Springfield City Council last night fielded three requests for tax abatements tied to proposed student-housing projects in center city.
Two of the development proposals are by Matt E. Miller of Miller Commerce near Missouri State University and the third is by Larry Snyder & Co. President Dusty Emmert on property near the south side of the East Webster Street and North Texas Avenue intersection in midtown.
Collectively, the three projects could be in line to save up $900,000 in property taxes over 10 years, according to rough estimates provided by Shawn Whitney of Spencer Fane Britte & Browne LLP, who represented the developers at the public hearing.
Emmert is developing Greenway Studios west of Silver Springs Park near Ozarks Technical Community College. In
February 2014, project plans divided the neighborhood with many residents wanting to save Timmons Temple Church of God in Christ, 934 E. Webster St.
Current plans call for two- to three-story apartments with 84 microefficiency units. The construction budget is around $3.9 million, according to Whitney, and an abatement on improvements should save the developer $350,000 to $400,000 over 10 years.
Miller – who has previously built student apartments Deep Elm, The Jefferson and The Monroe with the help of Chapter 99 tax abatements – wants to develop So-El District Lofts along the south side of Elm Street between Jefferson Avenue and Kimbrough Avenue. Miller would build up to 50 units targeting MSU students to replace three existing residential structures at 430, 438 and 444 E. Elm St. The abatement is estimated to save $250,000 to $300,000 in property taxes over 10 years.
Miller also is behind plans for One House apartments, which would replace two vacant residential structures at 405 and 415 E. Madison St., northeast of Madison and Jefferson Avenue. Those plans, which are seeking roughly $150,000 to $200,000 in tax abatements, call for two, four-story buildings. Each building would hold six units and could accommodate up to 36 residents.
Each complex is located within established blight districts. Developers are eligible under state law to receive tax abatements on improvements in areas that have been declared blighted, said City Attorney Dan Wichmer. The Land Clearance and Redevelopment Authority, the Planning & Zoning Commission and city staff recommended approval.
“At the end of the day, the real decision that you’re making is whether the area is blighted based on the findings of the LCRA. Once you make the determination that the area is blighted, then the incentive follows,” Wichmer said.
Council is slated to vote on the measures at the Jan. 26 next meeting.
