City Council to vote on Regency Hotel TIF development Monday

Saturday, February 19, 2011 | 6:29 p.m. CST; updated 7:46 p.m. CST, Saturday, February 19, 2011

COLUMBIA — The City Council will vote on two bills Monday regarding the Regency Hotel redevelopment.

The first bill that will be voted on involves making corrections to the original ordinance. The Regency Hotel redevelopment area has been referred to as a "blighted area," but on Feb. 16, the city manager and his staff sent a memo to the council saying the wording should be changed — it should be called a "conservation area."

The second bill is about the redevelopment agreement with Broadway Lodging LLC. The council will vote whether to accept the proposal, the plan and tax increment financing.

Last month the TIF Commission recommended that the Regency redevelopment be approved for tax breaks. The money, $3.2 million, will come from property and sales tax, according to a previous Missourian report.

A memo from the city manager and his staff sent Feb. 2 said the developer, Dave Parmley, has already advanced $20,000 to the city under the preliminary funding agreement. Additional funds will be sent to cover costs such as legal, financial and consulting fees if the bill is passed.

Funding will not be given until substantial money has been spent on redeveloping the hotel.

"Notes will not be issued until the developer has provided the most current project budget, as well as evidence showing expenditures of at least $250,000 in hard construction costs," according to the memo.

In the Feb. 2 memo, the city manager and his staff recommended that the council approve the agreement proposal.

Like what you see here? Become a member.

Show Me the Errors (What's this?)

Report corrections or additions here. Leave comments below here.

You must be logged in to participate in the Show Me the Errors contest.


Gregg Bush February 20, 2011 | 2:38 p.m.

As one who frequents downtown, I love this idea. But I'm concerned that my tax dollars would go to illicit drugs. Please have everyone involved submit to a drug test. The state legislature has finally seen the light. Why should we settle for anything less here in our fair city?

(Report Comment)

Leave a comment

Speak up and join the conversation! Make sure to follow the guidelines outlined below and register with our site. You must be logged in to comment. (Our full comment policy is here.)

  • Don't use obscene, profane or vulgar language.
  • Don't use language that makes personal attacks on fellow commenters or discriminates based on race, religion, gender or ethnicity.
  • Use your real first and last name when registering on the website. It will be published with every comment. (Read why we ask for that here.)
  • Don’t solicit or promote businesses.

We are not able to monitor every comment that comes through. If you see something objectionable, please click the "Report comment" link.

You must be logged in to comment.

Forget your password?

Don't have an account? Register here.