Exhibit 10.244

                              BOND PLEDGE AGREEMENT

THIS BOND  PLEDGE  AGREEMENT  (this  "Agreement")  dated as of June 9, 2004,  is
between GM OLATHE,  LLC, a Delaware limited  liability  company (the "Pledgor"),
and MORGAN STANLEY  MORTGAGE  CAPITAL INC., a New York corporation (the "Secured
Party"),  and is acknowledged  and agreed to by THE HUNTINGTON  NATIONAL BANK, a
national bank ("Huntington").

                                    RECITALS:

     A. The  City of  Olathe,  Kansas  (the  "Issuer")  issued  up to a  maximum
principal  amount of $120,000,000  of Industrial  Revenue Bonds (Olathe Mall LLC
Project), Series 1996A and 1996B (collectively,  the "Bonds"),  pursuant to that
certain Trust Indenture dated as of June 1, 1996 (the "Indenture"),  between the
Issuer and Huntington, as Trustee.

     B.  Pledgor  agreed to  purchase  the  Bonds  pursuant  to a Bond  Purchase
Agreement  dated as of June 1, 1996,  among Pledgor,  as borrower,  Pledgor,  as
purchaser, and the Issuer.

     C.  Pledgor has agreed to pledge the Bonds to the  Secured  Party to secure
certain indebtedness owing from the Pledgor to the Secured Party.

     NOW,  THEREFORE,  in  consideration  of the premises and for other good and
valuable  consideration,  receipt of which is hereby  acknowledged,  the parties
hereby agree as follows:

     1. Security  Interest.  To secure the payment and  performance  of each and
every debt,  liability and  obligation of every type and  description  which the
Pledgor may now or anytime  hereafter  owe to the Secured Party (all such debts,
liabilities  and  obligations  being  herein  collectively  referred  to as  the
"Obligations"),  Pledgor hereby grants Secured Party a first- priority  security
interest in the Bonds.  To perfect this  security  interest,  Pledgor  agrees to
deliver possession of the Bonds to the Secured Party.

     2. Representations,  Warranties and Covenants. Pledgor represents, warrants
and  covenants  that:  (a) Pledgor  will duly  endorse,  in blank,  the Bonds by
signing on the Bonds or signing a separate  document of  assignment  or transfer
satisfactory  to the Bank;  (b) Pledgor is the owner of the Bonds free and clear
of all liens, encumbrances, adverse claims, security interests and restrictions;
(c)  Pledgor  will keep the Bonds  free and  clear of all  liens,  encumbrances,
adverse claims,  security interests and restrictions,  other than those in favor
of the Secured  Party;  (d) upon  delivery to the Secured  Party of the security
certificates  evidencing the Bonds, the security interest granted to the Secured
Party will constitute a valid,  perfected first- priority  security  interest in
the Bonds,  free from any adverse  claim;  (e)  Pledgor  will not enter into any
agreement or undertaking  restricting  the right or ability of the Secured Party
to sell,  assign or transfer any of the Bonds; (f) Pledgor will not transfer the
Bonds to any other party without the express  written  consent of Secured Party;
(g) if Pledgor's interest in that certain

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Lease Agreement dated as of June 1, 1996 between the City of Olathe,  Kansas, as
landlord,  and  Pledgor's  predecessor-in-interest,  as tenant,  is  assigned to
another party, Secured Party shall have the right to require Pledgor to transfer
the interest of Pledgor in the Bonds to such party,  subject to this  Agreement;
(h) from July 2, 1996 through the date hereof, Pledgor has received all payments
of  principal  and  interest  due on the  Bonds  whether  or  not  paid  through
Huntington,  and no amount is due and owing on the Bonds as of the date  hereof;
and (i) Pledgor hereby selects LIBOR as the current  Permitted Index (as defined
in the Bonds)  and the period  commencing  on the  fifteenth  (15th) day of each
calendar month and ending on (and  including)  the fourteenth  (14th) day of the
following  calendar  month as the  current  Interest  Period (as  defined in the
Bonds) for the Bonds from the date hereof and shall  provide  written  notice to
Huntington of any changes to that Permitted Index and Interest Period.

     3. Rights of Secured Party.  The Secured Party agrees that Pledgor shall be
entitled to receive all payments on, redemption  premium or other  distributions
with respect to the Bonds and shall retain all voting rights with respect to the
Bonds  until an Event of Default (as  hereafter  defined)  shall have  occurred.
Following  the  occurrence of an Event of Default,  all interest,  dividends and
distributions  shall be paid to the  Secured  Party and all voting  rights  with
respect to the Bonds shall be vested in the Secured Party.  Huntington  shall be
required to make such  payments to the Secured  Party only if the Secured  Party
has given  written  notice of the Event of Default to  Huntington  and  provided
written  instructions to Huntington for payment. If, following the occurrence of
an Event of Default,  Pledgor shall come into  possession of any such  interest,
dividends or  distributions,  Pledgor shall hold them in trust,  segregated from
Pledgor's  other  property,  for the benefit of the Secured  Party and forthwith
deliver them to the Secured Party.

     4. Default and Remedies. Each of the following occurrences shall constitute
an event of default under this Agreement  (herein called an "Event of Default"):
(i)  Pledgor  shall  fail to pay any or all of the  Obligations  when due or (if
payable on  demand)  on demand or shall  default  under any  material  agreement
governing the Obligations with the Secured Party; (ii) Pledgor shall voluntarily
file or have  involuntarily  filed against it a petition under the United States
Bankruptcy  Code; or (iii) an Event of Default (as defined  therein)  shall have
occurred and is continuing  under the Lease  Agreement  dated as of June 1, 1996
(the "Lease Agreement"), between the Pledgor, as lessees, and the Issuer.

     Upon the occurrence of an Event of Default,  the Pledgor  agrees,  upon the
request of the Secured Party, to take all action necessary to transfer ownership
of the Bonds to the Secured Party. Additionally,  the Secured Party may exercise
any and all rights and  remedies  available  against  Pledgor  upon default to a
secured party under New York law and the Uniform Commercial Code. All reasonable
expenses  and  attorney's  fees  incurred by the Secured  Party or its agents in
connection  with the exercise of remedies  hereunder shall be payable out of the
proceeds of any disposition of the Bonds and shall constitute Obligations.

     5. Waivers by Pledgor.  None of the following acts or things (which Secured
Party is authorized to do or not to do with or without  notice to Pledgor) shall
in any way affect or impair the security  interest or Pledgor's  liabilities and
obligations  hereunder:  (a) any extension or renewal (whether or not for longer
than the original  period) of any or all of the  Obligations;  (b) any change in
the terms of payment or other terms of any or all of the


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Obligations,  or any  substitution  or exchange of any evidence of any or all of
the  Obligations or collateral  therefore,  or any release of any collateral for
any or all of the Obligations; (c) the failure or neglect to protect or preserve
any Obligation or any collateral therefor, or to exercise any right which may be
available to the Secured Party by law or agreement prior to or after an Event of
Default or a default under any other agreement, or any delay in doing any of the
foregoing;  (d) the failure or neglect to  ascertain or assure that the proceeds
of any  loan  to  Pledgor  are  used  in any  particular  manner;  and  (e)  the
application or failure to apply in any particular manner any payments or credits
upon the Obligations.

     6. Consent to Bonds,  Transfer of Property and Mortgage.  The Secured Party
hereby consents to the borrowing of the proceeds of the Bonds by the Pledgor, as
borrower, and the transfer of the Project (as described in the Lease (as defined
in the Indenture)) from the Pledgor to the Issuer,  and the lease of the Project
from the Issuer to the Pledgor. The Secured Party is the holder of a mortgage on
the Project  securing  $30,000,000  and dated June 9, 2004,  to be submitted for
recording and to be filed with the Johnson County  Recorder's office on the date
hereof (the  "Mortgage").  The  Secured  Party  consents to the  transfer of the
Project  to the  Issuer  and the  lease of the  Project  from the  Issuer to the
Pledgor pursuant to the Lease  Agreement.  The Secured Party agrees that it will
not declare the debt secured by the Mortgage due as a result of such transfers.

     7.  Miscellaneous.   This  Agreement  can  be  waived,  modified,  amended,
terminated or  discharged,  and the Bonds can be released  only  explicitly in a
writing signed by Secured Party.  This Agreement shall terminate upon payment in
full or cancellation of the Bonds.  Pledgor will reimburse Secured Party for all
expenses,  including  legal fees,  incurred by Secured Party in the  protection,
defense or enforcement of this  Agreement,  including  expenses  incurred in any
litigation  or bankruptcy or insolvency  proceedings.  This  Agreement  shall be
binding  upon and inure to the benefit of Pledgor  and  Secured  Party and their
respective heirs, representatives,  successors and assigns and shall take effect
when signed by Pledgor and delivered to Secured Party.  The laws of the State of
New York shall govern this  Agreement.  If this Agreement is signed by more than
one person as Pledgor, the term "Pledgor" shall refer to each of them separately
and to both or all of them  jointly;  all  such  persons  shall  be  bound  both
severally and jointly with the other(s); and all property described in Section 1
shall be included as part of the Bonds,  whether it is owned  jointly by both or
all Pledgors or is owned in whole or in part by one (or more) of them.

     8. Further  Assurances.  To further secure the indebtedness and obligations
of Pledgor to the Secured  Party,  Pledgor  agrees to take such  action,  and to
execute  and  deliver,  from  time to  time,  any and  all  additional  security
agreements,   guaranties,  financing  statements,  notices  of  lien  and  other
collateral  documents,  which the Secured Party may deem necessary or advisable.
If any amount  payable under or in connection  with any of the Bonds shall be or
become evidenced by any promissory note, other instrument or chattel paper, such
promissory note, other instrument or chattel paper shall be forthwith  delivered
to the Secured  Party,  duly  indorsed in a manner  satisfactory  to the Secured
Party, to be held as collateral hereunder.

     9.  Attorney-in-Fact.   (a)  Pledgor  hereby  irrevocably  constitutes  and
appoints the Secured Party and any officer or agent of the Secured  Party,  with
full power of substitution,  as its true and lawful  attorney-in-fact  with full
irrevocable power and authority in


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the place and stead of  Pledgor  and in the name of  Pledgor  or in the  Secured
Party's own name, from time to time in the Secured Party's  discretion,  for the
purpose  of  carrying  out the  terms  of this  Agreement,  to take  any and all
appropriate  action and to execute any and all documents and  instruments  which
may be  necessary or desirable  to  accomplish  the purposes of this  Agreement,
including,   without  limitation,   any  financing   statements,   endorsements,
assignments or other instruments of transfer.

     (b) The Pledgor hereby  ratifies all that said attorneys  shall lawfully do
or cause to be done  pursuant to the power of attorney  granted in Section 9(a).
All powers,  authorizations and agencies contained in this Agreement are coupled
with an interest and are irrevocable  until this Agreement is terminated and the
security interest created hereby are released.

     10.  Limitation on Secured  Party's  Duties.  The Secured Party's sole duty
with respect to the custody,  safekeeping and physical  preservation of Bonds in
its possession, under Section 9-207 of the Uniform Commercial Code or otherwise,
shall be to deal with it in the same  manner as the  Secured  Party  deals  with
similar property for its own account.

     11.  Representations  and Covenants of Huntington.  (a)  Huntington  hereby
represents and warrants as of the date hereof as follows:

     (i) The outstanding principal balance of the Bonds is $80,000,000.00.

     (ii) Pledgor is the registered holder of the Bonds.

     (b) Huntington  hereby recognizes the restrictions on transfer of the Bonds
contained herein and hereby covenants not to record any transfer of the Bonds as
effective without the express written consent of the Secured Party.

     12.  Offset of Basic  Rent  Payments.  So long as  Pledgor  is the owner or
beneficial  owner of 100% of the Bonds and the lessee under the Lease Agreement,
the parties  hereto agree that Pledgor may, and Pledgor hereby elects to, offset
all payments of Basic Rent owned by it against all of the principal and interest
next due or then due to it as owner of the Bonds;  Pledgor shall continue to pay
any and all Additional  Rent as required by the Lease  Agreement.  This election
shall remain in effect as to all future Basic Rent payments  until Pledgor shall
give written  notice to  Huntington  revoking  this offset  election and Secured
Party  shall give its  consent  thereto.  In order to  document  such Basic Rent
payment offsets, each Basic Rent payment offset will be evidenced by appropriate
entries in the  financial  records of the Pledgor  without the  necessity of any
transfer of funds on the part of Pledgor.  For purposes of the Lease  Agreement,
the  amount of Basic Rent  payment  so offset by  Pledgor  shall be treated as a
Basic Rent payment made,  paid and credited to Pledgor on the  applicable  Basic
Rent payment date.


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     Agreed to this 9th day of June, 2004.

                 PLEDGOR:

                 GM OLATHE, LLC, a Delaware limited liability company

                 By: GM MEZZ, LLC, a Delaware limited liability company,
                     its sole member

                     By:  GREAT PLAINS METROMALL, LLC, a Delaware
                          limited liability company, its sole member

                          By: GLIMCHER PROPERTIES LIMITED
                              PARTNERSHIP, a Delaware limited partnership,
                              its sole member

                              By: GLIMCHER PROPERTIES CORPORATION, a
                                  Delaware corporation, its sole general partner


                                  By: /s/ George A. Schmidt
                                      ----------------------------------
                                      Name:  George A. Schmidt
                                      Title: Executive Vice President


                 SECURED PARTY:

                 MORGAN STANLEY MORTGAGE CAPITAL INC., a
                 New York corporation


                 By: /s/ Kevin A. Swartz
                     -----------------------------
                     Name:  Kevin A. Swartz
                     Title: Vice President



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