State approves TIF for Branson Landing Project

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The Branson Landing Redevelopment Project has not only received funding from the state, but support from the downtown business community.|ret||ret||tab|

Branson received Missouri Department of Economic Development approval of its State Supplemental Tax Increment Financing application May 27 for the proposed Branson Landing Redevelopment Project.|ret||ret||tab|

The project comprises the $306 million redevelopment of 208 acres in the Branson downtown waterfront area on Lake Taneycomo. Funding for the project will include $157 million in private money, $116 million in local TIF, tourism tax and other local funds, and $32.3 million in funds from the state TIF over 19 years. All amounts are based on present day value calculations. The state's first TIF payment will be in fiscal year 2007. |ret||ret||tab|

Over a 19-year period, the state will provide TIF funding to support the repayment of local TIF bonds. The total cost to the state will be $54.6 million. For TIF approval, state law requires signatures from both Joseph Driskill, director of the Missouri Department of Economic Development and Jacquelyn White, commissioner of the Office of Administrations.|ret||ret||tab|

Driskill said the TIF was approved because new state revenues generated by the Branson Landing Project will be substantially greater than what the state will be paying toward the cost of bonds. State sales tax collected on the TIF in the first year is expected to be $7,225,000. The city will collect $1.88 million in sales tax, based on projections of $170 million in annual sales.|ret||ret||tab|

"This project should provide a significant boost to the city of Branson and the entire southwest Missouri region," said Driskill. "We have all worked together on this effort for many months to ensure we have a project that can provide economic growth for the region and the entire state of Missouri."|ret||ret||tab|

Branson Mayor Lou Schaefer said the approval will accelerate the city's ability to secure major retail tenants for the Branson Landing Development. |ret||ret||tab|

Rick Huffman of Branson-based HCW Development Company LLC, which is the project developer, was slated to update Branson's Board of Aldermen on his retail tenant negotiations at its June 9 meeting. Bass Pro Shops is among the retailers in negotiation, Huffman said.|ret||ret||tab|

The project will include a city-owned convention center with a privately owned convention hotel, restaurants, retail and office space. The state TIF funding will support the construction of the convention center which Schafer said is a key part of the development. The retail component of the project is scheduled to open in spring 2005 with the convention center and hotel opening in December 2005.|ret||ret||tab|

HCW has developed several projects in the Branson area including the Thousand Hills Golf Resort, Fall Creek Resort, Cedar Ridge at the Woods Resort, Grandvista at Emerald Pointe Resort, Branson Yacht Club and Vista Plaza shopping center.|ret||ret||tab|

Gayla Roten, executive director of the Downtown Branson Main Street Association, said the downtown district will work with HCW to develop a streetscape that fits with the Branson Landing project. The challenge of mixing new with old is important to downtown businesses.|ret||ret||tab|

"It's a very complex project to make for sure that both Branson Landing and the other part of downtown Branson can move and merge into a seamless project. If that happens and we truly believe it will then we have a phenomenal project, not just Branson Landing but something that is going to benefit all business owners downtown as well as Branson."|ret||ret||tab|

Steve Hartley, who co-owns Dick's 5 & 10 store in Branson at 103 W. Main along with founder Dick Hartley, said Branson Landing is a good fit for the area.|ret||ret||tab|

"It's a perfect situation. (Branson Landing) is using something that we have not been using adequately the Branson lake front," Hartley said. "This project will take us to the next level. But it's got to be something novel, different and not something that just duplicates what we already have."|ret||ret||tab|

Time and traffic are two challenges merchants and city officials are dealing with as the project gets under way. Currently the city is working with the downtown area to manage any future traffic problems and help downtown development in the process. |ret||ret||tab|

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