The public is invited to have a say in how revenue from the Commercial Street Tax Increment Financing (TIF) Plan will be used.
The City of Springfield will host a series of public input meetings beginning later this month about how to spend the more than half a million dollars.
Potential public improvement projects that are being considered include:
• Streetscapes (estimated cost: $1.35 million);
• Paving Frisco Lane and adding about 60 parking spaces, landscaping and fencing (estimated cost: $1.2 million);
• Improvements to alleys (estimated cost: $500,000);
• Improvements to Blaine Street (estimated cost: $470,000);
• Developing a business loan grant program (estimated cost: $250,000);
• Refurbishing parking lots (estimated cost: $200,000);
• Gateways/entryways (estimated cost: $200,000);
• Improvements to the Jefferson Avenue Footbridge, such as adding a stage, lighting, landscaping and a sound system (estimated cost: $150,000);
• Acquiring blighted buildings and parking lots from willing sellers; renovating the Commercial Club building (estimated cost: $150,000);
• Public restrooms (estimated cost: $30,000);
• Public art installations (estimated cost: $30,000);
• Public radio station (estimated cost: $30,000);
• Planters (estimated cost: $10,000);
• Directional signage (estimated cost: $7,000);
• Park benches (estimated cost: $5,000) and cab stands (estimated cost: $4,000).
“Commercial Street residents, property owners and business owners have identified more than $5 million in public improvement projects that they’d like to see on C-Street,” says Interim Economic Development Director Sarah Kerner. “The purpose of these meetings is to determine priorities based on the revenue available, which is about $538,000.”
Kerner says they may decide not to spend the money now. According to Kerner, they could make a decision to bank all of the revenues for future projects or bank a portion of it and spend a portion. Once the C-Street stakeholders flesh out the priority projects, city staff will make their recommendation to City Council, which will in turn make a decision regarding the expenditure of TIF funds, according to the city.
Annual TIF revenues were just under $160,000 in 2015 and are projected to be nearly $180,000 by 2019.
According to the city of Springfield, the Commercial Street Historic District was approved by Springfield City Council in early 2006 with the recommendation to use tax increment financing for the C-Street redevelopment plan. The C-Street TIF Plan was adopted by Council in April 2008. The redevelopment area’s boundaries are Grant Avenue to the west and Janss Lumber to the east.
If you can’t attend the meetings, you may fill out a comment card and return it to the Economic Development office at 840 Boonville, 2nd floor, Springfield, MO 65802 by Aug. 25.
