City, CFO to establish downtown endowment via land deal

The city of Springfield and Community Foundation of the Ozarks Inc. are establishing a downtown endowment in a unique arrangement that involves the purchase of land.

CFO is buying a half-acre property at 425 E. Trafficway that formerly housed its headquarters. In exchange for the property currently owned by the city, CFO will transfer $510,000 of its unrestricted assets into a new endowment for downtown Springfield over a five-year period, according to a news release.

"This property has long been part of collaborative efforts to support economic development and strengthen Springfield’s center city," said Amanda Ohlensehlen, director of Workforce and Economic Vitality for the city of Springfield, in the release. “This purchase agreement and endowment represent a creative approach to continuing the revitalization and economic vitality of downtown Springfield."

The agreement is slated to first be considered by Springfield City Council at its March 23 meeting. The Springfield Planning & Zoning Commission recommended approval of the land transfer at its Feb. 26 meeting.

CFO continues to own the building on the Trafficway parcel, but it holds a long-term lease for the land with the city, according to the release. CFO intends to list the property with R.B. Murray Co. when the transfer is complete.

CFO relocated to 300 S. Jefferson Ave. last year from the Trafficway site, according to past Springfield Business Journal reporting. 

The new downtown endowment will be held and managed by CFO. Once it's fully funded, the endowment will provide more than $20,000 annually toward improvements and revitalization of downtown Springfield, according to the release.