Columbia City Council moves forward with Broadway Hotel expansion

5 months 1 week 22 hours ago Tuesday, May 16 2017 May 16, 2017 Tuesday, May 16, 2017 5:24:00 PM CDT May 16, 2017 in News
By: Carolina Brigagao, KOMU 8 News Reporter
loading

COLUMBIA – The Columbia City Council voted to carry out the Tax Increment Financing, or TIF, proposed by the owner of the Broadway Hotel in downtown Columbia.

David Parmley submitted the TIF proposal in April, requesting $2 million from the city to build the second tower of the Broadway Hotel. The entire project will cost more then $20 million.

In 2014, Parmley was granted a TIF by the City Council to build the Broadway Hotel. Parmley said the amount requested has increased because the costs required for a project like this have gone up.

“In this case, the numbers are actually looking worse because the cost has increased about 38 percent over four, five years ago,” Parmley said.

The project includes the development of a second seven-story tower with 80 rooms. This will bring the total number of rooms to 194. The second tower would triple the current meeting space, adding a 6,000 square feet rooftop ballroom and another 2,000 square feet meeting space in the ground floor.

Parmley said there are not enough meeting places downtown, so building the second tower will benefit the city.

“With our hotel, we hope guests come and go out to theaters, shows, shopping and spend the money downtown. So, it counter balances to the students and brings some adults downtown.”

Kimber Dean, co-owner of Nourish Café & Market, which is across the street from the hotel, said the news of a second tower is promising for downtown businesses. 

"I am excited for it. I think it's going to bring a lot more people in here. We get a lot of business people during the week, and then during the weekends when it's football games or graduation week, or something that has to do with the colleges," she said. "So, I think having a second tower will only double that."

A TIF allows developers to invest in projects with the help of the city in the form of taxes.

Tony St. Romaine, part time consultant for the City of Columbia, said that for a TIF to be accepted by the city council, the project must:

  • Not be able to happen without the money from the TIF
  • Not ask for a TIF that exceed 20 percent of the total amount of the project
  • Contribute to the city’s infrastructure
  • Have proof that it has the financial means to be completed
  • Investor must personally contribute at least 15 percent
  • The city has no risk involved in the project

"The financing of this project would not be feasible without the assistance and provision of public financing including, but not limited to, tax increment financing," said a letter from the Carrollton Bank supporting the TIF.

Dean said the only concern is if the downtown area has the capacity to handle the parking.

The second tower will be built at 1104 E. Walnut. Parmley said he does not currently own the property, but has a contract to purchase the property by January 2018.

 

 

 

 

More News

Grid
List
GLASGOW - Chief of Police and City Administrator Kevin Atwood has been suspended with pay for 30 days. This came... More >>
1 hour ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 6:36:00 PM CDT October 23, 2017 in News
COLUMBIA - Due to the growing population in Columbia, the city is hoping to keep up with its expenditures with... More >>
2 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 5:23:00 PM CDT October 23, 2017 in News
FT. LEONARD WOOD - A program that brought more than 150 Afghan soldiers to the United States to train currently... More >>
3 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 4:59:00 PM CDT October 23, 2017 in News
JEFFERSON CITY - Two men, who pleaded guilty to child pornography charges in May, were sentenced in federal court Monday.... More >>
3 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 4:04:00 PM CDT October 23, 2017 in News
COLUMBIA – As temperatures begin to cool, it is time for people to prepare their homes for winter. Boone County... More >>
4 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 3:48:00 PM CDT October 23, 2017 in News
JEFFERSON CITY - The Cole County Sheriff's Office is warning of a scam similar to one that has popped up... More >>
4 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 3:05:00 PM CDT October 23, 2017 in News
ELLINGTON (AP) — An 86-year-old southeast Missouri man has died, days after a gunman killed his wife. The Missouri... More >>
5 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 2:23:00 PM CDT October 23, 2017 in News
COLUMBIA - Two separate crashes on Highway 63 North slowed traffic Monday morning between the Stadium Blvd. and Broadway exits.... More >>
5 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 2:12:00 PM CDT October 23, 2017 in News
ST. LOUIS (AP) — Voters in St. Louis will soon be asked to weigh in on a half-cent sales tax... More >>
6 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 1:32:15 PM CDT October 23, 2017 in News
COLUMBIA - Police are asking the public to help find a teenager who reportedly ran away and may be trying... More >>
7 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 12:50:00 PM CDT October 23, 2017 in Top Stories
COLUMBIA - The average American adult spends 2 hours, 51 minutes on their smartphone every day, according to comScore’s 2017... More >>
7 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 12:49:00 PM CDT October 23, 2017 in Top Stories
COLUMBIA- The Columbia Police Department reports it has received 655 calls of car burglaries in 2017. That is 207 more... More >>
8 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 11:56:00 AM CDT October 23, 2017 in News
JEFFERSON CITY - The Human Rights Campaign annually releases an evaluation of municipalities across the country rating their effectiveness in... More >>
8 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 11:54:00 AM CDT October 23, 2017 in News
COLUMBIA - The Columbia police officers' union criticized City Manager Mike Matthes' office Monday for testifying on behalf of a... More >>
9 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 10:48:00 AM CDT October 23, 2017 in News
ST. LOUIS (AP) — A report obtained by the St. Louis Post-Dispatch offers insight into why the city's Civil Service... More >>
9 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 10:13:00 AM CDT October 23, 2017 in News
COLUMBIA - Police arrested a man Sunday afternoon after he allegedly set the porch of a home on fire. ... More >>
10 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 9:52:00 AM CDT October 23, 2017 in News
COLUMBIA - Boone County Sheriff's deputies are investigating a home invasion which happened early Monday morning. Authorities said a... More >>
10 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 9:38:00 AM CDT October 23, 2017 in News
ST. JOSEPH (AP) — Authorities say officers have shot and killed a woman who pulled out a gun and fired... More >>
10 hours ago Monday, October 23 2017 Oct 23, 2017 Monday, October 23, 2017 9:20:52 AM CDT October 23, 2017 in News
Columbia, MO
Broken Clouds 57°
8pm 57°
9pm 54°
10pm 52°
11pm 51°

Select a station to view its upcoming schedule:

Coming Up Next

7:00p
The Voice
9:01p
The Brave
10:00p
KOMU 8 News @ 10
7:00p
Supergirl
8:00p
Valor
9:00p
KOMU 8 News @ Nine on The CW

Tonight's Schedule

7:00p
The Voice
9:01p
The Brave
7:00p
Supergirl
8:00p
Valor
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld