Confusion amongst Columbia Board of Education members about TIF proposal

1 year 1 month 2 days ago Monday, October 09 2017 Oct 9, 2017 Monday, October 09, 2017 9:06:00 PM CDT October 09, 2017 in News
By: Danielle Katz & Emma Claybrook, KOMU 8 Reporters
loading

COLUMBIA - The Columbia Board of Education heard Broadway Hotel developers' plans for expansion Monday. The hotel cannot go through with the expansion until tax increment financing is approved.

The TIF would put a freeze on the current property taxes at the projected location for 23 years. This freeze would affect the taxing bodies in the jurisdiction area of the hotel. One of these bodies is the Columbia Public School District.

The TIF is for $2 million of the projected $20 million it would cost to build the second tower of the Broadway Hotel. Developer David Parmley said the new tower will bring in an expected $16 million of revenue to the downtown area.

CPS would also receive additional funding that would not be available without the development. The board was concerned in its meeting about the money it could possibly lose if the TIF is passed.

"For the first 23 years, what do we tell the public about the benefit of the TIF?" Darin Preis, the board president, asked. 

Preis then said, "We will have seen a whole generation of children plus more in 23 years."

The board has two representatives on the TIF commission. These members have two votes out of 11 toward the passage of the TIF. The members will not vote independently. They will cast their votes depending on what the board decides as a whole. 

"The board of education will have to weigh its options and decide if it is in the best interest to vote yes or to vote no," Michelle Baumstark, CPS community relations director, said.

The monetary benefit of the TIF would not be seen until the 24th year after the building project first begins.

"The hotel will not have any impact on school resources," Parmley said. 

"If the hotel isn't built, there is nothing to tax," Baumstark said.

The school board expects to vote at its meeting on October 19. 

More News

Grid
List
ST. LOUIS - A former assistant attorney general announced his campaign for Missouri Attorney General Monday morning. In a... More >>
1 hour ago Monday, November 12 2018 Nov 12, 2018 Monday, November 12, 2018 10:12:00 AM CST November 12, 2018 in News
BISMARCK (AP) — Authorities are investigating a woman's death in southeast Missouri as a homicide. KFVS-TV reports that the... More >>
3 hours ago Monday, November 12 2018 Nov 12, 2018 Monday, November 12, 2018 8:47:04 AM CST November 12, 2018 in News
MORGAN COUNTY - A man accused of moving the dismembered body of his friend's common law wife pleaded guilty to... More >>
3 hours ago Monday, November 12 2018 Nov 12, 2018 Monday, November 12, 2018 8:16:00 AM CST November 12, 2018 in News
OSAGE COUNTY - Osage County law enforcement took a fugitive from Gasconade County into custody Sunday. Sheriff's deputies got... More >>
4 hours ago Monday, November 12 2018 Nov 12, 2018 Monday, November 12, 2018 7:44:00 AM CST November 12, 2018 in News
UPDATE (11:25am) - Snowfall continues in central Missouri and will eventually exit around 2-4pm this afternoon. Most areas have received... More >>
16 hours ago Sunday, November 11 2018 Nov 11, 2018 Sunday, November 11, 2018 7:06:00 PM CST November 11, 2018 in Weather
JEFFERSON CITY - There may be 7,000 feet of model train track in their backyard for people to come see,... More >>
17 hours ago Sunday, November 11 2018 Nov 11, 2018 Sunday, November 11, 2018 6:42:00 PM CST November 11, 2018 in News
COLUMBIA - Two men were injured in North Columbia after a shooting on Ballenger Lane at approximately 1:20 p.m. Sunday... More >>
19 hours ago Sunday, November 11 2018 Nov 11, 2018 Sunday, November 11, 2018 4:21:00 PM CST November 11, 2018 in News
COLUMBIA - The Missouri Department of Conservation is holding mandatory chronic waste disease (CWD) testing in 31 counties until 8... More >>
20 hours ago Sunday, November 11 2018 Nov 11, 2018 Sunday, November 11, 2018 3:37:00 PM CST November 11, 2018 in Continuous News
COLUMBIA - People gathered near the intersection of North Garth Avenue and East Walnut Street in West Columbia Sunday afternoon... More >>
21 hours ago Sunday, November 11 2018 Nov 11, 2018 Sunday, November 11, 2018 2:33:00 PM CST November 11, 2018 in News
COLUMBIA - Gingerbread houses filled a hallway in the Columbia Mall Sunday afternoon to support families in mid-Missouri. The... More >>
21 hours ago Sunday, November 11 2018 Nov 11, 2018 Sunday, November 11, 2018 1:59:00 PM CST November 11, 2018 in News
ST. LOUIS (AP) — A memorial to St. Louis area service members who have died in war was mostly neglected... More >>
23 hours ago Sunday, November 11 2018 Nov 11, 2018 Sunday, November 11, 2018 12:03:55 PM CST November 11, 2018 in News
CAMDEN COUNTY - A lake-area fire district is warning of a phone scam asking for donations. The Tri-County Fire... More >>
1 day ago Saturday, November 10 2018 Nov 10, 2018 Saturday, November 10, 2018 10:46:00 PM CST November 10, 2018 in News
JEFFERSON CITY - Capital Region Goldschmidt Cancer Center held its inaugural Festival of Trees fundraiser Saturday. Local artists and... More >>
1 day ago Saturday, November 10 2018 Nov 10, 2018 Saturday, November 10, 2018 10:35:00 PM CST November 10, 2018 in News
COLUMBIA - Mid-Missouri Girl Scouts held a vigil to remember the four people killed in a Wisconsin hit-and-run last week.... More >>
1 day ago Saturday, November 10 2018 Nov 10, 2018 Saturday, November 10, 2018 10:30:00 PM CST November 10, 2018 in News
COLUMBIA - Multiple groups supporting medical marijuana held a discussion Saturday, just days after Missouri voters approved Amendment 2. ... More >>
1 day ago Saturday, November 10 2018 Nov 10, 2018 Saturday, November 10, 2018 7:17:00 PM CST November 10, 2018 in News
PARADISE, Calif. (AP) — The air thick with smoke from a ferocious wildfire that was still burning homes Saturday, residents... More >>
1 day ago Saturday, November 10 2018 Nov 10, 2018 Saturday, November 10, 2018 2:31:00 PM CST November 10, 2018 in News
JEFFERSON CITY, Mo. (AP) — Missouri drivers will be getting new red, white and blue license plates to commemorate the... More >>
1 day ago Saturday, November 10 2018 Nov 10, 2018 Saturday, November 10, 2018 2:11:00 PM CST November 10, 2018 in News
JEFFERSON CITY — It will cost more to stay at an electric campsite in Missouri's parks, beginning May 1. ... More >>
2 days ago Saturday, November 10 2018 Nov 10, 2018 Saturday, November 10, 2018 10:40:31 AM CST November 10, 2018 in News
Columbia, MO
Broken Clouds 29°
12pm 30°
1pm 30°
2pm 30°
3pm 30°