News Flash

City of Springfield News Releases (General)

Posted on: September 14, 2020

Public hearing set for Sept. 22 on acquisition/overhaul of affordable housing units

City Council Zones: 1, 2, 3
Registered Neighborhoods: Weller, Robberson, Mark Twain, West Central

FOR IMMEDIATE RELEASE

The Industrial Development Authority of the City of Springfield will hold a public hearing at 10:30 a.m. Tuesday, Sept. 22, regarding the proposed issuance by the authority of its housing revenue bonds, in one or more series, in the aggregate maximum principal amount of not to exceed $22 million, for the purpose of financing a portion of the costs of acquisition and rehabilitation of a 297-unit qualified residential rental project under Section 142 of the Internal Revenue Code comprised of 85 buildings currently owned by the Housing Authority of the City of Springfield at multiple locations, including:

  • Glenwood Apartments, 722 E. Glenwood St.
  • Cedarbrook Apartments, 811 N. Cedarbrook Ave.
  • Bolivar Road Apartments, 2336 N. Bolivar Road, together with the adjacent single family home located at or about 2301 N. Fort Ave., to be demolished during rehabilitation
  • Villa Marie Apartments, 1010 E. Norton Road
  • Dogwood Apartments, West Madison Street and South Campbell Avenue

and various scattered site buildings located at or about the following addresses:

  • 1633, 1634, 1635, 1636, 1639, 1641, 1642, 1643, 1644, 1645, 1648, 1650, 1652, 1654 N. Delaware Ave.
  • 714, 716, 722, 724, 730, 732, 736, 738 W. Edgewood St.
  • 2628 and 2630 S. Grant Ave.
  • 1405, 1407, 1411, 1413, 1417, 1419, 1423, 1425 E. High St.
  • 405, 406, 407, 408, 411, 412, 413, 414, 417, 418, 419, 420 S. Weaver Ave.
  • 809, 811, 815, 817, 823, 825, 915, 917 W. Sunset St.,

the owner and operator of which will be Keystone Family Homes, LP, a Missouri limited partnership.

Interested individuals may attend and participate in the public hearing via conference call. Please call the toll-free number 877-230-5394 and use the access code 2187566# to join the call.

All interested persons may participate in the hearing and will have an opportunity to express their views with respect to the project, including the location and nature of the proposed facilities and the issuance of bonds to pay the costs thereof.

Written comments may also be submitted to:

Sarah Kerner
Economic Development Director
City of Springfield
840 N. Boonville Ave.
Springfield, MO 65802
417-864-1035

prior to the hearing. Additional information regarding the proposed project and the bonds may be obtained in advance of the hearing from Kerner.

The Industrial Development Authority makes reasonable accommodations for any known disability that may interfere with a person’s ability to participate in public meetings. Persons needing an accommodation must notify the authority, by telephone or in writing, no later than five days prior to the hearing to allow adequate time to make needed arrangements.

“This project will rehab or rebuild existing Springfield Housing Authority properties, resulting in significant improvements for these existing affordable-housing properties,” said Sarah Kerner, City of Springfield Economic Development director. “This is a tax-exempt bond issue through the City’s Industrial Development Authority. Cedar Rapids Bank and Trust is buying the bonds and acting as the lender for the developer. The bank gets a tax-exempt interest rate on the bonds by going through the IDA. The City is not obligated on the bonds and they do not count against the City’s debt cap.”

###

For more information, please contact Sarah Kerner at 417-864-1035 or Cora Scott, director of Public Information & Civic Engagement, at 417-380-3352. 

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