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Kuvera Partners is seeking $7 million in tax-increment financing for the planned Aquarium at the Boardwalk.
Rendering provided by Kuvera Partners
Kuvera Partners is seeking $7 million in tax-increment financing for the planned Aquarium at the Boardwalk.

Branson aquarium plans floated by city

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The Branson Board of Aldermen this week introduced a tax-increment financing ordinance for the proposed Aquarium at the Boardwalk.

Los Angeles-based Kuvera Partners, through its Branson Entertainment Center affiliate, is seeking city assistance for its plans to turn the former Grand Palace, at 2700 W. 76 Country Blvd., into a 46,000-square-foot aquarium attraction with a boardwalk theme. Kuvera Partners bought the property for $2.7 million in 2014. The Grand Palace closed in 2008. At the site, Kuvera wants to create an attraction that takes visitors “under the sea” for views of marine animals.

The Branson aldermen on Nov. 27 laid out a potential terms sheet for TIF funding. Kuvera is seeking $7 million in TIF assistance, equating to 13.7 percent of the estimated $51 million project cost.

“The city took the proper and necessary action to thoroughly vet our numbers before getting to this point, and we’re glad to be moving forward with this process,” said Tej Sundher, a Kuvera partner, in the release.

Should the city approve the TIF, incremental real property taxes and some of the incremental sales taxes generated by the aquarium would reimburse Kuvera for project costs. The remaining taxes generated would be distributed to taxing districts, according to Kuvera officials.

The Branson board’s Nov. 27 agenda indicates a final reading will be held Dec. 11.

Kuvera officials say the Aquarium at the Boardwalk plans are not feasible unless the company receives city incentives, according to the release.

The Branson board in April rejected a TIF proposal for the proposed $446 million Branson Adventures resort by David Cushman of CP Branson LLC.

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