A developer hopes to get $1.7 million in Central Area Tax Increment Finance funds from the City of Springfield to revitalize a pair of century old buildings.
The corner of 6th and Monroe
Springfield Mayor Mike Houston announced the plan to use the TIF money to restore the Ferguson and Booth buildings on East Monroe in downtown Springfield. Rick Lawrence, the developer, says the goal is to bring the two buildings back to their original purpose with a mixture of residential and commercial units.
Houston says a project this size, which renovation of both buildings will cost $6 million, having the TIF funds will be a great help.
Springfield Aldermen must approve the use of the Central Area TIF funds, which Houston says is running about a $900,000 deficit with all the planned projects and future obligations.
He says it’s important to ensure TIF funds are used wisely and the Ferguson and Booth building project is the kind of project the city should encourage.
Houston says that the goal is to get revitalization projects going to increase the property values which in turn will increase the amount of funds in the TIF.
Lawrence hopes to get the project going, starting with the eight-story Booth building— which will be predominately apartments—after the first of the year.
See more pictures of the Ferguson and Booth Buildings here.