Springfield City Council approves tax incentives for Willys-Overland downtown housing…
The City Council approved tax incentives for the historic Willys-Overland property on Chestnut Street on Monday, providing property tax relief to the new owner to assist plans to convert the site to market-rate housing. The vote was 8-0 to approve the 10-year tax increment exemption agreement with Davenport Companies, under the name Chestnut Acquisitions LLC. Under the agreement, Davenport will have a total tax savings estimated at $310,000 over 10 years, according to the Assessors Department.