The retail asset was acquired by ALTO's Fund 3 for nearly $38 million.

Cross Roads Plaza is anchored by a 70,818-square-foot ShopRite, which makes-up 71% of the property's gross leasing area and 58% of the gross income. The grocer's lease term runs through 2024.

Those proposed reforms, which affect how TIF spending occurs within existing districts, will increase transparency for future TIF allocations while establishing new guidelines for TIF spending, internal review and approval processes and public disclosures, according to the mayor.