Columbia City Council moves forward with Broadway Hotel expansion

11 months 1 week 1 day 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
COLUMBIA - Aldi on Green Meadows Road is temporarily closed until further notice Monday after heavy flames billowed right behind... More >>
2 days ago Sunday, April 22 2018 Apr 22, 2018 Sunday, April 22, 2018 5:48:00 PM CDT April 22, 2018 in News
COLUMBIA - The Columbia Missouri National Education Association held a rally on Friday commemorating the 19th anniversary of the Columbine... More >>
2 days ago Sunday, April 22 2018 Apr 22, 2018 Sunday, April 22, 2018 5:38:00 PM CDT April 22, 2018 in News
COLUMBIA - The Columbia Area Earth Day Festival featured local vendors, food trucks and live music Sunday. The festival... More >>
2 days ago Sunday, April 22 2018 Apr 22, 2018 Sunday, April 22, 2018 4:20:00 PM CDT April 22, 2018 in News
BOONVILLE - An electronic music festival by the name "Boonphoria" has attendees wondering if the event was just a money... More >>
2 days ago Sunday, April 22 2018 Apr 22, 2018 Sunday, April 22, 2018 3:49:00 PM CDT April 22, 2018 in News
ELDON - Flags are at half staff all throughout Miller County, as residents honor the life of Deputy Casey Shoemate.... More >>
2 days ago Sunday, April 22 2018 Apr 22, 2018 Sunday, April 22, 2018 3:39:00 PM CDT April 22, 2018 in News
COLUMBIA - A local organization sought to raise awareness about renewable energy by having people exert some. Renew Missouri,... More >>
2 days ago Sunday, April 22 2018 Apr 22, 2018 Sunday, April 22, 2018 6:31:00 AM CDT April 22, 2018 in News
JEFFERSON CITY - Friday was the anniversary of the Columbine shooting, and on Saturday, members of the Jefferson City community... More >>
3 days ago Saturday, April 21 2018 Apr 21, 2018 Saturday, April 21, 2018 10:03:00 PM CDT April 21, 2018 in News
COLUMBIA - U.S. Rep. Vicky Hartzler, R- Harrisonville announced the winner of her annual congressional art competition Saturday afternoon. ... More >>
3 days ago Saturday, April 21 2018 Apr 21, 2018 Saturday, April 21, 2018 4:29:00 PM CDT April 21, 2018 in News
COLUMBIA - Community members took laps around the MizzouRec Saturday to raise money for Relay For Life of Mizzou’s main event,... More >>
3 days ago Saturday, April 21 2018 Apr 21, 2018 Saturday, April 21, 2018 3:14:00 PM CDT April 21, 2018 in News
LAKE OZARK - For the past five years, Osage Heritage Elementary has hosted a Color Run to raise funds for... More >>
3 days ago Saturday, April 21 2018 Apr 21, 2018 Saturday, April 21, 2018 1:29:00 PM CDT April 21, 2018 in News
CLAYTON (AP) — A former St. Louis-area teacher will be on five years of probation for having sex with a... More >>
3 days ago Saturday, April 21 2018 Apr 21, 2018 Saturday, April 21, 2018 8:43:59 AM CDT April 21, 2018 in News
UNIVERSITY CITY (AP) — A former St. Louis-area day care teaching assistant has been found guilty of molesting a 5-year-old... More >>
3 days ago Saturday, April 21 2018 Apr 21, 2018 Saturday, April 21, 2018 8:40:09 AM CDT April 21, 2018 in News
JEFFERSON CITY -- Firefighters responded to a structure fire in the 100 block of E. Ashley St. at 11:08 p.m.... More >>
3 days ago Saturday, April 21 2018 Apr 21, 2018 Saturday, April 21, 2018 6:27:00 AM CDT April 21, 2018 in News
JEFFERSON CITY (AP) — Missouri legislators approved numerous changes Thursday to local elections, including allowing voters to request absentee ballots... More >>
4 days ago Saturday, April 21 2018 Apr 21, 2018 Saturday, April 21, 2018 5:27:13 AM CDT April 21, 2018 in News
MILLER COUNTY - Casey Shoemate, a 26-year-old Miller County sheriff's deputy, died Friday night after colliding head-on with another vehicle... More >>
4 days ago Friday, April 20 2018 Apr 20, 2018 Friday, April 20, 2018 10:05:00 PM CDT April 20, 2018 in News
COLUMBIA- Retailer Sears will close its Columbia Mall store this summer because the location has become unprofitable. Sears Director... More >>
4 days ago Friday, April 20 2018 Apr 20, 2018 Friday, April 20, 2018 8:46:00 PM CDT April 20, 2018 in News
COLUMBIA- A local non-profit organization, Columbia Access Television, hosted a 24-hour film contest that started Friday at 5:30 pm. ... More >>
4 days ago Friday, April 20 2018 Apr 20, 2018 Friday, April 20, 2018 7:13:00 PM CDT April 20, 2018 in News
LAKE OZARK - Community members are coming together to help a family who lost their children in a fire get... More >>
4 days ago Friday, April 20 2018 Apr 20, 2018 Friday, April 20, 2018 7:10:00 PM CDT April 20, 2018 in News
Columbia, MO
Broken Clouds 54°
6am 52°
7am 51°
8am 53°
9am 54°