The Missouri River Regional Library board members voted 8-1 Tuesday night to endorse the St. Mary's Hospital Tax Increment Financing (TIF) project.
For two years, Farmer Holding has been working on a plan to redevelop the property of the historic St. Mary's facility, which has been closed since 2014. The TIF commission will vote Thursday whether or not the property will be designated to use TIF monies.
All the library board members with the exception of one felt the redevelopment of the property would be a win-win for the library and for the community.
Under the two-fold plan, Farmer Holding could either work with Lincoln University to create a satellite location for a nursing program or they could use the property for commercial purposes. Farmer Holding is still negotiating with both parties to determine if finances for either project would be available to sustain their use. For example, 100 percent of LU's funding comes from the state, so it would have to see if those funds will be appropriated for the purpose of the program.
Either way, public entities like the library would gain revenue from the property taxes of the building. As a nonprofit hospital, St. Mary's did not pay property taxes, so the additional finances were never an option.
Stu Murphy, president of the MRRL board, told the News Tribune the time is now.
"That property is deteriorating and we have to save it," Murphy said. "It's been a really critical part of the community, and it's located in a very strategic part of the city. We need to redevelop it."
Murphy said the plan to work with LU has been in the works for a while and it would be a fantastic use of the property.
Rob Kingsbury, of Farmer Holding Company, was present at the meeting and said this was an opportunity to hear feedback from the stakeholders as they move forward with the project. Nevertheless, Kingsbury said he was pleased with the library's vote.
MRRL board Treasurer Adam Veile said in the long run he believes the project will be financially beneficial to the library and their patrons.
"Our objective is to look out for patrons and to look out for the library," Veile said.
Assistant Director Betty Hagenoff added: "If this goes through, I just want it to be successful."