City staff recommend sale of 135 Lyman St. to developer for downtown redevelopment

Chair Tim Allen opened discussion on a proposed quick‑claim deed that would transfer city‑owned property at 135 Lyman St. to a developer recommended by the RFP review committee.

Brian Connors of the city's Economic Development Office told the finance committee the city solicited proposals multiple times and received four bids in the most recent round. He said the review committee recommends sale to a development entity identified in city materials as Barr Belmont, represented by Jeb Belice; the proposed sale price is $544,000. Connors said the buyer intends to redevelop the parcel as part of a broader neighborhood redevelopment that includes residential work in the area near the courthouse and Union Station.

Councilors asked whether the transaction includes adjacent land and the building; Connors confirmed the sale encompasses both the land and the building at the corner of Lyman and Chestnut (listed as 135 Lyman Street). He said one nearby building the developer has already acquired is undergoing remediation and demolition will begin soon.

Connors described the proposal as part of a larger cluster of properties—four parcels detailed in the council packet—where the Springfield Redevelopment Authority currently holds title and the city receives no tax revenue. He said staff’s rough estimate for the completed project’s market value is roughly $11–12 million, with current assessed value across the affected parcels reported at about $3.1 million. Ground‑floor commercial space would remain fully taxable; the tax increment exemption being requested would apply only to new growth tied to the residential portion.

No formal sale vote was recorded in the finance committee; the item was moved to the full council for consideration later that evening.

Ending: The committee advanced the item to the regular council meeting for final action.