• Group studying feasiblity of

     

    proposed waterfront resort and

     

    convention center on Lake of

     

    the Ozarks

     

     

    The Camden County Commission recently signed a memorandum of understanding with Peninsula LLC that will further development of a major new waterfront resort and convention center near Osage Beach.

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    By Cody Mroczka
    cmroczka@lakesunonline.com

    Posted Jul. 20, 2015 at 4:10 PM 

    Camden County
    The Camden County Commission recently signed a memorandum of understanding with Peninsula LLC that will further development of a major new waterfront resort and convention center near Osage Beach.
    That agreement has been executed and returned. Now it's up to the developers to follow through. The developers are currently undertaking a feasibility study for the project, according to 1st District Commissioner Beverly Thomas, whose district the development resides in.
    "The ball's in their court," she said. "We've done all we can do at this point."
    The project is being overseen by Senate Hospitality of Nashville, a development, management and consulting firm, according to a press release from Lookout Point Consultants.
    According to that release, "The resort will sit in a 37-acre tract on the lake near the intersection of Business Highway 54 and Route KK. The 250 room resort will feature restaurants, convention space, entertainment, a full-service marina, rentals, community facilities and more and is proposed to bear the name of a major 4-star hotel flag upon completion of certain parts of the development process."
    In the agreement, Peninsula LLC stated it planned to prepare and file a TDD and CID petition and may elect to pursue a TIF.
    A CID and TDD are special districts that can be created with their own governing boards that can implement sales tax up to 1 percent to provide funding for specialized parts of a project. If approved, governing boards for these entities would also be appointed by the county commission.
    TDD PLAN:
    A TDD petition could be established to fund certain transportation-related infrastructure improvements, which will include a connector road from the development with the State highway system. To be established, it must be filed and approved in the 26th Judicial Circuit Court.
    If established, the TDD will levy a sales tax of one percent (1 percent) on all retail sales within the TDD, including sales or charges for all rooms, meals and drinks furnished by the resort hotel and conference facility.   
    CID PLAN:
    A CID petition must be filed with the Camden County Commission and could be established to fund certain public improvements and services related to the development.
    The CID would levy a sales tax of one percent (1%) of all retail sales within the CID, including sales taxes assessed in connection with sales or charges for all rooms, meals and drinks furnished by the hotel.
    TIF PLAN:
    Tax increment financing, or TIF, utilizes tax funding created by the development to help pay for certain project costs to help bring about a project that might otherwise not be feasible. In the case of a TIF, a TIF Commission with representatives appointed by various public entities as well as the county commission would be appointed to review the TIF plan and make a recommendation with a final decision by the county commission. Camden County has never issued a TIF, but there is a policy in place should the developer proceed.

    Valerie Littrell – Broker/Owner – 573-216-4991 – ABR, GRI

    Real Estate at the Lake   SellingTheLake.com

     
     
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