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St. Mary's renovation meeting delayed

St. Mary's renovation meeting delayed

March 24th, 2017 by Rebecca Martin in Local News

Farmer Holding Company, which purchased the old St. Mary's Health Center complex on Missouri Boulevard in December 2015, is seeking tax increment financing through the city to redevelop the property.

Photo by Shelby Kardell /Fulton Sun.

Editor's Note: This page has now been corrected to display the correct article. An earlier version of the page displayed the wrong news story.

 

After two years vacant, the old St. Mary's Hospital site will have to wait a little longer for public discussion about redevelopment of the site.

The meeting scheduled for community stakeholders to discuss the proposed tax increment financing (TIF) plan to redevelop the property at the corner of U.S. 50 and Bolivar Street has been postponed by a month or so.

At the request of developer Farmer Holding Company, the meeting of the Jefferson City TIF Commission will be rescheduled from its original April 6 to a date to be determined in mid- to late May.

"We continue to work towards the best redevelopment plan possible for the former St. Mary's Hospital," Rob Kingsbury, of Farmer Holding Company, said. "As we approached the TIF meeting date, we felt there was more work and collaboration that needed to take place prior to the meeting. We look forward to finishing the needed work and working with all involved to arrive at the best plan to improve the property."

F&F Development, whose subsidiary is Farmer Holding Company, purchased the property in December 2015 after SSM Health relocated the hospital to its current location on Mission Drive in November 2014.

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The company filed paperwork earlier this year to begin the TIF application process. With two options for redevelopment offered, Farmer Holding Company is seeking $6.75 million-7.43 million in funding support through sales and property tax reimbursements and other economic development tools.

Both potential projects would include historic preservation of the original, 1905 St. Mary's Hospital, converting the structure into office space, according to the TIF plan submitted to the city.

The first redevelopment option would use a portion of the hospital property as a satellite location for Lincoln University, alongside commercial development with room for four retail/restaurant buildings.

The second option, submitted in the event the LU collaboration fell through, would favor commercial use more heavily, with six retail/restaurant slots available.

TIF allows developers to finance certain improvements in blighted areas using a portion of the additional sales and/or property tax revenue produced in the district that results from the development, until all eligible costs have been reimbursed or for a maximum of 23 years.

The city's TIF Commission — which includes representatives from taxing entities affected, including Jefferson City government, the Cole County Commission and Jefferson City Public Schools district, among others — first hears a developer's proposal, voting to recommend approval or rejection of the plan to the full City Council, which makes the final decision.

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