Osage Beach TIF commission recommends redevelopment plan for former mall, citing Bass Pro anchor and $640M cost

The Osage Beach Tax Increment Financing Commission voted to recommend a redevelopment plan for the city’s aging mall site that developers say will be anchored by a Bass Pro store and will cost more than $640 million.

Developers and their consultants presented renderings, a site plan and a financing package during a public hearing. “We have Bass Pro signed as our anchor tenant,” developer Chris Foster said, adding the team has letters of intent for about 90% of the junior-anchor and lease spaces. John Hanson, the project’s public-finance consultant, told the commission the total investment is estimated at “over $640,000,000” and that approximately 10 percent — about $67,000,000 — of that sum would be supplied through TIF and related incentives as part of a broader subsidy package.

The presentation described a mixed-use redevelopment that would retain and refresh several central mall buildings while demolishing peripheral structures to create retail pads, an entertainment district and hotel sites. Dave Mashburn, who addressed hotel components, said Bass Pro’s interest led to an expansion of the project to include food-and-beverage and family-entertainment elements.

The legal context for the commission’s action was explained by Mark Spicherman, the city’s TIF counsel, who reviewed required documents in the packet, including a blight study and cost-benefit analysis, and said the commission’s role is to make a recommendation to the board of aldermen.

Public comment produced a mix of support and concern. David Lamontagne, owner of the Holiday Inn Express across the street, said a market study he provided shows current market occupancy around 48 percent and flagged an oversupply of roughly 400–460 rooms; he warned the developer projections and the incentive package pose “a TIF risk.” Jeff Tagetoff, a local developer, said an independent study commissioned by Marriott indicates the lake area is underserved by branded hotel keys and argued additional rooms are needed to attract larger conferences. A member of the public criticized the use of incentives as “corporate welfare,” and Rhonda Martin, a local hotel general manager, raised concerns about finding enough staff for new large hotels.

Commissioners debated the merits and risks of the plan at length. Several commissioners stressed that much of the project financing is private and that the site meets statutory blight criteria; others questioned the timing and the use of public incentives. After discussion, the commission moved to recommend approval of a resolution forwarding the redevelopment plan, redevelopment area and redevelopment project to the board of aldermen for final action. The motion was made and seconded; on roll call the commission recorded a majority vote in favor, with Commissioner Nucci voting no and the recommendation approved.

If the board of aldermen accepts the commission’s recommendation, the next municipal step will be final consideration and any related ordinance or agreements before the city may implement the stated TIF components and related assessments.