Osage Beach TIF commission approves tax financing for $650 million outlet mall redevelopment

OSAGE BEACH, Mo. (KY3) -The city’s TIF commission approved Tax Increment Financing to help pay for a $650 million redevelopment of the outlet mall.

The developer presented a revised plan that would include an 86,000-square-foot Bass Pro store. Other parts of the plan include demolishing part of the existing mall and renovating the rest of it. It would also feature an entertainment district.

“It was an outlet mall before, it’s not going to be an outlet mall now. It’s going to be better than that. It’s going to have all sorts of types of uses; it’s going to have Bass Pro, of course, it’s going to have power retail, small shop retail and the project over there is going to be an entertainment center,” said co-developer Jeff McMahon.

The owner of a nearby hotel supports the project, but said he does not believe offering tax breaks is fair to other lodging owners in the lake area.

“That’s a problem for other businesses in the area. How about the banks that are lending on the properties in the area that are going to take those on? That’s not going to be good either, and there’s the whole employment risk as well. And it’s not really fair for our property to be paying full taxes while the hotel across the street is getting a break on taxes for 23 years, that’s just not right,” said hotel owner David LaMontagne.

The Tax Increment Financing now goes to the Osage Beach Board of Aldermen.

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