A public meeting was held in Valley Stream Wednesday to discuss the sudden tax hike that might be forced upon residents.

As News 12 Long Island has reported, the Hempstead Town Industrial Development Agency recently approved tax breaks for Green Acres Mall. The agreement beginning in 2017 would have the mall pay about $14 million a year for the next 10 years, considerably less than the $18 million to $20 million it pays now. Valley Stream residents could see their tax bills go up anywhere from $300 to $750 a year.

The lawyer for the IDA says the plan was approved two years ago when the Green Acres Mall was in disrepair.

"The amount of money that was being paid in taxes was disproportional to the value at that time," says John E. Ryan.

Since then, he says mall owners renovated the shopping hub, creating jobs and boosting sales revenue. He says the IDA didn't expect the current public backlash.

Town officials say if the IDA doesn't reverse its decision, they will call on members to resign.

The lawyers for the IDA tell News 12 that they will listen to what people are saying and that the agency is in the process of re-evaluating its decision.