According to Wes at the News-Leader, Missouri State University is going to be buying four vacant plots of land and two plots with old buildings next to the Jordan Valley Innovation Center. MSU wants to create what it calls the “IDEA Commons” with IDEA meaning Innovation Design Entrepreneurship Art.
Interesting things in the story is the note that the businesses currently using JVIC are out of space and a five story addition to the south of the current building is in the development stages. Also, MSU realizes that they won’t be able to buy this space for $1 like they did the JVIC location.
From the N-L story:
“Nietzel said he didn’t expect to pay $1 for the six additional city-owned properties, but would offer a “reasonable price” for the four vacant tracts and two tracts with old buildings on them.
City economic development director Mary Lilly Smith said city staff is researching how much money the city has invested in the six properties.
Whether the city would try to recover all its costs would be up to the city council, perhaps after weighing the potential new jobs and construction investment the IDEA Commons would generate.”
With our current budget situation, we do need an influx of cash into the city but we also can’t just give this away for nothing even if it is Missouri State and even if JVIC has brought some high paying jobs into the city. (I asked Allen Kunkel of MSU how many of those jobs were filled by Springfield or Greene County residents and how many were move-ins. He said that all of the MSU staff were southwest Missouri residents and that the businesses in JVIC were a mix but that they all lived here now and “the spending impact to Springfield/Greene County is significant.” So at least some of our local residents were able to land a few of those high paying jobs.)
I’m also curious to see what this price is going to be. After all, if JVIC is as successful as it has been then it should have boosted the property values of these surrounding properties, right?
Look, I’m sure the city will take a little less than market value because such an expansion would bring additional revenue over time that will outgrow whatever we would get from an increased purchase price. (At least MSU can’t pull a Robocop and scream “I’d buy that for a dollar!” this time around, though…) I just hope that we end up getting what is a fair deal to the city and I hope we all pay close attention to what is done with the money from that sale.
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