A look at the half-acre purchase by the Springfield Economic Development Agency.
GLENWOOD – As the City looks toward future development, the City of Springfield is purchasing another piece of river front property in the Glenwood area.
On Monday, Springfield Economic Development Agency directed staff to buy about a half an acre of land. The two parcels are located within the north riverfront area of Glenwood and are identified in the Glenwood Refinement Plan as future public park, street and stormwater facilities. The City will purchase the property at the appraised market value of $688,000.
The owner, Skillern Investments Limited Partnership, wanted to sell the two parcels in lieu of “condemnation” a term provides an ideal and preferred alternative to a lengthy closing.” The term “does not trigger condemnation or the financial obligations to SEDA of a condemnation process,” according to the memo provided by Courtney Griesel, economic development manager.
A Phase II Environmental Assessment will be completed on the .5-acre residential mixed-use property includes an existing 10,200-square foot building.