City Council To Discuss Regency Hotel Redevelopment
COLUMBIA - The city council will vote Monday on a plan to use a tax increment financing (TIF) plan for the Regency Hotel redevelopment. The project would demolish the existing Regency Hotel and replace it with a new 120-room hotel. If approved, the TIF would add an additional tax on sales in a certain region to raise $3.2 million to be paid out over a 23-year span.
The council will also discuss the plan to buy a 29,000 square foot property with plans to build a new parking garage. If purchased, the property will cost $1,250,000. The parking garage would be no more than six stories tall, and will have a walkway to connect the garage to the potential hotel project.