Disappointed, but not surprised.
That’s how Greg Burris, Springfield city manager, surmised his feelings following John Q. Hammons Hotels & Resorts’
Tuesday announcement that it will not build a hotel at 815 E. St. Louis St.
Burris discussed the announcement by Springfield developer John Q. Hammons at a news conference Wednesday morning at Springfield City Hall.
“It’s not a complete surprise. We have been negotiating for a number of months and haven’t reached any kind of agreement to this point,” Burris said. “It’s unfortunate, we would have liked to come to some agreement, but it is what it is, and it’s business.”
There is a 45-day cure period in the agreement, meaning that when Hammons didn’t break ground by April 1, the company had 45 days to cure it by negotiating an extension or breaking ground.
“There’s no plans submitted to the city, they’re not going to break ground in 45 days,” Burris said, adding that the city did consider another extension. “From the very start of the negotiations for a possible continued extension, it’s been very amicable, very collegial. We’re not throwing spears at each other; we have been working together. They have been very, very good to work with.”
The city has the right to buy back the land for $1, which it will do.
Burris said the city has several options. The Tax Increment Financing commission and the city could put out a request for proposal to gauge developers’ interest or hold the property and wait for economy to improve before putting out an RFP. A TIF is an additional tax paid on products and services in a specific area.
At least one developer, Becky Spence, has contacted council with hotel plans.
Burris said a bill regarding the city’s plans for the land will be presented to city council June 1 or June 14 for consideration.[[In-content Ad]]
