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

5 years 2 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
SEDALIA (AP) — An 18-year-old staying at a Missouri ranch for homeless boys has been charged with killing a woman... More >>
3 hours ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 9:56:28 AM CST January 19, 2018 in News
KANSAS CITY (AP) — Two Kansas City brothers have been charged with killing a man and then dumping his... More >>
3 hours ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 9:11:22 AM CST January 19, 2018 in News
COLUMBIA - "From the early 1900s to the 1960s, the Sharp End business district was a city within a city... More >>
5 hours ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 7:43:00 AM CST January 19, 2018 in News
KANSAS CITY (AP) — A Kansas City man who was thousands of dollars in debt from a drunken driving... More >>
7 hours ago Friday, January 19 2018 Jan 19, 2018 Friday, January 19, 2018 5:32:30 AM CST January 19, 2018 in News
COLUMBIA - Deputies booked two men into the Boone County Jail on suspicion of various charges, including an apparent plan... More >>
14 hours ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 10:45:00 PM CST January 18, 2018 in News
COLUMBIA – Some students were “striving” for a new learning experience Thursday night. Parents of students with autism gathered... More >>
17 hours ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 7:22:00 PM CST January 18, 2018 in News
FULTON - The Callaway County Sheriff’s Office is using more than $16,000 seized during a 2013 drug investigation for a... More >>
17 hours ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 7:08:00 PM CST January 18, 2018 in News
JEFFERSON CITY (AP) — Several department directors for Missouri Gov. Eric Greitens have finally won Senate confirmation for their... More >>
20 hours ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 5:01:08 PM CST January 18, 2018 in News
ST. LOUIS (AP) — Amazon has announced its list of 20 cities for a second headquarters, and both big... More >>
20 hours ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 4:57:51 PM CST January 18, 2018 in News
COLUMBIA- State-of-the-art technology is coming to the Columbia Fire Department, and improving many facets that help firefighters do their jobs.... More >>
20 hours ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 4:31:00 PM CST January 18, 2018 in News
COLUMBIA – This season’s frigid temperatures mean a rise in frozen pipes around the city. Lucia Bourgeois, communications specialist... More >>
21 hours ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 3:48:00 PM CST January 18, 2018 in News
MACON - Crews tore down a 100-year-old piece of Macon's history Thursday. Four years ago, courts condemned the old Macon... More >>
22 hours ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 2:07:00 PM CST January 18, 2018 in Top Stories
JEFFERSON CITY - Governor Eric Greitens released an outline of his plan for state tax reform on Thursday. The outline... More >>
23 hours ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 1:28:00 PM CST January 18, 2018 in News
CAMDEN COUNTY - A former sheriff's deputy already facing charges of child pornography and child molestation faces more charges in... More >>
1 day ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 12:47:00 PM CST January 18, 2018 in Top Stories
MONTGOMERY COUNTY - One man was hospitalized after a car driving the wrong way crashed into his vehicle, according to... More >>
1 day ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 12:37:00 PM CST January 18, 2018 in News
SPRINGFIELD, Mo. (AP) — A Missouri Department of Corrections employee is charged with using a hidden camera to film... More >>
1 day ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 8:14:00 AM CST January 18, 2018 in News
KANSAS CITY, Mo. (AP) — A northwest Missouri lawmaker has donated a kidney as part of a transplant chain to... More >>
1 day ago Thursday, January 18 2018 Jan 18, 2018 Thursday, January 18, 2018 8:00:00 AM CST January 18, 2018 in News
JEFFERSON CITY (AP) — Missouri's unemployment rate has edged up slightly. Data released Wednesday by the state Department... More >>
1 day ago Wednesday, January 17 2018 Jan 17, 2018 Wednesday, January 17, 2018 7:26:31 PM CST January 17, 2018 in News
Columbia, MO
Broken Clouds 48°
1pm 48°
2pm 50°
3pm 52°
4pm 47°

Select a station to view its upcoming schedule:

Coming Up Next

1:00p
Days of Our Lives
2:00p
The Dr. Oz Show
3:00p
Dr. Phil
1:00p
Maury
2:00p
Maury
3:00p
The Robert Irvine Show

Tonight's Schedule

7:00p
Blindspot
8:00p
Taken
9:00p
Dateline NBC
7:00p
Black Lightning
8:00p
Penn & Teller: Fool Us
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld