Osage Beach aldermen advance first readings of Marketplace TIF plan, citing $149 million incentive and 23-year clock

The Osage Beach Board of Aldermen took first readings on board bills 26-66 and 26-67 to approve a redevelopment plan and the related redevelopment project for the proposed Osage Beach Marketplace tax-increment financing (TIF) area.

Chris Foster, representing the project’s leasing team, told the board the team met several prospective tenants at the International Council of Shopping Centers convention and that leasing discussions are progressing. "Our leasing team met with multiple different, additional tenants in addition to the already signed ones," Foster said, adding that several additional prospects are under discussion.

Mark Spikerman, who presented the draft plan to the board, described the plan as a high-level redevelopment package. "This document is sort of the 20,000-foot level view of a proposed redevelopment of the outlet mall that would include approximately 1,000,000 square feet of buildings and up to 600 hotel rooms," Spikerman said. He also told the board the incentive envisioned in the plan is roughly $149,000,000.

Jeff Ranetti confirmed the packet has moved to state review. "They have received the full packet ... it's in full receipt and in review right now," he said, and added that the Department of Economic Development (DED) is processing the pre-certification request and the governor’s office is aware.

Aldermen pressed staff and counsel on timing and procedural steps. Mark Spikerman explained that the city is using a two-ordinance approach—one to approve the redevelopment plan and a companion ordinance to approve the redevelopment project—so the city can meet statutory introduction windows while retaining discretion to "activate" the TIF clock at the appropriate time. Spikerman outlined three special district processes the developer may pursue as discrete petitions: a Community Improvement District (CID), a Transportation Development District (TDD), and an entertainment district; each would follow its own public-notice and petition steps.

Board members asked whether the state review requires legislative approval; Ranetti clarified that DED reviews the submission first and, if the project is approved at the state level, the governor may issue a certificate of approval — the process does not go to the state House and Senate as a legislatively enacted bill. The board also discussed the statutory maximum TIF period: "23 years is the statutory maximum," Spikerman said, and noted the period can end sooner if the TIF obligations are paid off.

After discussion, Alderman Collins moved to approve first reading and Alderman Rucker seconded. The motion passed on voice/roll-call procedures; the mayor announced the motion carried and the first readings were recorded.

What happens next: staff said they are working on the redevelopment agreement and that petitions for the CID and the entertainment district are the developer’s responsibility to file. The board may table the companion redevelopment-project ordinance until the parties are ready to "activate" the 23-year TIF clock, a step the city and developer typically time to coincide with business opening and revenue production. Ranetti told the board state action "will take a couple months" in the best-case scenario.

The board’s action tonight advanced the plan through first readings; additional ordinance steps, petitions to create district entities, and a negotiated redevelopment agreement will return to the board before any TIF revenues are committed.