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The Jordan Valley Innovation Center project is part of plans to expand MSU's downtown IDEA Commons.
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The Jordan Valley Innovation Center project is part of plans to expand MSU's downtown IDEA Commons.

MSU board to vote on JVIC expansion contract

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The Missouri State University Board of Governors is scheduled to vote this week on a multimillion-dollar contract for the expansion of Jordan Valley Innovation Center.

The board's May 15 agenda includes a staff-recommended contract proposal that has a total budget of $14.4 million. It's a Phase I project for expansion of the university's IDEA Commons area downtown.

If approved by the board, MSU would enter a deal with The Vecino Group LLC to add 30,000 square feet to the existing property at 524 Boonville Ave.

While the budget for the project must not exceed $14.4 million, The Vecino Group expects to complete it for $13.9 million. An allocation of tax credits, as well financing from Central Bank of Kansas City, was obtained by Vecino for the project, according to the agenda. MSU also is expected to contribute up to $4.6 million.

Following completion of the expansion, Vecino will lease it back to MSU for a 37-year term, though the university has the option to purchase after seven years.

The project is slated for completion by July 2021. MSU signed a letter of intent with Vecino for the project in December 2019.

Across the street from JVIC, a building that previously housed nightclubs Touche and The Edge yesterday caught fire. The Vecino Group, which owns it, already had planned to demolish the structure to make way for a planned 100,000-square-foot office building as part of the IDEA Commons expansion, according to past Springfield Business Journal reporting.

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