Developers urge City Council to pass proposal for St. Mary’s Hospital

Developers with the former St. Mary’s Hospital want the Jefferson City Council to approve a redevelopment proposal.

In June, the Jefferson City Tax Increment Financing, or TIF, Commission voted unanimously to recommend approval plans to redevelop the former St. Mary’s Hospital site tothe City Council.

There are two plans from which the City Council can choose. The first proposal is called the “Lincoln Project,” and it includes a satellite campus for Lincoln University, office space, retail stores and restaurants. Developers favor the “Lincoln Project.”

The project would cost about $44.6 million with partial demolition, renovation and new construction. The developers are asking to be reimbursed for about 16.5 percent of the project, or about $7.3 million, through a TIF.

The “Lincoln Project” relies heavily on state grant funding, which Lincoln University did not receive in the recent legislative session. Developers said at the City Council meeting that they would continue to work with lawmakers.

The second proposal is called the “Commercial Project.” The plan would be similar to the “Lincoln Project,” but would replace the space for Lincoln and add commercial space.

The second plan would cost about $30.9 million. Developers are asking to be reimbursed for 21.7 percent, or about $6.7 million.

On Monday night, residents had a chance to speak about the projects, and only one resident who spoke was very opposed to the redevelopment plans.

If one of the projects is approved by the City Council, developers hope to start construction in 2018 and complete the project by 2020.