Springfield City Council last night held a first reading on a proposal for public improvements on Commercial Street funded by tax increment financing.
The ordinance would amend the city’s budget by $520,000 to assign funds already collected in the TIF district. City staff and council members held a meeting in August asking stakeholders to prioritize the funding.
As of June 30, the TIF balance was $532,474, according to city documents.
The Commercial Street TIF Plan was approved in 2008, according to city documents. It covers redevelopment work from Grant Avenue to the west and Janss Lumber to the east.
Economic Development Director Sarah Kerner last night addressed council about three projects the TIF monies would fund on Commercial Street. The projects are parking lot and alleyway improvements, as well as the creation of a fund for the Blaine Street facade loan program.
The parking lot at Jefferson Avenue and Blaine Street would be resurfaced, restriped and landscaped with an approximate cost of $250,000, according to city documents.
The alleyway would connect the parking lot at Jefferson Avenue and Blaine Street with Commercial Street through a decorated pedestrian walkway at an approximate cost of $100,000.
The Blaine Street facade program would go toward improving and preserving historic structures with a $120,000 loan through TIF funding, Kerner said.
The city already approved improvements to Tickle Alley, between Boonville and Campbell avenues, for $50,000, which would commit nearly all of the Commercial Street TIF funds for the projects.
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