The long neglected corner of Jefferson Street and Veterans Parkway in Springfield is on its way to a major development.
Developers expect to break ground on the Jefferson Crossing development within the next month pending full council approval for up to $9.2 million in TIF reimbursements.
“This is an excellent, excellent project,” says Springfield Mayor Mike Houston. “It is a different approach, but this is the only way this project is ever going to happen.”
This Jefferson Crossing TIF district, created several years ago, has so far generated only $3,250. Per the agreement before aldermen, developers and contractors will be reimbursed for costs once money flows into the TIF fund over the next 16 years, which is the life of the TIF.
Money will flow into the fund once the land is developed and property values go up. Those new property values are compared against the value of the land when the TIF was created, and the difference is put in the fund.
A Qik-N-EZ convenience store will anchor the development, and other retailers are in the works. The complex will also feature a large pond on land donated to the Springfield Park District.
$92,500 for Terrorism Coverage
Nearly 12 years after 9/11, some insurance companies are deciding to charge extra for “terrorism coverage.”
The city of Springfield will likely spend an extra $92,500 on a terrorism policy to cover 40 public utility properties.
“If there were damage done to our facilities, and the federal government declared it a terrorist act, that would cease our coverage,” says CWLP Chief Utilities Engineer Eric Hobbie.
“It is something of a more recent, post 9/11, where they started getting concerned about large claims and being able to exempt those,” Hobbie says.
The full council must still approve the $1.7 million policy at its full meeting next week. Asked if CWLP looked to other insurance companies to see if they charge extra for terrorism coverage, Hobbie said it’s standard amongst all companies.