Hammons Hotels gets TIF nod in Osage Beach

The 4-1 vote, made Thursday, opens the door for development of John Q. Hammons’ $98-million Chateau on Lake of the Ozarks.

The 15-story, 320-room luxury hotel, with a spa and more than 100,000 square feet of meeting space, is planned for a 30-acre peninsula on the Grand Glaize Arm on the east side of the lake and about a mile from Osage Beach Premium Outlets.

Still on the aldermen’s table is Hammons’ $2.8 million community improvement district request, which would add 1 percent to the base sales tax rate for that property, according to city officials. The board is expected to discuss the CID later this month.

A 77-page redevelopment plan submitted by Hammons Hotels outlines why TIF and CID monies are justified. The document argues that the land is “blighted” and could be improved by the hotel, which company officials predict will generate about $25 million in annual revenues. Since the city keeps 2 percent of the 7.225 percent base sales tax rate, the hotel could boost city coffers by $500,000 a year.

If aldermen give the final go-ahead, Chateau on Lake of the Ozarks could be completed and open for business by the 2010 summer season.[[In-content Ad]]