|St. Elizabeth Healthcare has an agreement with developers and Disabled American Veterans to bring a health care facility to the former DAV property in Cold Spring.|
|Meet Ethan Clark. FWHWealthConsultingGroup.com|
Update, Cold Spring Mayor Angelo Penque statement:
Officials acknowledged today that St. Elizabeth Healthcare is the healthcare provider that has entered into an agreement with developer Al. Neyer and the Disabled American Veterans (DAV) to build a facility on the property owned by the DAV located at 3725 Alexandria Pike in Cold Spring.
"We have been working with Neyer as the healthcare partner for this development. While we do not have definitive plans at this time, we look forward to expanding access to quality healthcare in the Northern Kentucky community," said Sarah Wice-Courtney, director of communications and public relations for the healthcare system.
What we know so far
At a special council meeting on January 13, Cold Spring city attorney Brandon Voelker said the proposed facility would have an estimated value of 80 to 85 million dollars and would create about 240 jobs with an average annual salary between $85,000 and $95,000, according to information shared by city of Cold Spring officials earlier. The agreed upon purchase, price for the property is $6.5 million.
As of press time, St. Elizabeth did not confirm any details of the project, but is expected to share more information as plans unfold.
The city of Cold Spring council recently approved purchase agreements that would make the city the official purchaser of the property through an agreement between the developer and the city. The city plans to issue industrial revenue bonds (IRBs) or similar financing to ensure payment of applicable taxes.
Campbell County schools’ interest in the property
The city has been in a what might be called a battle of wills with the Campbell County School District. The District is also very interested in the property as a potential site for, what they describe as a much-needed new middle school to serve the northern part of the county. The school district has begun proceedings for condemnation that would allow a taking of the property under eminent domain.
A court is expected to rule on the condemnation within the next 90 to 120 days. As a step in the process of condemnation, a commission of three county residents were selected to determine the fair market value of the property. Under eminent domain the owners of a property should be compensated fairly for the property seized.
The commission ruled last week that the property is valued at $5.5 million. It is not clear if the school district has the funds available or even if the schools will proceed with the condemnation. Right now, a lot is up in the air as the schools await the court ruling and explore issues on the property, including a main gas line that will cause difficulty for whoever ends up with the land.
|Learn more. Click here.|
A standstill for now, but possibilities for the future
At their January meeting, city council members voted to approve all the related purchase agreements and to also authorize city officials to move forward with a complaint against the school board for interference in their purchase. Yet, council also approved the mayor and city attorney to seek to negotiate with the schools to help them find a different property within the city and to provide financial assistance to help offset the costs of building a new building.
According to Superintendent Dr. David Rust, in addition to the size of the property (approximately 30 acres), a main reason the district finds the DAV site so attractive is the building on the property. School officials have toured the building and believe it would be suitable with some renovation. A renovation would make the project much more affordable than constructing an entirely new school building.
Immediately following the city council meeting, Voelker emailed Dr. Rust to ask if he might be willing to meet.
According to documents obtained by Fort Thomas Matters, at first the superintendent said that was a possibility but then followed up with a response that he wanted to wait until the district’s own architects and engineers had fully evaluated the DAV site—and to wait until the city’s motion to intervene is resolved in circuit court.
The city had proposed a possible alternative in a 28-acre parcel of land near Crossroads Elementary. Dr. Rust said the district had already evaluated that site and found it unsuitable due to the topography and other factors.