For the second time in as many months, developers are looking for a tax increment financing district to offset the costs of building a retail project.
MJS Investments filed the request for a TIF district last week. The property slated for possible development is near Home Depot, behind Applebee’s off Highway 54 to the south of the Route 42 intersection.
It will be up to the Osage Beach Board of Aldermen to decide if the proposal goes to the city’s TIF commission.
If the board forwards it, the TIF commission then meets, holds a hearing and makes a recommendation that goes back to the board of aldermen. The board makes the final decision.
The proposal is the second filed with the city since the board of aldermen adopted a formal TIF policy that outlines the criteria and expectations of the city.
Osage Beach requires a minimum balance of $15,000 to be maintained at all times by the developer to cover costs such as preliminary studies, bond and financial consultants.
According to city administrator Nancy Viselli, the agreement means the city will not spend any of its funds to pay for reviewing the application or legal and financial advice needed to evaluate the proposal.
In this case, MJS Investments has already turned over $20,000 to the city, according to Viselli.
The TIF proposal is in the preliminary stage of a long process, she said.
Under state statute, a TIF district allows a portion of the future taxes generated by a designated development to pay for certain project costs.
Osage Beach has approved two TIF districts in the last eight years. The first was the Prewitt Point development at the intersection of Highway 54 and Route 42.
The second TIF was approved late last year for a resort/hotel being developed on the Grand Glaize Arm by John Q. Hammons of Springfield, Mo.
Raul Walters is seeking approval for a $6.9 million TIF district for retail development at the High Pointe Center in Osage Beach. Walters plans to bulldoze the old Wal-mart building and mall.
Contact this reporter at joycem@lakesunleader.com