YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
At tonight’s Springfield City Council meeting, council will consider entering into a $3.1 million loan with the Missouri Development Finance Board to purchase the loan that Heer’s owner Vaughn Prost has with Great Southern Bank.
The plan, according to city Economic Development Director Mary Lilly Smith, is for the city to either negotiate a purchase with Prost or foreclose on his loan, giving the city ownership of the building. Once the city owns the building, it would be free to pursue a development plan with any of the four developers, including Prost, that are in the running for the downtown project.
If council takes action on the bill tonight, Smith said, the loan would be closed this week.
“Then immediately afterward, we’ll close the purchase with Great Southern,” Smith said, adding that the city hopes to then immediately begin negotiations with Prost for a possible purchase of the building. “We have an interest in getting it done pretty quickly.”
See SBJ’s Oct. 23 issue for more on the latest developments at Heer’s.[[In-content Ad]]
A relocation to Nixa from Republic and a rebranding occurred for Aspen Elevated Health; Kuick Noodles LLC opened; and Phelps County Bank launched a new southwest Springfield branch.