Larino Properties recently developed two other retail sites. Larino says Chestnut Crossing at the southeast corner of Chestnut Expressway at West Bypass has 80 percent of its space committed. He said Wilson Creek Marketplace at the northwest corner of West Bypass at Republic Road (Highway M) has 50 percent of its space committed.
Springfield School District leaders said at the news conference that they signed a revised contract with Larino for the former Hickory Hills School. It said Larino Properties will pay $4,450,000 for the 102,609-square-foot building and accompanying 15.5 acres. It said closing on the sale will occur no later than Jan. 31, 2011.
The school district estimates, once Hickory Hills Marketplace is completed, it will generate $250,000 to $300,000 in additional property tax revenue for the school district each year. The school board approved the final contract in executive session on Dec. 2. Both parties signed the contract on Dec 9.
Larino Properties signed an initial contract to buy the property last March. At that time, it planned to close the sale within four months.
As part of the revised contract, the buyer will pay the Springfield School District $2.5 million on or before next June 15. The remaining balance will be paid under an interest-bearing promissory note. Larino plans to pay $1 million no later than Dec. 31, 2015, and a final payment of $950,000 no later than Dec. 31, 2017.
The school district will place the initial $2.5 million payment into its capital projects fund. The use of those funds isn't decided.
The old school is at 3429 E. Chestnut. The building was constructed in 1951 and used as a school until last January when students moved into the new Hickory Hills School at 4650 E. Highway YY.
The new interchange on Chestnut at U.S. 65 will be similar to diverging diamond interchanges on Kansas Expressway (Missouri 13) at Interstate 44 and National Avenue at James River Freeway (U.S. 60). Greene County will contribute $1 million, Springfield will pay $2.7 million, MoDOT will pay $3.6 million, and Larino will contribute $1.5 million.