SPRINGFIELD, Mo. — City Council gave Frisco Lane the go-ahead Monday night, approving the purchase of about 67,000 square feet of open space.
According to a news release from the City of Springfield, it also approves the acquisition of alleyway north of buildings on Commercial Street between Campbell and Benton Avenues so Commercial Street merchants can park and have more access to buildings.
To pay for the project, the city will use “about $708,000 in Burlington Northern Santa Fe Railway credits; $267,508 from Commercial Street Tax Increment Financing District funds and $25,747 from the 1/8-cent Transportation Sales Tax.”
The passage “represents the culmination of decades of efforts by merchants on Commercial Street and others,” said Deputy City Manager Tim Smith at the council’s July 31 meeting.
According to the news release, part of the purchase price also includes the capacity the railroad is losing.
“BNSF has active tracks on this property that it will no longer be able to use,” said Economic Development Director Sarah Kerner. Kerner compared the purchase to the acquisition of a business property to build a new highway. “The business owner is paid for more than just the land – they are also paid the value of the loss in business because they no longer have that property.”
Kerner said the “City plans to grade the gravel and fence the area, at the request of the railroad.”
View the full news release here.