COLUMBIA — The Tax Increment Financing Commission approved a resolution Friday for funding the redevelopment of the Regency Hotel.
The developer, Dave Parmley of Broadway Lodging LLC, is requesting $3.2 million from city development funds, according to a previous Missourian report. The TIF money will come from property and sales taxes, commission member Steve Erdel said.
Overwhelming support was expressed at a public hearing on Jan. 4. The only negative voice expressed at the hearing was from Columbia resident John Patrick Barnes in the form of a letter. Barnes submitted another letter of dissent at the meeting Friday.
The commission approved the resolution and included three recommendations for city council to consider.
The recommendations discussed during the meeting include:
- If the project costs less than the initial investment, TIF funding should be reduced proportionally.
- All TIF revenues will go toward TIF repayment. Erdel said that if the hotel is more successful, the quicker the TIF will be paid off. But, if the hotel sees less income than expected, the developer is still required to pay the TIF debt within the 23-year limitation, he said.
- Have city staff evaluate parking garage possibilities. The council clarified Friday that the resolution does not include the building of a parking garage. Parmley said in an interview that he intends to utilize the current parking lot unless it is feasible to sell the property back to the city, which would then build a parking garage.
The resolution will now go to city staff to discuss the development agreement.