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…