SPRINGFIELD – City Councilors were told at the meeting of the Casino Oversight Committee the financing for the conversion of the Court Square building into apartments is at “the one yard line.”

Matt Crowley representing the developers Opal and Winn told the councilors the $55 million needed for the rehabilitation and construction of the building into apartments and retail space is almost complete. Because the final arrangements had not yet been completed Crowley could not say where the remaining funding was coming from or which entity providing it.

He added that MGM Springfield is contributing more than $11 million to the budget, but would not say how much more.

According to the Host Community Agreement, MGM Springfield is obligated to build 54 market rate apartments. Originally the company was going to start with 30 apartments in the former School Department building on State Street, but was asked by the city to start construction there in order to be part of the reconstruction of the Court Square building.

City Solicitor Edward Pikula gave the councilors at the meeting a memo that explains the process the city must now undertake to amend the HCA.

The memo read, “We are in the process of drafting an amendment to the HCA to incorporate the project posed by Winn and Opal.”

The amendment would include an agreement on a construction schedule for 59 market rate apartments, 14 workforce apartments and 12,000 square feet of ground level retail.

Pikula explained part of the final agreement of the apartment issue would be the return of the School Department building to the city for future redevelopment.

The apartments would help start ‘The Implementation Blueprint,” which Pikula said would “ripple throughout the downtown and the city.”

City Councilor Michael Fenton who chairs the committee said the city is “very pleased with MGM’s commitment to Court Square.” He continued the apartments are “part of the spin off the taxpayers were promised.”

Fenton said by the committee’s next meeting in May he expects all of the details in financing the Court Square project should be in place.

The committee also heard about MGM Springfield’s plans for approval of two new bars in the complex. Jose Delgado, who is the MGM liaison for government, explained the casino wishes to add a 22-seat bar near the Cal Mare restaurant as well as a bar to serve the plaza area. That bar would be in one of the unused storefronts in the plaza.