FOR IMMEDIATE RELEASE
Restore SGF, a nonprofit community initiative to improve housing conditions and raise residential property values in Springfield’s historic neighborhoods, has named 11 community members to form a board of directors.
Restore SGF board members include:
- Joselyn Baldner, president/CEO of Central Bank of the Ozarks
- Andrew Doolittle, developer, broker and investor, Everett Homes
- Amy Blansit, CEO, Drew Lewis Foundation
- Brian Fogle, president, Community Foundation of the Ozarks
- Rusty Worley, former Neighborhood Advisory Council chair and executive director of the Downtown Springfield Association
- Adrianna Bruening, real estate agent
- Becky Volz, NAC chair
- Heather Hardinger, City Councilwoman
- Richard Ollis, City Councilman
- Andrea Brady, community outreach and development manager, Great Southern Bank
- John Everett, president and CEO, Legacy Bank & Trust.
About Restore SGF
Springfield City Councilman Richard Ollis, Community Foundation of the Ozarks President/CEO Brian Fogle and a group of Restore SGF supporters, including Neighborhood Advisory Council co-chairs Rusty Worley and Becky Volz, 131st District Rep. Bill Owen, City staff, City Council members and other community members traveled to Des Moines to learn about a similar initiative called Invest DSM in the summer of 2021.
In redeveloping neighborhoods, there are houses and/or multi-family dwellings that have deteriorated significantly and are a detraction to the neighborhood. Because of the neglect, and the nature of appraisals reflecting past transactions, often the initial investments into a neighborhood may have appraisal challenges, or just a lack of investor confidence because there is not yet a history of an acceptable investment return.
Restore SGF has created a pool of funds from various sources to provide “patient capital” to allow the new organization to be a catalyst in neighborhoods when the private sector has yet to build investor confidence.
“The intent of that investment is truly just that – a longer-term, low interest loan to provide the patient capital”,” said Fogle. “The expectation is to return the funds to the original investor. It will be treated as an investment, not a grant, but will have more flexible terms than a traditional real estate development loan. This is part of our Mission-Related Investment program launched over 10 years ago that provides similar patient capital investments throughout the Ozarks.”
At its July 25, 2022 meeting, City Council approved Restore SGF’s $1 million request from the City’s American Rescue Plan Act (ARPA) fund.
The ARPA funding, along with a $300,000 allocation from the City’s 2022-2023 fiscal year budget and investments totaling $240,000 disbursed over three years from Community Foundation of the Ozarks and several banking industry partners, will allow Restore SGF to hire staff and begin programming in the second quarter of 2023 with two grant programs – the Block Challenge Program and the Homeowner Improvement Program.
These programs are based on proven models in Des Moines, Iowa (Invest DSM) and other cities and will help residents make needed repairs, updates and renovations and improve the curb appeal of their properties, while at the same time encouraging them to engage with their neighbors.
Community Foundation of the Ozarks has pledged $20,000 over five years ($100,000 total) in grant funding for Restore SGF, plus $500,000 for the initiative’s revolving loan fund.
OakStar Bank, Commerce Bank, Old Missouri Bank, Great Southern Bank, Guaranty, Arvest and Legacy Bank have committed $10,000 over three years ($30,000 total) in grant funding, while Central Bank has committed $20,000 over three years ($60,000 total) in grant funding. Great Southern Bank, Legacy Bank and Central Bank have each committed $250,000 for the revolving loan fund.
In addition to these commitments, many financial institutions have agreed to commit loan and mortgage dollars to Restore SGF’s targeted neighborhoods.
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For more information, please contact Richard Ollis at 417-839-2083.