UNIVERSITY CITY — The school board here is once again considering the sale of its administration building, a move that holds big ramifications for a major development proposal in the city.
A measure declaring the Ronald E. McNair Administration Building on Groby Road was on the board’s Thursday agenda, but it was tabled until July 9.
Webster Groves-based Novus Development has been working for years to assemble property for a massive shopping center development near the intersection of Olive Boulevard and Interstate 170. It has eyed McNair as a potential new location for the girls’ campus of Torah Prep School of St. Louis, which is in the project footprint.
University City last year agreed to provide up to $70 million in tax increment financing, or TIF subsidies, to help finance the project. Last month, the city initiated eminent domain proceedings on some properties that have not reached deals with the developer.
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In September, the school board voted 4-3 to declare the McNair building surplus property, one vote short of a needed supermajority to allow the building to be marketed for sale. School officials have said the central office could relocate to available space in University City High School.
Though a purchase price has not been finalized, school officials have presented scenarios showing a sale could yield around $1.8 million that could keep the district’s fund reserves at a healthy level and delay the need for a tax increase or spending cuts.