SOLD! MRC now privately owned

Mt. Vernon, developer Hogan close on MRC property contract
 
The City of Mt. Vernon and developer Timothy Hogan have concluded the sale of the former Missouri Rehabilitation Center campus. City Administrator Max Springer said Hogan took possession of the property and paid the remaining amount due on the buildings and its 123 acres on Thursday, July 2. Hogan and the city agreed to an original sale price of $575,000 (later raised to $600,000), with Hogan making an initial down payment of $50,000.
Springer said the final transactions went smoothly.
“Everything closed on the property July 2,” he said.
On Wednesday, July 1, Springer also gave a tour of the property to potential investors who had shown an interest in investing with Hogan in his venture at the MRC property.
“It went well,” Springer said. “I do not know if they will participate in the project or not.”
While the sale is concluded, Springer said the city hopes to continue to work with Hogan in the future.
“We are looking forward to working with Mr. Hogan as he moves forward to redevelop the property,” he said