The Springfield News-Leader featured this violin-backgrounded, heartstring-tugging story: Developer: Plan to renovate Springfield’s historic Bailey school up in the air:
A Springfield developer who recently bought the Bailey school with the intention of turning the historic building into urban lofts said the project is now in jeopardy.
Jason Murray, the Bailey Lofts LLC developer, blamed the uncertainty on a shift in the political climate at the state and federal levels. Not long after Murray finalized the sale — paying Springfield Public Schools at least $305,000 for the property — talk intensified about the possibility of scaling back or eliminating tax credits available to renovate historic properties.
Murray, who owns 11 other buildings in the downtown area, was counting on tax credits to help finance up to 45 percent of the $2 million renovation. He planned to apply for the maximum tax credits allowed, 20 percent in federal and 25 percent in state.
If the project cannot be profitable without special government deals, it should not be done.