The Jefferson County Commission is set to consider, during its Thursday meeting, releasing its interest in the former Graymont School to allow for construction on a senior living and early-learning development.

Deputy County Attorney Shawnna Smith explained during a meeting Tuesday that when the county transferred its interest in the property in 2021, it sold it for less than market value. The deal included a restrictive covenant that the property had to be used for a public purpose and owned by the city of Birmingham. Under that covenant, the city had to retain ownership for 10 years.

“The new developer that they have a contract with is desiring to have our restrictive covenant removed,” Smith said. “To do that, we would have to have fair market value for that property.

“What the city has come up with instead is, even though they intend to continue to own it, they have given an agreement that if they sell that property before the 10 years is over, they will pay us the equivalent of $800,000, which is our 50% interest in the property.”

City officials have said the Graymont School development will include 101 affordable housing units.

Employee 457 Plan Management

In another matter, during the committee meeting Tuesday, the commission sent to Thursday’s agenda an extension of a professional services agreement with CapFinancial Partners LLC to advise the county on its 457 Plan for its employees.

“We brought them in in 2023, realizing that we did not have anyone overseeing the plan and assisting us with our fiduciary responsibility for our employees and their investments,” Human Resources Director Caroline Brown said. “Since that time, we have consolidated to one payroll deducted firm versus four. We have saved our employees in that span of time over $400,000 in fees that they would have paid under the other structure, as well as we gain $8 million in the account, which will help us negotiate better fees as the as the plan continues to grow.”

Thursday’s commission meeting is in the courtroom of Circuit Court Judge David Hobdy in Room 340 at the Bessemer Justice Center.