Springfield City Council Approves Calumet City Loan

City council approves loan to redevelop historic hot dog stand

Springfield MO- With some reservations about the plan, Springfield city council voted unanimously for a loan for the redevelopment plan for Calumet City, an abandoned Hot Dog Stand located in downtown Springfield behind the main post office.  The developer, Ken McCow has already received a $3 million dollar loan from the Missouri Development Board as well as a $50 million dollar loan from the federal Department of Housing and Urban Development.

Despite this financing McCow found himself $47.18 short to continue with the project.  Since the city council came through with the loan McCow promised to complete the the project on time and on budget.  “Without council’s backing on this, I don’t know what I would have done,” he stated.

Springfield Mayor Jim O’Neil said special tax districts will be created to help fund the loan.  “I know some people would prefer tax money not be used on this, we felt we had no choice because without the $47.18 the whole thing would shut down.  This is needed to boost the downtown and help the economy in general. The city cannot leave that building empty.  If this wasn’t going to happen we were going to have to tear it down thus losing a part of Springfield history.

FCN has learned that the city will pay half the amount of the loan which is $23.59 when the project is half way completed.  The remaining $23.59 will be paid when the project shows a 75% completion rate.  “This will make sure the developer follows through with renovation and won’t bail on us,” stated O’Neil.

According to McCow the old hot dog stand will now be home to a Kansas City Hereford Steak House, a professional roller derby ring, several upscale specialty shops and either another Ziggy’s or Braums Ice Cream location.  The roof will feature “green technology” and have a swimming pool and several hiking and biking trails.

Kathy Casher, a local banker called councils actions “creative and innovative”.  “This is not only a good investment for downtown, this is a guaranteed and secure loan for me.  I just wish council would find more of these old buildings to invest in,” she commented.

McCow had nothing but good things to say on how easy it was to get the paperwork done with the city.  “I couldn’t believe how simple it was.  I just pulled up to the front door and walked in.  In less than 10 minutes it was done and I left with cash in my pocket.  The best part was I got to keep my car!”

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