City of Springfield encourages community to attend Commercial Street TIF Redevelopment Plan meeting
SPRINGFIELD, Mo. (KY3) - Since 2008, a special tax financing plan has been used on a variety projects along Commercial Street in Springfield.
Tuesday evening is the annual meeting to help shape the future of the historic district. The city of Springfield is encouraging not only property owners on C-Street to attend but community members. The meeting will start at 5 p.m. at White River Brewing Co. on Commercial Street.
The TIF as it’s called, captures incremental increases in sales and property tax over time caused by development in the historical C-Street District. From 2008 through 2020, $1.3 million has been allocated. Springfield Economic Development Director Sarah Kerner said currently there’s around $700,000 to be used for new projects.
When the redevelopment plan was created, it included a list of improvements in the area. Some of the projects include parking lots, signage, art and landscaping.
“We have approximately $3 million to work with over the next ten years,” said Kerner. “What should we do with that money because once 2031 rolls around this funding stream is done. How do we get the biggest bang for our buck?”
Co-owner of Footbridge Trading Company Irene Schaffer said business on C-Street is booming. The most recent TIF project was parking along with two alleyways were repaved and lights were installed. She said the parking and beauty of the alleyways brightens up the historic district. Schaffer is hoping the funding can add new signs at both ends of the street.
“It is a historic district and we want to preserve that history as best that we can,” said Schaffer. “It’s important to all of us to keep this community welcoming, warm and historic above all things. Let’s be the historic district.”
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