KBIA Local
(2009-10-05)
COLUMBIA, MO
(KBIA) -
The Columbia City Council will meet tonight (Monday) to discuss a tax increment financing (TIF) approval for the Tiger Hotel. Third ward City Councilman Karl Skala says the TIF commission has made its recommendation for the Tiger Hotel. He says the council will decide whether to approve it tonight. TIFS can stay in existence for 23 years, and Skala says the Tiger Hotel will most likely need that much time for repayment.There is not a lot of margin of profit on this entire TIF as it might surprise some folks but there isn't. Iit probably is necessary to take that time in order to guarantee this project will work.
If approved the increased value of the hotel property would increase the tax bill for the city and the School Board.
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