City Council to Discuss TIF Projects
COLUMBIA - The Columbia City Council will discuss two Tax Increment Financing (TIF) projects in downtown Columbia on Monday night. One is for the current Regency Hotel property on Broadway. The developer plans on tearing down the existing hotel and building a new hotel with more rooms. He also has plans for a parking structure behind the hotel on Walnut Street.
Councilman Gary Kespohl isn't sure the parking structure is a good idea.
"The cost per space per month to construct the garage is 191 dollars per month per space. And we lease our garage spaces for 60 dollars per month--that's 25 years. If we amortize it over 40 years, that drops to 111 dollars per month, and we still collect 60 dollars per month. So we would never collect enough money out of that garage to pay for it," said Kespohl.
The other project is at the Tiger Hotel. John Ott, the property's original developer, applied for the TIF. Since Ott was given the TIF, the property has changed hands. The city council will discuss whether to transfer the TIF to the new developer.
Matthew Jenne, owner of Addison's, said he's looking forward to the increase in business the renovations to Tiger Hotel may bring. "Well, you know, I think it's probably ultimately going to be a good thing. I know that there's some controversy with TIFs in general. But I think if they're applied appropriately, they can spur development where you normally wouldn't see anything," said Jenne.
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