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Jacksonville weighs $7.5 million in incentives for 1st and Main in Springfield

An illustration shows Corner Lot's proposed 1st and Main project in Springfield.
Jacksonville Daily Record
An illustration shows Corner Lot's proposed 1st and Main project in Springfield.

Jacksonville is considering $7.5 million in property tax and cash incentives to Corner Lot Development Group for its proposed multifamily, mixed-use 1st and Main project in Historic Springfield.

The Mayor’s Budget Review Committee is scheduled Nov. 21 to consider filing legislation with City Council that would award a 15-year, 75% Recapture Enhanced Value Grant property tax refund capped at $5.5 million for the project.

A Nov. 17 project summary from the city Office of Economic Development says Corner Lot has also requested a $2 million development completion grant that would be paid in two $1 million installments after the estimated $53.6 million project is complete.

Read the rest of this story at the Jacksonville Daily Record, a WJCT News partner.