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Board learns about downtown renovation plans
June 15, 2005
Springfield City Contract Development Specialist, Mike MacPherson, told the school board Tuesday about plans to redevelop the vacant Heer’s building, build a new entertainment and retail development center called College Station and add a nearby parking deck with 540 spaces.
Financing the $29 million Heer’s project will involve 25 years of tax abatements that will fund construction of the $8 million parking deck. It would reduce the amount of annual property tax revenues to the school district by between $153,000 and $248,000.
Several board members expressed concern about the loss of those revenues.