Springfield City Council last night heard a proposal on a special taxing district for the Brody Corners retail, restaurant and office project in southwest Springfield.
Council is considering a community improvement district for the development after a tax increment financing plan was approved for Brody Corners in March 2022. That project, occupying 29 acres at the intersection of West Sunshine Street and James River Freeway, is being developed by West Sunshine Development LLC.
Amanda Ohlensehlen, the city’s director of Economic Development, said, “The redevelopment agreement requires that the developer pursue the establishment of a community improvement district to supplement funding and help accelerate the reimbursement of public improvements related to the project.”
Ohlensehlen said the estimated reimbursement through the CID is $6.6 million, which will fund excavation and site preparation, public utilities, sanitary sewer, stormwater facilities, public streets and related fees.
When the TIF was approved in March 2022, a representative of developer Mike Seitz told Springfield Business Journal work would begin the very next day. The total cost was estimated at $27 million, and $3.4 million of that, or 12%, was reimbursable through the TIF. Those funds were slated to pay for sitework expenses, off-site fresh water, off-site road work and fees.
Ohlensehlen said half of the CID funds would be transferred to the TIF as a special allocation fund related to economic activity taxes generated to reimburse TIF-related improvements.
“The remainder of the revenues will go to further reimburse improvements and fund ongoing district operating costs during the life,” she said.
Council will vote on the CID at its Oct. 16 meeting.
Adrianna Norris became a first-time business owner with the opening of Finley River Chiropractic; PaPPo’s Pizzeria & Pub launched its newest location; and Huey Magoo’s opened its second store in the Ozarks.