City Council Approves Tax Increment Financing for Broadway Hotel

Dec 5, 2017

Credit KBIA

The Broadway Hotel in Columbia is moving forward with plans to build a second tower after the city council voted to approve $2 million in tax increment financing during last night’s meeting.

This means the hotel will get a property tax break, allowing the owner to put 2 million dollars toward building a second tower for the hotel.

The financing was approved in a 5-2 vote with Mayor Brian Treece and Fourth Ward Councilmember Ian Thomas voting in opposition.

Third Ward Councilmember Karl Skala says he was originally going to vote no on the project.

“There were a lot of very heartfelt testimonies. I was willing to change my mind and support it based on the fact that I think it’s in the best interests of the entire community,” said Skala.

The project is expected to cost $20 million, and construction on the second tower is expected to start this spring.