Even though the Springfield school board is set to give up potentially hundreds of thousands of dollars in tax revenue, supporters of a planned tax abatement for a new sports complex say the district will get back as much as it gives up.
The board Monday night approved a letter of intent to finalize a contract granting that tax abatement to the developers of the Scheels Sports Park at Legacy Pointe. That could mean the district would not collect as much as a million dollars a year in increased property taxes from improvements to that site. But the district could see a big boost in tax revenues from other new development that could be triggered by the sports complex, such as new restaurants and other businesses.
The district will also get access to sports complex facilities for its sports teams, but will still pay a reduced rental rate of up to $108,000 a year.
