Laverick in CanadaCOLUMBIA, 2/20/11 (Beat Byte) -- Released publicly on Thursdays for a following Monday meeting -- and virtually always jam packed -- the Columbia City Council agenda poses high-wire deadline issues that Tiger Hotel owner Dave Baugher and new partner Glyn Laverick met with aplomb last night.
Both men are quoted in the previous, and Laverick (far left) sent the Columbia Heart Beat a lengthy response with his take on past and present issues.How Glyn Laverick sees TIFs
"I believe much of the anxiety that stems from the Tiger project and indeed other TIF’s in Columbia arises from a lack of understanding of what the TIF is and how it could possibly be revenue neutral with no risk to the City.
These are no doubt important questions, but with readily available answers embedded in legalese in City and State documents.I can understand why it would be easier (as has happened in the past) for journalists and members of the public to recite their own (mis)understanding of how TIF’s work or perhaps how they have seen them work in other cities, rather than research the true mechanisms that have been put in place here in Columbia.
The Tiger Hotel is not a publicly-financed project. The Tax Increment Financing (TIF) that is currently in place allows for the potential of partial reimbursement of certain qualified expenses with certain conditions attached.
What must be understood about the TIF (especially Columbia’s chosen TIF model) is that it only captures a percentage of new revenues that would not be created if it weren’t for the rehabilitation taking place.
A common misunderstanding is that TIFs take money out of the existing budget of a city, in fact they are budget neutral and so no money actually comes from the public purse.
What is of further importance is that there is no obligation for the City to pay out any monies in advance of them being spent. The TIF is not an advance financing tool in Columbia as it is in some other cities -- it is a reimbursement through a percentage of new tax dollars from a designated area (in this case limited to the hotel building itself).
In fact, we project that the reimbursement will take some 15 years following the renovations to reach the developer in full and only then if we hit certain sales and property tax targets.
The developer bares all of the risk of repayment, if the project doesn’t generate enough revenue, the developer will not receive all of the TIF. Again, all of this information is currently publicly available from both City and State sources, or by reviewing the Development Agreement."
How Glyn Laverick sees his role as TIF/Tiger partner
"I think perhaps my role in the equation is also being overstated: I am one cog in the redevelopment of the Tiger Hotel, but there are many other necessary personnel, including John Ott, Dave Baugher, Al Germond, and a team of lawyers, accountants, architects, contractors, consultants, historic preservation specialists, equity partners and several other ancillary groups who have been working with us over the past months to gain traction on this complex project.
The difficulty posed by a project of this scale in an area with relatively low land costs is obvious, while most hotel developers would choose to build new (as has been the case with all of the hotels close to the highway), we are looking to rehabilitate an existing historic property and without the aid of City or State incentives there would be no reason for a developer to go to the extra expense and deal with the technical difficulty of such a project.
How Glyn Laverick sees the newly-renovated Tiger Hotel
"I, along with everyone else involved, am excited to get the paperwork out of the way and begin re-establishing the Tiger Hotel as Columbia’s only luxury boutique hotel.
With 59 rooms, including 8 Deluxe Suites and 9 Studio Suites, the Tiger Hotel promises to set the standard in luxury accommodation for Mid-Missouri. With spectacular views on all sides, the Tiger Hotel, originally constructed in less than a year and opened in 1928, remains the tallest downtown building and a landmark on Columbia’s Historic Avenue of The Columns.
From its white terracotta and red brick clad exterior to its maple lined lobby with ornate stained glass chandeliers above original terrazzo floors, guests will be transported to the decadence of a bygone era while enjoying all of the amenities one would expect of a modern luxury hotel.
Each room will feature rain showers and soaker tubs, large LCD televisions with on demand programming, luxury Egyptian cotton linens and full telecom connectivity. Guests will also enjoy drinks at Vault, Columbia’s only speakeasy, state of the art business and fitness centers and valet parking as well as still being able to host events in the historic Tiger Hotel Ballroom.
I hope this helps clarify things for you and look forward to keeping you posted when we have updates about the renovations."
PART ONE OF THIS STORY
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Two con-artists. Even the photo is the same. A quick Google search of Glynn Laverick will reveal similar scams that took place in Toronto and Oshawa, Ontario, Canada. Be very careful investing with this couple, their past speaks for itself. Many families suffered at the hands of this couple.
ReplyIt is amazing how many people keep putting their faith in this man! Glyn Laverick is a con artist with an ability to sweet talk his way with gullible "business men".
ReplyAgreed. I can't believe that these two weren't checked out before hired again to rip somebody else off.
ReplyI walk by this building almost every day waiting for construction permits to be posted. Still haven't seen any but that doesn't seem to be stopping anything.
ReplyYes, be very careful They seem to leave a trail of failure, destruction and debt behind them, always moving on to a new venture in a new location....
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