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

5 years 10 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
SPRINGFIELD — President Trump held a campaign-style rally in Springfield Friday. Trump spoke in front of an at-capacity crowd... More >>
5 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 10:15:00 PM CDT September 21, 2018 in News
KANSAS CITY (AP) — A 46-year-old woman who set a fire that resulted in the deaths of two Kansas City... More >>
9 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 6:22:51 PM CDT September 21, 2018 in News
ST. LOUIS (AP) — Emissions near a troubled St. Louis County landfill once posed health concerns for workers and nearby... More >>
10 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 5:02:52 PM CDT September 21, 2018 in News
JOPLIN (AP) — Missouri Southern State University has abandoned plans for a dental school that would've operated in partnership with... More >>
10 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 4:51:59 PM CDT September 21, 2018 in News
ST. LOUIS (AP) — Some St. Louis police officers are still struggling with injuries more than a year after protesters... More >>
11 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 4:44:27 PM CDT September 21, 2018 in News
COLUMBIA - Columbia police said a fifth arrest has been made in connection with an alleged homicide on Sylvan Lane... More >>
11 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 3:50:00 PM CDT September 21, 2018 in News
JEFFERSON CITY - Police arrested a man early Friday after reportedly finding him outside an apartment complex, looking into a... More >>
12 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 3:27:00 PM CDT September 21, 2018 in News
KANSAS CITY - The Missouri Western District Court of Appeals ruled Friday to allow the Clean Missouri Initiative to stay... More >>
12 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 2:53:00 PM CDT September 21, 2018 in News
COLUMBIA – MU is one of only two Southeastern Conference universities to experience double-digit growth in new freshmen, while several... More >>
14 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 1:12:00 PM CDT September 21, 2018 in News
SPRINGFIELD - President Donald Trump is set to campaign at the JQH Arena for U.S. Senate candidate Josh Hawley,... More >>
15 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 12:43:00 PM CDT September 21, 2018 in News
COLUMBIA - The University of Missouri Board of Curators announced a resolution Friday supporting the University of Missouri-Columbia's efforts to... More >>
16 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 11:23:00 AM CDT September 21, 2018 in News
COLUMBIA - 82,000 Americans are still missing as the result of our country's biggest wars. POW/MIA Recognition Day is... More >>
16 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 10:59:00 AM CDT September 21, 2018 in News
COLUMBIA - The Columbia Planned Parenthood clinic will stop abortion services after Oct. 1 following a court ruling allowing the... More >>
17 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 10:20:00 AM CDT September 21, 2018 in News
WASHINGTON (AP) — President Donald Trump challenged the woman accusing his Supreme Court nominee of sexual assault by name Friday,... More >>
18 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 9:31:00 AM CDT September 21, 2018 in News
FERGUSON, Mo. (AP) — The daughter of an 84-year-old woman with dementia alleges in a lawsuit that... More >>
18 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 8:45:00 AM CDT September 21, 2018 in News
VIENNA - 27 year-old Anthony Macclugage has been charged with endangering the welfare of a child, felony Domestic Assault and... More >>
21 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 6:22:00 AM CDT September 21, 2018 in News
CHARLESTON, W.Va. (AP) — Attorneys general from West Virginia and 10 other states are asking the U.S.... More >>
22 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 5:34:37 AM CDT September 21, 2018 in News
(CNN) -- From January 2016 through February 2018, puppies sold at six pet store companies led to infections in 118... More >>
23 hours ago Friday, September 21 2018 Sep 21, 2018 Friday, September 21, 2018 4:26:41 AM CDT September 21, 2018 in News
Columbia, MO
Broken Clouds 58°
4am 57°
5am 56°
6am 54°
7am 53°