Branson News Guide

The Branson Board of Aldermen directed city staff to begin the process of providing tax increment financing (TIF) for the $250 million Pinnacle Falls along Highway 376 on the city’s west side.

The project’s developer, David Cushman of Cushman Properties, told aldermen at a public meeting September 28 that the project cannot succeed without the city TIF. If a TIF district were created, the developer would be able to use a portion of the sales taxes collected within the district to pay for certain infrastructure costs like roads, sewers and water.

Pinnacle Falls includes an aquarium, indoor water park and hotel, retail district, and several other attractions. It would be built on 300 acres already owned by Cushman on Highway 376 across from Celebration City.

Most of the 75 residents and business owners at the public meeting showed approval for the TIF. Several said the development would generate new visitors and generally boost business throughout the Branson area.

Several liked the idea that the project on the west side of town would create a bookend to Branson Landing downtown on the east side of the city.

“I think Pinnacle Falls is another project that is favorable with Branson Landing. It will bookend well,” said Craig Richards, president of Ozark Mountain Bank.

Rick Huffman, developer of Branson Landing, also spoke in support of a TIF for Pinnacle Falls.
“We think it will only enhance visitation to Branson and Branson Landing,” Huffman said. Only one speaker opposed the project. Local dentist Rick Tallon, a member of the Branson School Board, said TIFs would hurt the growing Branson school district by withholding property tax revenue from a development that might eventually happen anyway. TIF allows local governments to give up all new property tax revenue created by a new development for up to 23 years.

But Huffman said TIF developments generate expansion outside the TIF districts that produce property tax revenue for schools. “Growth supports property tax. Growth supports schools,” he said.

After the meeting, city officials agreed to begin the creation of a development agreement with Cushman Properties and prepare a financial feasibility study on the project.

This entry was posted on Friday, September 29th, 2006 at 11:22 am and is filed under Branson News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.