City of Springfield to Acquire Main Street Properties for Economic Redevelopment

The city of Springfield and the Springfield Redevelopment Authority (SRA) announced they will utilize funding designated for eligibility of economic development from the American Rescue Plan Act (ARPA) to acquire properties for redevelopment in alignment with the Main Street and Convention Center Master Plan. The properties that the city and SRA will purchase are 113-115 State St., 1139-1155 Main St., and 11-21 Stockbridge St. In 2019, all of the properties were put under the control of Freedom Credit Union and participatory lenders. Due to the city’s concerns that potential investors would not invest in or appropriately tenant them, Mayor Domenic Sarno and Chief Development Officer Tim Sheehan reached out to Freedom Credit Union to discuss plans to acquire the properties for redevelopment.

Read the source article at BusinessWest