Branson Mayor Lou Schaefer, city officials and representatives of Target and Home Depot retail stores broke ground March 28 to kick off construction at the new 141-acre Branson Hills Plaza. The development, located at the corner of U.S Highway 65 and Bee Creek interchange, will be anchored by Target and Home Depot. Other retailers, including TJ Maxx, and restaurants in the development. Target and Home Depot are part of the first phase of the project, which will cost $33 million and comprise 300,000 square feet of leasable space. In the next decade, Branson Hills will expand to become a 1 million-square-foot development. “What’s advantageous about Branson Hills Plaza is the fact that it brings new businesses to Branson, provides year-round employment for area residents and year-round tax revenue,” Schaefer said in a news release. The Branson Board of Aldermen approved tax-incremement financing for the development. As a result, the retail district will collect half of the new tax revenue, up to $33 million, and those funds will be returned to developers to help cover the costs of the project. No city funds are committed to the development. Ozark Diversified Property is the developer for Branson Hills Plaza. Funding for Branson Hills Plaza also comes from a community improvement district, which allows retailers in the district to impose an additional half-cent sales tax on themselves for up to 25 years. Proceeds from the tax can be used for improvements and marketing within the district. [[In-content Ad]]
