Jefferson City TIF Commission delays vote on redevelopment plan for old St. Mary’s Hospital
UPDATE: The TIF Commission approved a motion Thursday to delay its vote on a recommendation of the proposal until June 14.
The motion was made to allow the Jefferson City Public Schools Board of Education time to review a report in the TIF plan that was not submitted to the school board before its last regular meeting. The school board will review the report at its next meeting on June 12 and make a recommendation to the TIF Commission.
“We want our school board to have an opportunity to vet the process, weigh the pros and cons and make a determination from the school district’s standpoint before coming and casting a vote for the TIF Commission,” JCPS Superintendent Larry Linthacum said.
ORIGINAL STORY: The Tax Increment Financing (TIF) Commission is set to vote Thursday on a recommendation to City Council on a proposal for the former St. Mary’s Hospital.
F & F Development, part of Farmer Holding Co., originally submitted a proposal last year to the city to redevelop the site at Highway 50 and Bolivar Street with the help of tax increment financing.
In the TIF plan, the developers outline two possible options for the site.
The first option is called the “Lincoln Project.” The plan includes a satellite campus for Lincoln University, office space, retail stores and restaurants.
The project would cost about $44.6 million with partial demolition, renovation and new construction, according to the plan. The developers are asking to be reimbursed for about 16.5 percent of the project, or about $7.3 million, through a TIF.
However, the first option is heavily dependent on state grant funding, which Lincoln University did not receive in the recently concluded legislative session. The developers said they would continue to work with state lawmakers going into the next session.
The second option is called the “Commercial Project.” The plan would replace the space for Lincoln University with additional commercial space.
The second plan would cost about $30.9 million, according to the TIF plan. If that option is approved, the developers are asking to be reimbursed for 21.7 percent of the project, or about $6.7 million.
If it is approved by City Council, developers hope to start construction in 2018. The project is expected to be completed by 2020.
The TIF Commission must make a recommendation to City Council. To approve the plan, the council must find that it meets all six requirements set by law.
