City Council To Discuss Regency Hotel Redevelopment

8 years 6 months 3 weeks ago Monday, February 21 2011 Feb 21, 2011 Monday, February 21, 2011 9:43:00 PM CST February 21, 2011 in Continuous News
By: Ciara Corley

COLUMBIA - The city council will vote Monday on a plan to use a tax increment financing (TIF) plan for the Regency Hotel redevelopment. The project would demolish the existing Regency Hotel and replace it with a new 120-room hotel. If approved, the TIF would add an additional tax on sales in a certain region to raise $3.2 million to be paid out over a 23-year span.

The council will also discuss the plan to buy a 29,000 square foot property with plans to build a new parking garage. If purchased, the property will cost $1,250,000. The parking garage would be no more than six stories tall, and will have a walkway to connect the garage to the potential hotel project.

 

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