Community Foundation of the Ozarks Inc. announced a $1.6 million loan for the expansion of Missouri State University's Jordan Valley Innovation Center.
Through CFO's mission-related investment program, the financing represents a loan that’s below market rate; it’s expected to be repaid by the MSU Foundation in a year, according to a news release. The CFO program finances projects with public purposes, and in the past it has been used to close financing gaps. CFO officials declined to disclose the loan’s interest rate.
“The Jordan Valley Innovation Center is a remarkable example of forward-looking, well-paying jobs that are creating a strong anchor for downtown Springfield’s economy,” CFO President Brian Fogle said in the release. “That’s why we refer to our MRI program as a ‘double-bottom line,’ where the CFO recoups its investment for future projects while supporting development that will pay dividends for the community as a whole.”
Allen Kunkel, associate vice president for economic development at MSU and director of JVIC, said a preconstruction meeting is scheduled Sept. 2 and the project is slated for completion in December 2021.
The MSU Board of Governors in May approved the $14.4 million expansion project in partnership with The Vecino Group LLC. The project calls on a 30,000-square-foot addition to the existing JVIC property at 524 Boonville Ave.
The Vecino Group secured tax credits and financing from Central Bank of Kansas City, with MSU expected to contribute up to $4.6 million, according to past Springfield Business Journal reporting.
The JVIC project is part of the larger expansion of the university's IDEA Commons area downtown. Project plans include a 100,000-square-foot office building and public improvements to sewer, stormwater infrastructure and roads.
Springfield City Council in June approved tax increment financing and redevelopment plans for the IDEA Commons redevelopment. The $55 million project is expected to generate $3.3 million in local TIF revenues over a 23-year collection period, according to past SBJ reporting.
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