Springfield Business Journal_2019-03-25

by Mike Cullinan · mcullinan@sbj.net and Geoff Pickle · gpickle@sbj.net The efactory expects a new grant of $350,000 – its largest to date – will trans- late into an economic impact boon. Officials with Missouri State University’s business incubator announced earlier this month it had received a Missouri Building Entrepreneurial Capacity grant through the Missouri Technology Corp. MTC is a public-private partnership promoting entrepreneurship and fostering growth among new and emerging technology com- panies. The efactory expects the MTC funding to result in $40 million in new local research and capital investment funding, 900 new jobs and 100 new investment-grade startups. This is in addi- tion to the incu- bator’s existing programs, which include a business accelerator and public and customized training for employees and businesses. “Missouri Technology Corporation has been critical to our success and ability to scale more quickly to better serve our of proposed road, bridge, stormwa- ter and sidewalk projects with costs for cycles of three, five, 10 and 20 years. The 20-year option ultimately was favored to al- low for a longer window of plan- ning, Gugel said. “When you’re looking at extending that cycle length, there are some benefits to that. It gives us flexibility,” he said. “The longer term changes the way we’re able to handle the tax fund.” Projects are regularly broken into de- sign and construction phases – a neces- sity under a three-year cycle, he said. “Because of the nature of the projects, it’s very typical for us to have to split up project phases,” he said, adding some aren’t able to be completed in three years or less. “By doing a longer time period, it really allows us to fully commit to com- pleting all phases of the project from conceptual design through final con- struction and not have to have a renewal process enter in for us to continue the project.” The tax currently generates around $10 million per year, but Gugel said the city is projecting the annual amount should increase to $11 million, based on economic trends. Forging partnerships Among projects completed by the quarter-cent sales tax funds are widen- ing Republic Road, as well as intersection improvements at James River Freeway and Campbell Avenue, and at National Avenue and Primrose Street. The latter $2.00 · SBJ.NET MARCH 25-31, 2019 · VOL. 39, NO. 36 A new look to Hickory Hills Country Club is coming this fall. PAGE 9-28 SPRING 2019 PROJECT REPORT City seeks 20-year sunset on sales tax Efactory works to turn $350K into $40M by Mike Cullinan · mcullinan@sbj.net A city of Springfeld quarter-cent capi- tal improvement sales tax is set for a vote April 2 with a proposed 20-year sunset. The tax has generated around $250 mil- lion since its inception 30 years ago. First approved by voters in 1989, the tax issue has been renewed nine times, most recently in 2016 when it passed with 86 percent of the vote. Previously, the tax has had a three-year sunset, but City Council is seeking a lon- ger period this time around, said Martin Gugel, associate director of Springfield Public Works. At council’s request in Oc- tober 2018, Public Works provided a list WES HAMILTON The efactory predicts $40 million in new research and capital investment funding over five years. Rachel Anderson : The CoxHealth and Tacit VR connection is a result of an efactory program. Martin Gugel: Longer tax sunset allows all project phases to be completed in one cycle. Passage April 2 could generate $11 million for capital projects annually See TAX on page 31 See GRANT on page 32 Technology grant could spawn 900 new jobs and 100 startups