Andy’s Frozen Custard has filed a detailed plan with the city of Springfield for an industrial development project for the frozen treat company’s new headquarters. The development plan calls for about $4.4 million in total tax abatement and exemptions for the 25-year project.
Project Details
The project will include more than 43,000 square feet of office space and 9,600 square feet of warehouse space on a 10-acre plot Andy’s purchased in 2022 near the corner of Division Street and Le Compte Road. It will be built in two phases, with the first complete in 2028, consisting of two office buildings, and the second by 2033, with an additional office building and separate industrial warehouse.
The proposed plan will have its first reading and public hearing at the July 13 Springfield City Council meeting, according to the notice to taxing jurisdictions for the project. The city invites all affected taxing districts to attend the meeting and to make comments on the proposed plan.
Tax Relief Request
The total in tax relief requested by the company would tally almost 14% of the total $32 million projected cost of the company headquarters. The custard company would give the taxing districts $1.6 million through payments linked to the exemption and abatement process.
The cost-benefit analysis filed with the plan breaks down where those sales tax funds would have otherwise landed. The biggest chunk in both sales and use tax would have gone to the state without the exemption.
Original reporting: Springfield Daily Citizen — read the source article.
