City Council will consider an agreement between the Community Foundation of the Ozarks and the City of Springfield at its meeting Monday night, March 23.
The City and CFO have agreed to establish an endowment designated for improvements to Downtown Springfield in exchange for a half-acre of property. City Council has final say on the agreement.
The agreement outlines the terms of transfer of land at 425 E. Trafficway – CFO’s former headquarters – from the City to CFO. To acquire the property, CFO said it will transfer $510,000 of its unrestricted assets into the endowment over five years. Once fully funded, the endowment will provide more than $20,0000 every year for perpetuity. The amount will increase over time. The City will direct distributions from the fund, which must be used to improve and revitalize downtown Springfield.
CFO moved to 330 S. Jefferson last August. It owns the building on Trafficway that served as its former headquarters, but it holds a long-term lease on the City-owned parcel. Once it takes full ownership, CFO plans to list the property.
Springfield’s director of Workforce and Economic Vitality Amanda Ohlensehlen said in a statement the "purchase agreement and endowment represent a creative approach to continuing the revitalization and economic vitality of Downtown Springfield."
