City commission discusses TIF funding for downtown hotels

3 years 11 months 4 weeks ago Thursday, October 16 2014 Oct 16, 2014 Thursday, October 16, 2014 5:22:00 PM CDT October 16, 2014 in News
By: Mark Bergin, KOMU 8 Reporter
loading

COLUMBIA - A city commission met Thursday afternoon to discuss the tax increment financing (TIF) funds the Tiger and Broadway hotels receive.

The city says the hotels are the only two TIF projects approved in downtown Columbia.

"The actual application of a TIF or the approval of a TIF is really expected to kind of fill that funding gap to improve the return on investment to make it more attractive for a developer to come in and begin a project," said Columbia Deputy Manager Tony St. Romaine.

So far the Tiger Hotel has taken in $118,373.70 while the Broadway Hotel has taken in $43,602.90.

From the TIF, the Tiger Hotel will get back about $1.8 million while the Broadway hotel will get back about $3.2 million.

During the meeting, Columbia Assistant Director of Finance Lynn Cannon said each hotel employs about 100 people.

St. Romaine said the city is not looking to add any TIF projects or a TIF district due to a lawsuit.

"Earlier this year the city looked at the potential for forming a TIF district. The two projects we're funding right now I would kind of describe as single point or single parcel TIFs," St. Romaine said. "A TIF district represents a lot larger of an area."

St. Romaine said the lawsuit will prevent any TIF projects from continuing right now.

More News

Grid
List
JEFFERSON CITY- A federal judge says Missouri has violated the rights of people serving life in prison without parole for... More >>
20 minutes ago Monday, October 15 2018 Oct 15, 2018 Monday, October 15, 2018 11:35:48 AM CDT October 15, 2018 in News
COLUMBIA- The Boone County Sheriff's Department is investigating a pair of armed robberies at convenience stores over the weekend. ... More >>
2 hours ago Monday, October 15 2018 Oct 15, 2018 Monday, October 15, 2018 9:54:00 AM CDT October 15, 2018 in News
CALLAWAY COUNTY - Callaway County deputies found methamphetamine and drug paraphernalia during a traffic stop early Sunday morning, according to... More >>
13 hours ago Sunday, October 14 2018 Oct 14, 2018 Sunday, October 14, 2018 10:05:00 PM CDT October 14, 2018 in News
SLATER - Gloria is a 2-year-old pit bull who was found near Slater, Missouri after someone shot her in the... More >>
15 hours ago Sunday, October 14 2018 Oct 14, 2018 Sunday, October 14, 2018 8:26:00 PM CDT October 14, 2018 in News
COLUMBIA (AP) — Missouri's Republican Senate candidate Josh Hawley took a cue from President Donald Trump on Sunday and said... More >>
19 hours ago Sunday, October 14 2018 Oct 14, 2018 Sunday, October 14, 2018 4:50:00 PM CDT October 14, 2018 in News
(CNN) - For many, the fight against Brett Kavanaugh's confirmation was about more than a seat on the Supreme Court.... More >>
20 hours ago Sunday, October 14 2018 Oct 14, 2018 Sunday, October 14, 2018 3:04:00 PM CDT October 14, 2018 in News
(CNN) - Florida Panhandle officials are trying to figure out how to resume classes after Hurricane Michael damaged or destroyed... More >>
21 hours ago Sunday, October 14 2018 Oct 14, 2018 Sunday, October 14, 2018 2:29:00 PM CDT October 14, 2018 in News
COLUMBIA - Dozens of people gathered at Burr Oak Brewing on Sunday for the second annual Columbia Micro-Con. STL... More >>
21 hours ago Sunday, October 14 2018 Oct 14, 2018 Sunday, October 14, 2018 2:09:00 PM CDT October 14, 2018 in News
MOBERLY- The Randolph County Sheriff's Office is looking for a suspect after an armed robbery at Dino Mart on 1634... More >>
23 hours ago Sunday, October 14 2018 Oct 14, 2018 Sunday, October 14, 2018 12:41:00 PM CDT October 14, 2018 in Top Stories
COLUMBIA - A field of flowers swept through Columbia on Sunday in honor of the Alzheimer's Association’s 2018 Walk to... More >>
1 day ago Sunday, October 14 2018 Oct 14, 2018 Sunday, October 14, 2018 8:54:00 AM CDT October 14, 2018 in News
HARTSBURG - The Hartsburg Pumpkin Festival is celebrating its 27th year with traditions like live music and picking your own... More >>
1 day ago Saturday, October 13 2018 Oct 13, 2018 Saturday, October 13, 2018 11:05:00 PM CDT October 13, 2018 in News
COLUMBIA - City officials declared the month of October Disability Employment Awareness Month at a fundraiser in Stephens Lake Park... More >>
1 day ago Saturday, October 13 2018 Oct 13, 2018 Saturday, October 13, 2018 10:39:00 PM CDT October 13, 2018 in News
COLUMBIA - The first ever Marc’s Dash 5K and Fun Run was held Saturday to honor a fallen firefighter. ... More >>
1 day ago Saturday, October 13 2018 Oct 13, 2018 Saturday, October 13, 2018 8:43:00 PM CDT October 13, 2018 in News
FULTON - "Richard's Family" said its goal is giving a safe space and a sense of family for LGBTQ youth.... More >>
1 day ago Saturday, October 13 2018 Oct 13, 2018 Saturday, October 13, 2018 7:18:00 PM CDT October 13, 2018 in News
(CNN) -- Hurricane Michael's death toll climbed to 18 Saturday, after another victim was discovered in Virginia. Fears were... More >>
1 day ago Saturday, October 13 2018 Oct 13, 2018 Saturday, October 13, 2018 6:23:00 PM CDT October 13, 2018 in News
JEFFERSON CITY- Police arrested a man wanted for attempted murder and attempted kidnapping Saturday. Police were investigating an unrelated... More >>
1 day ago Saturday, October 13 2018 Oct 13, 2018 Saturday, October 13, 2018 3:50:00 PM CDT October 13, 2018 in News
(CNN) -- The percentage of young kids in the US who received no vaccine doses has continued to rise, as... More >>
1 day ago Saturday, October 13 2018 Oct 13, 2018 Saturday, October 13, 2018 2:33:00 PM CDT October 13, 2018 in News
ST. LOUIS (AP) — A Missouri man who previously served 17 years in prison for two killings has been found... More >>
1 day ago Saturday, October 13 2018 Oct 13, 2018 Saturday, October 13, 2018 2:14:15 PM CDT October 13, 2018 in News
Columbia, MO
Broken Clouds 39°
12pm 45°
1pm 47°
2pm 49°
3pm 50°