Former St. Elizabeth Hospital plan presented again, funding requested
QUINCY (WGEM) - Plans to renovate the former St. Elizabeth Hospital in Hannibal continue to formulate.
The Hannibal Regional Economic Development Commission (HREDC) presented their plan to turn the former hospital into senior housing apartments on Friday night.
HREDC Executive Director Corey Mehaffey said the city can’t pay for the $12 million project alone.
The Missouri Housing Development Commission held a public hearing Friday night to listen to public comments for, and against, projects across Missouri applying for low-income tax credits. The former St. Elizabeth Hospital was one of them.
HREDC and 3 Diamond Development want to turn it into low-income senior housing.
“As the application process has been going on, we have been asking for letters of support for people in the community to support that. And, of course, we received that,” Mehaffy said.
Mehaffy said they’ve applied for low-income tax credits to develop the property three times over the years. Each time, the state said no.
He hopes past failures are behind them, and this project will move forward.
“I think this time we have the development group that has the capacity, both financially and with their experience dealing with low-income tax credits, whether it’s low-income tax credits or historic tax credits,” Mehaffy said.
With the high project cost, Mehaffy said leveraging private investments is their best shot.
“Really, our choices are continued blight, where it’s at today, or to leverage this private investment opportunity and move the project forward,” he said.
The MHDC should make its decision by Dec. 10. If the St. Elizabeth project is approved, 3 Diamond Development will start drafting construction plans.
Mehaffy said the developer is looking at other funding options, including historic tax credits, if the application doesn’t get approved.
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