FOR IMMEDIATE RELEASE Staff from the City of Springfield’s Economic Development office and Zone 1 Councilwoman Phyllis Ferguson will host the first in a series of public input meetings about how to spend more than half a million dollars captured from the Commercial Street Tax Increment Financing (TIF) Plan 5:30-7 p.m., Thursday Aug. 11 at White River Brewing Co., 505 W. Commercial Street. Those who cannot attend the meetings are encouraged to fill out a comment card and return it to the Economic Development office at 840 Boonville, 2nd floor, Springfield, MO 65802 by Aug. 25. Annual TIF revenues were just under $160,000 in 2015 and are projected to be nearly $180,000 by 2019. Potential public improvement projects that could be funded with the TIF revenue 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 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. However, she adds, just because there is money to be spent does not mean that it must be spent. “We also have options to bank all of the revenues for future projects or bank a portion of it and spend a portion,” she says. Background on C-Street TIF
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. Tax increment financing provides for the redirection of the incremental increase in sales and property tax revenue resulting from a redevelopment project to be used for public improvement project-related costs, infrastructure and capital improvements. No TIF revenues may be used for private projects. “TlF is based on the premise that there will be an increase in the value of real property, new jobs and other economic activity within the redevelopment area as redevelopment occurs,” Kerner says. “As the property is improved, the assessed value of real property in the redevelopment area increases above the base level. By capturing the increase in the assessed value of the property over the base level, a tax increment is produced.” These tax increments, also referred to as "payments in lieu of taxes" or PILOTS, are transferred to a special allocation fund that is administered by the city. The City and county also transfers 50% of all incremental sales tax revenues to this fund. The money collected in the special allocation fund is then used to pay directly for the redevelopment project costs or to retire bonds or other obligations issued to pay such costs. ### For more information, please contact interim Economic Development Director Sarah Kerner at 417-864-1035 or [email protected]