City of Springfield hosts Commercial Street Tax Increment Financing meeting

If you want to get a peek into Commercial Street’s future, you can attend a public meeting on how the Tax Increment Financing (TIF) District money is allocated
Published: Sep. 28, 2022 at 4:55 AM CDT|Updated: Sep. 28, 2022 at 8:45 AM CDT
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SPRINGFIELD, Mo. (KY3) - If you want to get a peek into Commercial Street’s future, you can attend a public meeting on how the Tax Increment Financing (TIF) District money is allocated.

The Commercial Street TIF went into effect in 2008. Since then, the city has collected around $1.5 million to make several improvements to make Commercial Street more attractive. These revenue funds are used on public projects such as parking, pedestrian walkways, lighting, signage, and other permeant improvements to help support the private investment in the area.

“Just watching the transformation of Commercial Street over the time that I’ve been involved with it is amazing,” said the city of Springfield Planner Olivia Hough. “A lot of credit goes to the entrepreneurs and the businesses who have taken some risk to investing in the district. It’s a great example of our public-private partnership.”

Talking points include gateway design and construction and public parking improvements. You can also take a look at TIF-funded projects that are complete.

“One of our most interesting projects that the TIF has funded is the alleyway improvements that have been closed to vehicular traffic and been made into walkable, well-designed, artistic pedestrian connections from public parking to commercial street businesses,” said Hough.

Attendees can view the plans for the historic district and how much money needs to be allocated to future improvements.

“The main things we will be covering are the current TIF funding projects that are in the process, including wayfinding signage, some art elements, the gateways, and two major public parking lot projects that are underway,” said Hough.

$595,000 was allocated from TIF & Public Works to construct parking lot improvements on Cambell Ave. and Pacific Street, Robertson Street, and Pacific Street.

$150,000 is allocated to the design and construction of Gateway structures. Currently, four design options are expected to cost between $64,600 and $ 142,600.

The meeting will take place Wednesday, September 28th, at the White River Brewing Company from 5:30-7 p.m. Several projects are going on, and not all are funded through the TIF. For a look at some of tonight’s talking points, CLICK HERE.

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