More Tiger Hotel Restoration Trouble
COLUMBIA - Money allotted for restoration of the Tiger Hotel could be transferred to a new investor with a questionable background. Glyn Laverick, the new investor, is a British-Canadian entertainment promoter in his twenties that has made his way to Columbia.
Laverick has promoted concerts and attempted to restore old theaters, but some of his ventures have proved unsuccessful. Reports show some of his projects accumulated too much debt and fell to bankruptcy. Concern over his past projects have prompted a city council review.
During Monday's meeting, the council will review an agreement that would transfer the stalled 1.8 million dollar tax incentive financing, or TIF, that was approved in 2009 to Columbia hotel investments and it's principal, Laverick. The TIF is a public subsidy that uses property taxes to pay for building renovations by putting money in the developer's pocket, instead of infrastructure throughout the community.
Laverick plans to restore the Tiger Hotel into a 60 room boutique-style hotel.