Enterprise group seeks public incentives for Truman Hotel renovation

5 months 2 weeks 2 days ago November 09, 2016 Nov 9, 2016 Wednesday, November 09 2016 Wednesday, November 09, 2016 2:47:00 PM CST in News
By: Hannah Finley, KOMU 8 Reporter
loading

JEFFERSON CITY – Puri Group of Enterprises, Inc. is looking to urban renewal efforts to help with its projected $56.8 million renovation of the Truman Hotel property.

In September, the group’s application for tax abatement incentives through the tax increment financing program was rejected by the Jefferson City council. Now, the Puri Group has changed its approach and is asking for incentives under the Land Clearance for Redevelopment Authority program.

“It’s a different set of statutes under Missouri law," City Counselor Ryan Moehlamn said. "This program provides tax abatement but no revenue generation, so it’s a different type of incentive they’re looking for."

He said tax increment financing allows projects to capture new taxes and use them for funding, whereas tax abatement under the Land Clearance for Redevelopment Authority is much simpler. With the latter, taxes on the increased value of the property aren’t paid for a 10-year period, which encourages redevelopment in areas that have been determined as blighted. 

“It’s important to have a highly visible property like this one be active and to be providing economic activity,” Moehlman said. 

The housing authority and city council will have to decide whether the Truman Hotel renovation needs additional economic incentive to move forward, as opposed to a typical private development in which public money isn’t used.

“Generally, on any type of project where we’re looking at using public money to help out a private development, there’s the tension between whether or not using public money is appropriate and necessary to spur economic activity on any piece of property,” Moehlman said. 

He said the Puri Group wants to move forward quickly with the project, but the city council has no formal plan to put it on the agenda.

More News

Grid
List
PINE LAWN (AP) — Authorities have identified the victims of a triple homicide in St. Louis County. The... More >>
2 hours ago April 27, 2017 Apr 27, 2017 Thursday, April 27 2017 Thursday, April 27, 2017 7:48:24 AM CDT in News
CLAYTON (AP) — Authorities are seeking more information about the leather bag in which an infant's remains were found in... More >>
2 hours ago April 27, 2017 Apr 27, 2017 Thursday, April 27 2017 Thursday, April 27, 2017 7:44:52 AM CDT in News
EXETER (AP) — Authorities say a train has struck and killed a 73-year-old driver in southwest Missouri . ... More >>
2 hours ago April 27, 2017 Apr 27, 2017 Thursday, April 27 2017 Thursday, April 27, 2017 7:41:17 AM CDT in News
JEFFERSON CITY (AP) — Missouri representatives have approved that the state pay an extra $241 million in unexpected expenses for... More >>
5 hours ago April 27, 2017 Apr 27, 2017 Thursday, April 27 2017 Thursday, April 27, 2017 4:41:30 AM CDT in News
COLUMBIA - The Columbia Police Department will hold a series of community meetings starting Thursday to build stronger police beats.... More >>
7 hours ago April 27, 2017 Apr 27, 2017 Thursday, April 27 2017 Thursday, April 27, 2017 2:46:00 AM CDT in News
COLUMBIA - A man was shot on Greensboro Drive and taken to the hospital Wednesday night. He suffered non life-threatening... More >>
10 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 11:09:00 PM CDT in News
JEFFERSON CITY - Capital Region Medical Center held a language workshop Wednesday night for parents with young children who have... More >>
14 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 8:04:00 PM CDT in News
COLUMBIA - City staff are working to make headway on two new landfill projects for Columbia. At a meeting... More >>
14 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 7:57:00 PM CDT in News
FULTON - The body of 31-year-old Carl DeBrodie may have been in a large storage container filled with cement for... More >>
15 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 6:37:00 PM CDT in News
COLUMBIA- In the latest Association of American Universities (AAU) report released Wednesday, the University of Missouri was highlighted for its... More >>
16 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 5:36:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri representatives have approved that the state pay an extra $241 million in unexpected expenses for... More >>
16 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 5:33:47 PM CDT in News
SPRINGFIELD (AP) — Family members of a man whose death was caused by Arkansas death row inmate Kenneth Williams say... More >>
16 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 5:26:16 PM CDT in News
ST. LOUIS (AP) — St. Louis' city minimum wage could rise to $10 an hour starting next week now that... More >>
17 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 4:16:16 PM CDT in News
JEFFERSON CITY - Missouri Secretary of State Jay Ashcroft teamed up with Missouri Attorney General Josh Hawley and local legislators... More >>
17 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 4:12:00 PM CDT in News
JEFFERSON CITY – Missouri motorcycle crashes have resulted in 475 deaths since 2012, with 122 fatalities occurring in last year... More >>
18 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 3:41:00 PM CDT in News
COLUMBIA - A controversial bill moving through the Missouri General Assembly could change the handling of workplace discrimination claims in... More >>
18 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 3:28:24 PM CDT in News
JEFFERSON CITY (AP) — Missouri lawmakers are pushing legislation that would make it harder for judges to require domestic violence... More >>
19 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 2:54:16 PM CDT in News
JEFFERSON CITY - A coalition of organizations rallied at the state capitol Wednesday in support of a "Moral Missouri." ... More >>
19 hours ago April 26, 2017 Apr 26, 2017 Wednesday, April 26 2017 Wednesday, April 26, 2017 2:48:00 PM CDT in News
Columbia, MO
Broken Clouds 45°
10am 51°
11am 53°
12pm 56°
1pm 58°

Select a station to view its upcoming schedule:

Coming Up Next

7:00a
Today
11:00a
Rachael Ray
12:00p
KOMU 8 News @ Noon
9:00a
The Steve Wilkos Show
10:00a
Jerry Springer
11:00a
Jerry Springer

Tonight's Schedule

7:00p
Superstore
7:30p
Superstore
8:00p
Chicago Med
9:00p
The Blacklist
7:00p
Supernatural
8:00p
Riverdale
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld