An agreement that will benefit both downtown Springfield and the Community Foundation of the Ozarks was approved by city council Monday night.
Council voted to dispose of land at 425 E. Trafficway, the former home of CFO. The nonprofit owns the building on that land, which once served as its headquarters. But it subleased the City-owned land, which was leased by the United Way of the Ozarks.
CFO proposed purchasing the property in exchange for establishing an endowment fund for $510,000, the property’s current appraised value. The fund will be funded initially in the amount of $255,000, with subsequent annual payments of $51,000 for five years. It will be used for the continued revitalization and economic vitality of downtown Springfield.
City Councilman Bruce Adib-Yazdi praised the unique solution before the vote.
"I just wanted to reiterate my comments from the last meeting," he said. "I do believe this is a very creative way to solve a particular issue, and I commend the staff and the team that worked on it."
The United Way has proposed restructuring its lease with the City to remove the portion sold.
CFO purchased the former Missouri State University Alumni building on S. Jefferson as its new headquarters. It plans to sell the building it once occupied now that the agreement has been approved.
