SPS again extends Hickory Hills payment deadline

The developer of the planned 46-acre Hickory Hills Marketplace is not going to make his second deadline to pay Springfield Public Schools the initial lump sum for the property. The payment schedule had already been extended when Paul Larino, president of Nixa-based Larino Properties LLC, failed to make a $2.5 million initial payment in mid-June.

The Springfield school board last week voted to extend the $2.5 million payment by six months under the condition that Larino make monthly, nonrefundable payments of $12,500 and demolish the former Hickory Hills school building by Dec. 1, according to a news release.

The first monthly payment is due Oct. 14.

“Given Greene County’s confidence that (Neighborhood Improvement District) financing will be available soon and Mr. Larino’s good-faith dealings throughout this process, we have agreed to extend the payment deadline with certain concessions from the buyer,” said Tom Prater, school board president, in the release.

SPS finalized the sale of the property at the northeast corner of Chestnut Expressway and Highway 65 in December for $4.45 million. The initial payment schedule called for Larino to pay $2.5 million on or before June 15, make a second payment of $1 million by Dec. 31, 2015, and a final payment of $950,000 by Dec. 31, 2017. Larino missed the first payment and was given until Oct. 14 to make it. With the first extention, the developer paid SPS $50,000, according to Springfield Business Journal archives.

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