Kearney Street project in Springfield being watched closely

A plan to declare the Kearney Street corridor in Springfield, Missouri, as a blighted area and redevelop it using tax breaks and low-interest loans is attracting a lot of attention from retailers, bankers and bankers.

Kearney Street remains a prominent Route 66 alignment once known as a car-cruising Mecca during the 1970s and ’80s — at least until the city cracked down on it.

Since then, Kearney has declined into a strip of fast-food restaurants and aging properties. That’s prompted the city to look for ways to revitalize the corridor.

In an ironic twist, Springfield last year welcomed back cruising on Kearney during the summer months.

The Springfield News-Leader reported this week on the plans before the city council:

Under the proposed plan, to qualify for 100 percent property tax abatement on improvements to real estate for 10 years, developers must meet certain goals and objectives.
The abatements could apply to properties that have frontage on Kearney Street, Kansas Expressway, National and Glenstone avenues. It could also apply to the rehabilitation of existing buildings on other streets, according to Kerner.
Building materials have to be high-quality and durable, she said. The developments must also meet certain landscaping requirements.
Some types of developments would not get a tax break — the list includes self storage, pawn shops, payday loans, soup kitchens, “cabarets” and other establishments. […]
City Council discussed another plan aimed at helping improve Kearney by giving businesses in the corridor an easier way to obtain low-interest, long-term loans from the city.
Kearney could join parts of downtown and Commercial Street to become a “targeted loan area,” according to Kerner.