Springfield city officials and Illinois REALTORS® CEO Gary Clayton signed a memorandum of understanding Wednesday which clears the way for construction of the REALTORS® Bicentennial Plaza.
The Springfield City Council approved $1 million in Tax Increment Financing funding for the project on March 21, and the memorandum signed Wednesday spells out the guidelines the city and the association will abide by as the property is developed and used.
On hand for the signing in addition to Clayton were Springfield Mayor Jim Langfelder and Springfield Clerk Frank Lesko.
The plaza will be located on the north side of the Illinois REALTORS® headquarters on South Fifth Street on association-owned land. Once completed, the plaza is expected to become part of a revitalized area extending from the Lincoln Home National Historic Site to the state Capitol.
The signing took place at the association’s headquarters in a conference room overlooking the area to be redeveloped.