New Branson shops spur record tax revenues

The city Sept. 18 said sales tax revenues were up 8 percent from January to July and totaled $4.9 million as of July, compared to $4.5 million in the same period last year.

Tourism taxes were up 9.5 percent for the seven-month period, at $5.6 million compared to $5.1 million last year.

Collection figures set records in April, May, June and July. Sales tax revenue was up 16 percent, 9.5 percent, 21 percent and 11.6 percent respectively in those months. Tourism tax revenue was up 6.7 percent, 6 percent, 9 percent and 9 percent, respectively.

City officials attribute the increases to two large tax-increment-financing developments that opened last spring – Branson Hills, which opened in April, and Branson Landing, which opened in May. The city has used seven TIF projects since 1992 to spur economic development.

Los Angeles-based Economic Research Associates, a Branson Landing consultant, had predicted that Branson’s existing retailers would see at least a 25 percent cut in sales during the Landing’s first year. However, retail sales outside of the TIF districts are up from last year, city officials say.

“Had existing businesses been negatively impacted, our revenues would have been stagnant or only increased a couple of percentage points,” said City Administrator Terry Dody in a city news release. “Our numbers show that Branson Landing, built with a city and state TIF, is contributing significantly to a citywide economic boom.”[[In-content Ad]]