. The certifications of participation and special revenue bonds used to finance the project are to be repaid from new property- and sales-tax revenue the mall generates.

The agreement has a number of conditions, including what kind of tenants Newmark Merrill must find and the amount of taxable sales per square foot they must generate. It also requires work to begin construction by Dec. 31 and be completed by Dec. 31, 2015.

The major component of the deal is a $27.5 million special revenue bond to be issued by the Longmont Urban Renewal Authority, according to a memo provided by the city. Over 25 years, the mall could generate $94.3 million for Longmont, while the total debt obligation over that time could reach $45.5 million.

Councilwoman Sarah Levison voted against the agreement.

Representatives of the city and Newmark Merrill could not be reached Wednesday morning.