Sunday, March 6, 2011

TIGER SALE: Concert promoter with troubled past to buy historic hotel

COLUMBIA, 3/6/11  (Beat Byte) --  British-Canadian concert promoter Glyn O. Laverick -- who previously lost two large-scale historic renovation projects in the cities of Toronto and Oshawa, Ontario and left a bankrupt concert promotion business behind in Marshall, Missouri -- will purchase Columbia's Tiger Hotel outright and assume $1.8 million in tax increment financing (TIF) incentives, documents filed with the Columbia City Council revealed Friday. 

Earlier reports and documents suggested Laverick would become an investor or partner, with little suggestion of full ownership.   

After the sale is complete, Laverick's Columbia Hotel Investments will replace Tiger Columns -- a partnership between local business owners Al Germond, John Ott, and David Baugher -- as the signatory to an agreement with the City of Columbia that governs the hotel's restoration and tax incentive package.  

The current owners will provide $4.3 million in owner financing to Laverick, retaining what Columbia attorney Dan Simon calls "substantial financial risk in connection with the successful completion of the project."  

Laverick will provide another $4.5 million, about two thirds from outside investors, Simon explained in a March 2, 2011 letter to the Columbia City Council  detailing the proposed transaction. 


1 comment:

  1. How about a follow up on this story? The city seems to be looking the other way while construction continues to happen here without permits.