West Springfield has seen a boom of development, bringing in new retailers, such as Dutch Bros and the new larger Target, to the metro area. The shopping center along West Sunshine Street, dubbed Springfield Plaza, houses Petco, Michaels, Jimmy John’s and other retailers and includes a tax increment financing (TIF) district to reimburse the development for public improvements. With half of the area still awaiting construction, the developer is asking for changes to the original TIF deal.
The TIF applies to the full 96 acres near the southwest corner of Sunshine and West Bypass, though it is split into two redevelopment project areas. The first, where the primary shopping area is now built out, spans nearly 36 acres and includes 194,000 square feet of retail and commercial uses. The second includes the remaining 60 acres just south of this area and has remained undeveloped. This second area has four development-ready parcels.
The TIF allows incremental increases in property tax revenue to be captured and redirected toward improvement projects within the district’s boundaries. TIFs are used to support redevelopment of blighted property that would not be possible if not for the incentive…