Jacksonville weighs incentives for Springfield project

Published on November 21, 2022 at 10:16 am
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Jacksonville is considering $7.5 million in property tax and cash incentives to Corner Lot Development Group for its proposed multifamily, mixed-use 1st and Main project in Historic Springfield.

The Mayor’s Budget Review Committee is scheduled Nov. 21 to consider filing legislation with City Council that would award a 15-year, 75% Recapture Enhanced Value Grant property tax refund capped at $5.5 million for the project.

A Nov. 17 project summary from the city Office of Economic Development says Corner Lot has also requested a $2 million development completion grant that would be paid in two $1 million installments after the estimated $53.6 million project is complete.

Read the rest of this story at the Jacksonville Daily Record, a Jacksonville Today news partner.