Downtown Hotel Project Gets a Tax Break
COLUMBIA - City Council l voted to enact a tax increment financing plan, referred to as TIF, to offer incentives to the project developer here. The project will cost $17.5 million dollars and the city will give $3.2 million to fund the project. In this case TIF means Columbia agrees to forgo the increase in the hotels tax payments for a predetermined amount of time to help fund the building of this hotel.
Downtown businesses are pleased with this decision because the developer, Dave Parmley, that will knock down the Regency also built the successful Hampton Inn on Stadium Boulevard.
Many locals trust the development will bring more jobs, increase property values and improve the quality of the area. There is some controversy about another hotel just a few blocks away. The downtown tiger hotel was approved for a TIF a while back, but now the hotel has been taken over by a new developer.
Tonight the Council reviewed an agreement to transfer that TIF over to the new developer. Some are accusing the developer of having an unsuccessful track record with other projects he's started in Marshall.