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
OSAGE BEACH - Miller County sheriff’s deputy Casey Shoemate is being remembered for his great personality and his love for... More >>
8 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 9:33:00 PM CDT April 24, 2018 in News
COLUMBIA - Here are the facts on violent crime in Columbia. For the year of 2017, there were 610... More >>
8 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 9:25:00 PM CDT April 24, 2018 in News
COLUMBIA - A TARGET 8 fact check finds mid-Missouri county jails do not hold inmates charged with marijuana-related offenses in... More >>
9 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 8:19:00 PM CDT April 24, 2018 in Top Stories
AUXVASSE - Linnenbringer Farms is a third-generation farm selling beef, chicken and eggs in mid-Missouri. Luke Linnenbringer chose to follow... More >>
9 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 8:00:00 PM CDT April 24, 2018 in News
SEDALIA - Sexual assault survivors said a march in Sedalia Tuesday sent an important message. Kimber Gish said, “I... More >>
9 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 7:54:00 PM CDT April 24, 2018 in News
COLUMBIA – Federal health officials announced Tuesday they will be cracking down on the nationwide sale of Juul e-cigarettes to... More >>
11 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 6:42:00 PM CDT April 24, 2018 in News
COLUMBIA - As prom and graduation seasons approach, underage drinking has become a hot topic in schools and amongst the... More >>
11 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 6:18:00 PM CDT April 24, 2018 in News
COLUMBIA - Opponents of President Donald Trump's environmental policy call his changes to regulations "ludicrous." Professors and scientists gathered... More >>
11 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 6:09:00 PM CDT April 24, 2018 in News
COLUMBIA - The People for Ethical treatment of Animals, PETA, protested Tuesday against animal research on MU's campus. Organizer... More >>
12 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 5:01:00 PM CDT April 24, 2018 in News
MISSOURI - A new report from the Violence Policy Center, a non-profit group advocating for gun control, shows that Missouri... More >>
14 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 2:53:00 PM CDT April 24, 2018 in News
ASHLAND - As prom season begins, Rock Bridge High School said it will be breathalyzing its students upon entry to... More >>
15 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 2:04:00 PM CDT April 24, 2018 in News
ST. LOUIS — The legal battle between lawyers from Missouri Gov. Eric Greitens and St. Louis prosecutors is escalating, with... More >>
16 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 1:19:00 PM CDT April 24, 2018 in News
COLUMBIA - Boone County deputies arrested a man on Monday after he allegedly tried to meet up with who he... More >>
20 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 9:01:30 AM CDT April 24, 2018 in News
COLUMBIA - The Central Missouri Humane Society is celebrating its 75th anniversary, but its leadership isn't content with where the... More >>
21 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 8:44:00 AM CDT April 24, 2018 in News
COLUMBIA - On Monday, more than 100 volunteers began the week-long effort to deliver more than 5,700 meals to raise... More >>
22 hours ago Tuesday, April 24 2018 Apr 24, 2018 Tuesday, April 24, 2018 7:04:00 AM CDT April 24, 2018 in News
COLUMBIA – The Columbia City Council met Monday night in a work session to discuss ways to improve Columbia's water... More >>
1 day ago Monday, April 23 2018 Apr 23, 2018 Monday, April 23, 2018 8:00:00 PM CDT April 23, 2018 in Top Stories
COLUMBIA – Hundreds gathered at the first ever Japanese Spring Festival on MU’s campus Monday afternoon. Student Momoko Tamamura came... More >>
1 day ago Monday, April 23 2018 Apr 23, 2018 Monday, April 23, 2018 7:21:00 PM CDT April 23, 2018 in Top Stories
JEFFERSON CITY – One local woman is reflecting on her decision to vote for President Donald Trump after some have... More >>
1 day ago Monday, April 23 2018 Apr 23, 2018 Monday, April 23, 2018 7:00:00 PM CDT April 23, 2018 in Top Stories
Columbia, MO
Broken Clouds 54°
6am 52°
7am 51°
8am 53°
9am 54°