Target 8 Investigation: City of Columbia Bets on Tiger Hotel Success

5 years 5 months 3 weeks ago Thursday, October 25 2012 Oct 25, 2012 Thursday, October 25, 2012 8:36:00 PM CDT October 25, 2012 in News
By: Dan Kennedy
loading

COLUMBIA - For the past two years, Tiger Hotel owner Glyn Laverick has been pouring his time and money into restoring the Tiger Hotel. But it's not just his funds he's tapping. In fact, the City of Columbia is helping fund Laverick's newest project at the Tiger Hotel.

In 2009, the city granted Laverick and the Tiger Hotel nearly $1.785 million in tax increment financing (TIF), basically a plan to forgo paying some taxes. But the help is contingent on the hotel finishing constructing this spring.

The TIF was a crucial step in Laverick's dream of spending millions of dollars to resurrect the Tiger Hotel into a four-star boutique.

"I take projects that no one else wants to do. No one else wanted to do the Tiger. No one else had the skillset to really put this together and create something out of nothing," Laverick said.

In 2008, the city froze the Tiger Hotel's property and sales taxes. The TIF project began in 2009. In the Tiger Hotel's case, when the hotel's value and therefore its property taxes go up, it gets the increase refunded. When sales taxes revenues go up, the hotel gets to keep half the additional money. The city and county get the rest.

"We don't receive any money whatsoever unless the project is complete," said Laverick. "We haven't received a penny from the city."

Deputy City Manager Tony St. Romaine said the Tiger Hotel renovation is catalytic for Columbia. But some city leaders were at first skeptical of the project.

In a March 2011 city council meeting, Councilman Daryl Dudley admitted he was hesitant in approving the TIF. The minutes say, "There had been bad publicity surrounding Mr. Laverick and many of his constituents were recommending the city not approve it."

But that night Dudley and his colleagues approved the TIF with a unanimous vote.

St. Romaine said Laverick's history of failed projects did give him cause for concern but added, "Obviously we did our due diligence to make sure of some of the rumors in terms of previous investments by this developer that might have gone south. We didn't find that to be true at all."

Now, two years after the city risked investing its faith and finance in the restoration, the project is nearing completion, with Laverick claiming 39 of the 62 rooms renovated. Laverick said every room will be ready in December, three months ahead of the March deadline to get the TIF.

And as for Laverick, he said he feels a personal attachment to the project and calls Columbia his new home.

"This is a long-term project for me. I see it as something that I don't have an end date on. I see it as something that I want to hold onto," Laverick said.

If the Tiger Hotel doesn't complete renovations by the March deadline, the city does not have to give them any TIF money. St. Romaine says in that case Laverick could apply for an extension.

Related Stories

More News

Grid
List
COLUMBIA - The Columbia Fire Department used the former Macy's building off of Stadium Blvd. on Thursday to train its... More >>
32 minutes ago Thursday, April 19 2018 Apr 19, 2018 Thursday, April 19, 2018 1:58:00 PM CDT April 19, 2018 in News
COLUMBIA - Police said a man was stabbed in the neck in the 2900 block of Range Line Street Thursday... More >>
53 minutes ago Thursday, April 19 2018 Apr 19, 2018 Thursday, April 19, 2018 1:37:00 PM CDT April 19, 2018 in News
FORDLAND (AP) — Officials said a maintenance worker died when a Missouri television station tower collapsed and he became trapped... More >>
1 hour ago Thursday, April 19 2018 Apr 19, 2018 Thursday, April 19, 2018 12:31:00 PM CDT April 19, 2018 in News
CLINTON (AP) — A Missouri woman accused of dealing drugs from a home where an ex-convict fatally shot one police... More >>
2 hours ago Thursday, April 19 2018 Apr 19, 2018 Thursday, April 19, 2018 12:01:48 PM CDT April 19, 2018 in News
MONTGOMERY COUNTY - Deputies identified a man whose body was found tangled in fishing lines on Wednesday as Timothy G.... More >>
2 hours ago Thursday, April 19 2018 Apr 19, 2018 Thursday, April 19, 2018 11:47:00 AM CDT April 19, 2018 in News
JEFFERSON CITY - Hazmat teams responded to the state capitol Thursday after Sen. Maria Chapelle-Nadal got an envelope with an... More >>
2 hours ago Thursday, April 19 2018 Apr 19, 2018 Thursday, April 19, 2018 11:41:00 AM CDT April 19, 2018 in News
JEFFERSON CITY (AP) — A Missouri Senate panel has declined to advance a proposed tax overhaul following estimates that it... More >>
3 hours ago Thursday, April 19 2018 Apr 19, 2018 Thursday, April 19, 2018 11:09:33 AM CDT April 19, 2018 in News
KANSAS CITY, Mo. (AP) — A 65-year-old man who was a major heroin dealer in the Kansas City area has... More >>
3 hours ago Thursday, April 19 2018 Apr 19, 2018 Thursday, April 19, 2018 10:45:26 AM CDT April 19, 2018 in News
ST. LOUIS - A judge announced Thursday he will not dismiss the criminal invasion of privacy case against Gov. Eric... More >>
4 hours ago Thursday, April 19 2018 Apr 19, 2018 Thursday, April 19, 2018 10:02:00 AM CDT April 19, 2018 in News
KANSAS CITY, Mo. (AP) — Prosecutors said a man shot by suburban Kansas City police in January has died, but... More >>
5 hours ago Thursday, April 19 2018 Apr 19, 2018 Thursday, April 19, 2018 9:22:59 AM CDT April 19, 2018 in News
COLUMBIA - The third annual Unbound Book Festival kicks off tonight, facing questions over its leadership's commitment to diversity and... More >>
5 hours ago Thursday, April 19 2018 Apr 19, 2018 Thursday, April 19, 2018 8:49:00 AM CDT April 19, 2018 in News
LAKE OZARK - Firefighters are looking into the cause of a fire that killed four people early Thursday morning. ... More >>
6 hours ago Thursday, April 19 2018 Apr 19, 2018 Thursday, April 19, 2018 8:16:00 AM CDT April 19, 2018 in News
JEFFERSON CITY – A majority of Republicans passed a tax bill Tuesday night, but it is still drawing some criticism... More >>
19 hours ago Wednesday, April 18 2018 Apr 18, 2018 Wednesday, April 18, 2018 7:21:00 PM CDT April 18, 2018 in News
TIPTON – Some Tipton residents spoke out Wednesday against a potential new concentrated animal feeding operation (CAFO). Critics say CAFOs... More >>
19 hours ago Wednesday, April 18 2018 Apr 18, 2018 Wednesday, April 18, 2018 7:21:00 PM CDT April 18, 2018 in News
COLUMBIA - Pamela Fitzmaurice has a special section in the cookbook her mother passed down to her. That section is... More >>
19 hours ago Wednesday, April 18 2018 Apr 18, 2018 Wednesday, April 18, 2018 6:49:00 PM CDT April 18, 2018 in News
SAN JUAN, PUERTO RICO - Puerto Rico was left powerless on Wednesday, nearly seven months after the powerful September storm,... More >>
20 hours ago Wednesday, April 18 2018 Apr 18, 2018 Wednesday, April 18, 2018 5:32:00 PM CDT April 18, 2018 in News
JEFFERSON CITY - Gov. Eric Greitens filed a restraining order against Attorney General Josh Hawley on Monday over the investigation... More >>
21 hours ago Wednesday, April 18 2018 Apr 18, 2018 Wednesday, April 18, 2018 4:34:00 PM CDT April 18, 2018 in News
MOBERLY - Moberly and Westran Public School Districts celebrated their Healthy Schools Healthy Community initiative on Wednesday. The initiative is... More >>
22 hours ago Wednesday, April 18 2018 Apr 18, 2018 Wednesday, April 18, 2018 3:42:00 PM CDT April 18, 2018 in News
Columbia, MO
Broken Clouds 52°
3pm 53°
4pm 54°
5pm 55°
6pm 54°