SPRINGFIELD, Mo. — A special Springfield City Council meeting was held Monday, December 6, to discuss approval for the project of Brody Corners.
Sarah Kerner, Economic Development Director, explained TIF financing for the project to city council members.
Kerner says TIF is a method of diverting existing property and sales taxes to pay for costs associated with a building project. TIF does not impose any new taxes.
Brody Corners would be at the corner of West Sunshine Street and James River Freeway and will have approximately 28.25 acres. Brody Corners would provide shopping amenities, convenient dining opportunities, office spaces and would support the local economy.
However, the current property is described as being insanitary and unsafe. There is an existing onsite wastewater treatment facility that hasn’t been removed or remediated as required by a court order. It is currently leaking into a sinkhole and contaminating the groundwater.
The Brody Corners project is estimated to cost $27,025,740.00, and $3,442,677.00 would be reimbursable.
At the end of the meeting, the council voted to substitute Council Bill 2020-098 and will officially vote on the approval on December 13.