Aldermen approve financing for supercenter
In a special meeting November 9, the Branson Board of Aldermen approved two ordinances regarding the financing of phases 2 and 3 of the Branson Hills Plaza development that includes a Wal-Mart Supercenter.
In addition to the Supercenter, the project will include a Kohl’s clothing store and about a dozen other retailers and restaurants. This development will be located on the south side of Branson Hills Parkway across from the Target and Home Depot stores.
These ordinances are the remaining steps for activating phases 2 and 3 of the Branson Hills tax increment financing (TIF) district and starting the 23-year clock to capture revenue within those portions of the TIF district. Under the TIF agreement, one-half of new sales taxes generated by the shopping center up to $47.8 million over a 23-year period will be returned to the developer, Ozarks Diversified Properties of Columbia, MO, to pay for public infrastructure like streets, sewer and water.
The city of Branson will not issue the bonds or be responsible to repay bonds for the project.
Following this special meeting of the Board of Aldermen, the city’s Industrial Development Authority met and approved the issuance of the bond notes to finance the two phases of the development.
