Jordan Valley Park receives state TIF approval

Springfield's $150 million Jordan Valley Park project received a vital boost with the approval of the city's State Supplemental Tax Increment Financing application.

The Jordan Valley Park project includes a 100,000-square-foot exposition center, an arena for college basketball and minor league hockey, a college and minor league baseball stadium, office space, parking garage, street improvements, the construction of a new hotel and an expansion of the existing University Plaza. Hammons Industries of Springfield is the developer.

Proceeds from the state TIF will be used to pay part of the $12.5 million cost of the expo center, according to the Missouri Department of Economic Development. Half of the increase in the state's 3 percent general sales tax generated as a result of the project will be used to pay off the bonds issued for construction of the expo center. Additional financing will come from the Convention and Entertainment Community Improve-ment District.

The city of Springfield is guaranteeing the bonds in case new revenues fall short of what it would take to pay the bonds, leaving the state with no risk. Construction will begin this summer.

Meanwhile, Springfield City Council will July 15 consider a second-reading bill on the latest changes in the development agreement for Jordan Valley Park between the city of Springfield and Hammons, according to a city press release. The Phase 1C development includes the exposition center, multipurpose arena and parking deck. The elements of the Council bill include:

Parking deck/Hammons Tower

In order to provide operating efficiencies, Hammons will convey to the city 65 feet of space on the west side of the Hammons Tower for the parking deck.

In return, Hammons Tower tenants would have use of 160 spaces from 7 a.m. to 6 p.m. weekdays. Most activities at the arena and exposition center are expected to be on weekends and evenings.

University Plaza Trade Center

Hammons will convey to the city of Springfield ownership of the University Plaza Trade Center so that the new exposition center and renovated trade center can be operated under single ownership.

In return for ownership of the trade center, the city will convey a 1.87-acre parcel of vacant land east of Hampton Avenue on the south side of East Trafficway. Hammons will renovate and manage the trade center under a lease arrangement with the city.

Demolition and a portion of the trade center is expected to begin in July as the first step in construction of the exposition center and parking deck.

The estimated $11.25 million parking deck construction cost is financed through the Convention and Entertain-ment Community Improvement District, the 1/8-cent sales tax for Transportation, the U.S. Economic Development Administration, Missouri Department of Transportation, and parking revenues.

The deck, designed for a total of 950 spaces, initially will be built with 650 spaces. The parking deck is anticipated to open in summer 2003.

Financing for the parking deck and exposition center will be requested from the Center City Development Corpora-tion in July. The total cost for the exposition center and parking deck is approximately $26 million. Construction will begin in August or September.

Holiday Inn Express

Hammons will build a 120-unit Holiday Inn Express on the land east of Hampton within three years.

Hammons Field

Site-grading work for Hammons Field Baseball Stadium is expected to begin this summer at Sherman Avenue and East Trafficway. The Center City Develop-ment Corporation will be requested to issue bonds to be guaranteed by Hammons.

University Plaza Hotel

Hammons will upgrade the University Plaza Hotel to a Marriott or Hilton hotel or equivalent level by 2004 and also agrees to expand the hotel to add 80 rooms within five years.