Springfield seeking development incentive
SPRINGFIELD — The Springfield Economic Development Authority has lots for sale.
Two 171.07-foot-by-141.875-foot lots are available for $22,500 each at the east edge of town on a high spot near County Road 5. Utilities are stubbed to each lot.
On top of that, new lot owners could get a five-year property tax abatement if an application is approved by Brown County and Springfield’s municipal government and school district.
On May 17, the Brown County Board set a public hearing to consider a five-year property tax abatement for the city. The hearing is scheduled for 9:05 a.m. on June 7.
The Springfield City Council and Springfield Public School Board will consider the abatement in the coming weeks.
Stremcha said the city recently had a three-year window for a 50% tax abatement but had no applications. In an effort to increase incentives to build new homes in town, the city is seeking a five-year 100% tax abatement.
Under the new abatement application, an average of $16,000 in city property taxes will abate — meaning not collect — over a five-year period from the developers or owners of new homes. The abatement would include an average of $4,700 in county property taxes over five years.
County Board member Dave Borchert said he certainly supported the proposal.
“It’s a great idea. I think we have to think differently to recruit people to the area,” Borchert said.
Each tax abatement application requires a public hearing.
Stremcha told commissioners on May 17 that there is one abatement program applicant so far.
The proposed site at 602 Appel Street includes a proposed 1,856 square foot, one-story single family home with no basement, vinyl siding and 1,024-square-foot heated garage using above average quality building materials, including 2×6 wood frame construction.
Estimated land value is $20,400; building value is $215,300. Estimated market value is $445,636.
Plans including breaking ground by June 4 and completion in the fall.
(Fritz Busch can be emailed at firstname.lastname@example.org.)