Enterprise group seeks public incentives for Truman Hotel renovation

3 years 2 months 1 week ago Wednesday, November 09 2016 Nov 9, 2016 Wednesday, November 09, 2016 2:47:00 PM CST November 09, 2016 in News
By: Hannah Finley, KOMU 8 Reporter
loading

JEFFERSON CITY – Puri Group of Enterprises, Inc. is looking to urban renewal efforts to help with its projected $56.8 million renovation of the Truman Hotel property.

In September, the group’s application for tax abatement incentives through the tax increment financing program was rejected by the Jefferson City council. Now, the Puri Group has changed its approach and is asking for incentives under the Land Clearance for Redevelopment Authority program.

“It’s a different set of statutes under Missouri law," City Counselor Ryan Moehlamn said. "This program provides tax abatement but no revenue generation, so it’s a different type of incentive they’re looking for."

He said tax increment financing allows projects to capture new taxes and use them for funding, whereas tax abatement under the Land Clearance for Redevelopment Authority is much simpler. With the latter, taxes on the increased value of the property aren’t paid for a 10-year period, which encourages redevelopment in areas that have been determined as blighted. 

“It’s important to have a highly visible property like this one be active and to be providing economic activity,” Moehlman said. 

The housing authority and city council will have to decide whether the Truman Hotel renovation needs additional economic incentive to move forward, as opposed to a typical private development in which public money isn’t used.

“Generally, on any type of project where we’re looking at using public money to help out a private development, there’s the tension between whether or not using public money is appropriate and necessary to spur economic activity on any piece of property,” Moehlman said. 

He said the Puri Group wants to move forward quickly with the project, but the city council has no formal plan to put it on the agenda.

More News

Grid
List
WASHINGTON (AP) — The Trump administration on Thursday published new visa rules aimed at restricting “birth tourism,” in which women... More >>
28 minutes ago Thursday, January 23 2020 Jan 23, 2020 Thursday, January 23, 2020 11:15:00 AM CST January 23, 2020 in Continuous News
SPRINGFIELD - The first untested sexual assault kits recorded through Missouri's SAFE Kits Initiative will be collected at the Springfield... More >>
53 minutes ago Thursday, January 23 2020 Jan 23, 2020 Thursday, January 23, 2020 10:50:00 AM CST January 23, 2020 in News
COLUMBIA - Lucky's Market has confirmed that the Columbia location will remain open as they begin closing various stores around... More >>
1 hour ago Thursday, January 23 2020 Jan 23, 2020 Thursday, January 23, 2020 10:34:00 AM CST January 23, 2020 in News
BEIJING (AP) — Chinese authorities Thursday moved to lock down three cities that are home to more than 18 million... More >>
1 hour ago Thursday, January 23 2020 Jan 23, 2020 Thursday, January 23, 2020 9:56:00 AM CST January 23, 2020 in News
JEFFERSON CITY - 192 medical marijuana dispensary facilities will receive their licenses today, according to The Department of Health and... More >>
2 hours ago Thursday, January 23 2020 Jan 23, 2020 Thursday, January 23, 2020 9:06:00 AM CST January 23, 2020 in News
KANSAS CITY, Mo. (AP) — Kansas City Royals star catcher Salvador Perez is about to become a U.S. citizen.... More >>
3 hours ago Thursday, January 23 2020 Jan 23, 2020 Thursday, January 23, 2020 8:03:53 AM CST January 23, 2020 in Sports
JEFFERSON CITY — Missouri lawmakers on Wednesday moved to enact strict penalties for people caught with the highly lethal... More >>
15 hours ago Wednesday, January 22 2020 Jan 22, 2020 Wednesday, January 22, 2020 8:08:00 PM CST January 22, 2020 in News
MID-MISSOURI - A multi-day storm system continues in central Missouri, reaching a crescendo Thursday night through Friday with snow accumulations... More >>
16 hours ago Wednesday, January 22 2020 Jan 22, 2020 Wednesday, January 22, 2020 7:32:00 PM CST January 22, 2020 in Weather
COLUMBIA - Fewer families came out to the Food Bank's Mobile Pantry to pick up free groceries. "The line... More >>
17 hours ago Wednesday, January 22 2020 Jan 22, 2020 Wednesday, January 22, 2020 6:37:00 PM CST January 22, 2020 in News
COLUMBIA - For some businesses, winter weather brings a new type of precipitation. James Magley, an employee for Voss Land... More >>
17 hours ago Wednesday, January 22 2020 Jan 22, 2020 Wednesday, January 22, 2020 6:33:00 PM CST January 22, 2020 in News
COLUMBIA - Boone Countuy legislators will meet with the public on Thursday to discuss how this session will affect the... More >>
17 hours ago Wednesday, January 22 2020 Jan 22, 2020 Wednesday, January 22, 2020 6:08:00 PM CST January 22, 2020 in News
COLUMBIA - In January 2019, the Columbia City Council decided rate payers would collectively pay around $1 million more in... More >>
17 hours ago Wednesday, January 22 2020 Jan 22, 2020 Wednesday, January 22, 2020 6:08:00 PM CST January 22, 2020 in News
COLUMBIA - The University of Missouri Police Department was called early Wednesday morning to a report of an unknown person... More >>
19 hours ago Wednesday, January 22 2020 Jan 22, 2020 Wednesday, January 22, 2020 4:25:00 PM CST January 22, 2020 in News
BEIJING (AP) — Chinese state media say the city of Wuhan is shutting down outbound flights and trains as the... More >>
21 hours ago Wednesday, January 22 2020 Jan 22, 2020 Wednesday, January 22, 2020 2:21:00 PM CST January 22, 2020 in News
KANSAS CITY, Mo. (AP) — The Kansas City Royals signed outfielder Alex Gordon to a $4 million contract for next... More >>
21 hours ago Wednesday, January 22 2020 Jan 22, 2020 Wednesday, January 22, 2020 2:18:51 PM CST January 22, 2020 in Sports
COLUMBIA - The University of Missouri is testing a new way to monitor student class attendance. Spotter was released... More >>
21 hours ago Wednesday, January 22 2020 Jan 22, 2020 Wednesday, January 22, 2020 2:12:00 PM CST January 22, 2020 in News
ASHLAND - Ashland Police Officer George Roberson was recognized at last night's Ashland Board of Alderman meeting for his actions... More >>
21 hours ago Wednesday, January 22 2020 Jan 22, 2020 Wednesday, January 22, 2020 2:03:00 PM CST January 22, 2020 in News
COLUMBIA - The Columbia City Council voted 5-1 to allow Raising Cane's the conditional-use permit necessary to build a... More >>
22 hours ago Wednesday, January 22 2020 Jan 22, 2020 Wednesday, January 22, 2020 1:29:00 PM CST January 22, 2020 in News
Columbia, MO
Broken Clouds 34°
12pm 35°
1pm 35°
2pm 35°
3pm 36°