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.