Jason Nevel
Developers of 44 acres at Veterans Parkway and Jefferson Street pledged Tuesday to hire local contractors for infrastructure work when the project breaks ground, possibly as soon as Aug. 1.
The $24 million commercial development, which includes $9.2 million in tax increment financing reimbursement, got the formal green light from the Springfield City Council.
Ward 7 Ald. Joe McMenamin — who has questioned the size of the TIF allocation, the largest the city has ever granted — was the lone “no” vote.
Pat Ryan, a manager of the Jefferson Crossing LLC, told aldermen he expects 35 to 40 construction jobs will be generated.
The developer will secure financing from a bank to fund the project, which could cost up to $24 million, and will then be reimbursed $9.2 million of that cost via the Jefferson Crossing TIF that was created in 2007. A number of significant changes, including raising the site 14 feet to bring it out of the 100-year floodplain, will have to occur to develop the area, according to Ryan.
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Joe McMenamin for Ward 7 