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TIF funding approved for Regency Hotel

Friday, January 14, 2011 | 6:52 p.m. CST; updated 1:35 p.m. CST, Sunday, January 16, 2011

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.


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Comments

Paul Allaire January 14, 2011 | 8:38 p.m.

Wait a minute. That place already has a parking garage. I know it does because I parked in it.
Cannot a hotel be renovated on it's own funds? I would think so. They sure charge enough. Somebody get me a TIF. I want to build a sailboat.

(Report Comment)
Jeremy Calton January 15, 2011 | 2:09 a.m.

What Richard King wants, Richard King gets:
http://www.columbiamissourian.com/storie...

He already got the city to pay for a music festival that basically only benefits him.
Now a hotel for his bands.
Maybe next we should build him a music venue.

(Report Comment)
qqwweerr qqwweerr January 15, 2011 | 7:01 a.m.
This comment has been removed.
Corey Parks January 15, 2011 | 10:56 a.m.

What is wrong with this city? I understand the use of tax breaks for x amount of years and such but you do not use tax money to build things that benefit private business. Simple as that. When did we become Europe and Asia?

Seriously. The Parking Garage will never be repayed to the citizens and if it does it will take 4x as long as was promised because of the special leases and deals set up with the city and city employees.

Might these turn out ok in the end? Probably but that is not the point or the use of tax money.

(Report Comment)
Holly McGee January 15, 2011 | 3:17 p.m.

Why should the taxpayers monies go to someone who is going to make his own money from the hotel???????????? thats almost like double dipping!

(Report Comment)

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