Topic > Economic Policy in Downtown Development - 2047

When Heer's Tower closed in the 1960s, the downtown area of ​​Springfield, MO. lost an important economic and entertainment element. Since then, Springfield has been planning and working to restore much of the status it once had. The city government had to bring attractions and business in the form of new businesses to spur development and accommodate the 151,580 citizens who reside in the small city. Mayor Tom Carlson and City Manager Tom Finnie have spearheaded the projects with the help of large development companies such as the UDA or the Urban District Alliance, and hope that projects such as the redevelopment of Heer's Tower, the of innovation SMSU and College Station will not only add attractions to the mass of people who flock to Springfield each year, but also create hundreds of new jobs to boost the economy and help support a growing society. Over the next two pages, an analysis of current and future projects, as well as non-quantitative benefits and effects on the surrounding community will be explored to further explain why the project is on the community's agenda. Tom Carlson calls the development of the city center, the “Center City”. “It will be a city within a city.” Not long ago, even though Springfield was in trouble, after the huge Zenith and GE factories went out of business, the only other big factory was Kraft. During the 1950s, these companies employed thousands of workers and once they were out of business, the economy began to stabilize. The opportunity for Center City began in the 1980s when subdivisions around Springfield and surrounding cities, such as Nixa and Ozark, began to thrive. Since then, developers like John Q. Hammons and new faces like Vaughn Post have created projects that have generated significant interest across the state. Developers took the idea for a new downtown and ran with it, using tax benefits such as state and historic tax credits, property tax abatement, gap financing and loans of up to $40,000 to make facade improvements . Additionally, a low-interest loan program, using community development block grant funds, provided help to many businessmen. Since 1997, approximately $125 million has been invested in the downtown area. All these tax and policy breaks have led to some amazing developments in terms of employment and economic gains..