The City of Lake Ozark Board of Aldermen unanimously approved to amend an original Tax Increment Financing Contract (TIF) with RIS, Inc. at their regular meeting on Tuesday, July 24, 2018.

The City of Lake Ozark Board of Aldermen unanimously approved to amend an original Tax Increment Financing Contract (TIF) with RIS, Inc. at their regular meeting on Tuesday, July 24, 2018.

The new ordinance will enforce the construction of a 250,000 gallon capacity water well and a 500,000 gallon water tower as part of the development of the redevelopment projects at Eagle's Landing shopping center.

The amendment reads in part, "Developer acknowledges and agrees that the City shall have no obligation to issue building permits for any new construction in the Redevelopment Area, other than Aldi's, if the Developer has not commenced construction of the Tower System which is anticipated to begin on or before December 31, 2020."

The original TIF contract for the Eagle's Landing shopping center was signed on June 26, 2007.

According to the TIF amendment, the water well will be constructed by the Developer in a suitable location as determined by RIS, Inc. and the Missouri Department of Natural Resources.

The amendment states that "Subject to excusable delays, engineering, design and permitting for the Well shall commence immediately upon execution of a First Amendment to the TIF Contract, modifying the terms of Exhibit 4 to the TIF Contract, and construction of the Well shall commence immediately upon issuance by the Missouri Department of Natural Resources of a Construction Permit authorizing the same.

The City and the Developer agree that the costs of engineering, permitting and construction of the Well are Reimbursable Project Costs."

The 500,000 gallon water tower is required by the City of Lake Ozark to have a dual inlet/outlet supply and chlorination system, referred to as the Tower System.

According to the amendment, "The Developer agrees to immediately retain a licensed engineer to prepare a preliminary engineering report for the Tower System for submission to the Missouri Department of Natural Resources for its consideration and inclusion in the Missouri Intended Use Plan for the Safe Drinking Water Program."

The document also explains that the City agrees to cooperate with RIS, Inc. in the processing of such applications that may be necessary to obtain either state or federal grant funds to finance the Tower System; provided the application, approval and/or award of such grant funds require no funds or expense charged to the City.

"Once constructed, the Well and Tower System, together with a reasonable amount of associated real estate as mutually agreed upon by the City and the Developer, shall be dedicated to and title vested in the City and the City agrees to accept the same and to assume all maintenance and repair costs therefor."

The agreement also states that RIS, Inc. is to provide the City of Lake Ozark with financial and other documentation as approved by the City in its sole discretion necessary to demonstrate the Developer's commitment and ability to complete the construction of the Water Well.

"All terms of the TIF Contract that are not specifically modified by this First Amendment shall remain in full force and effect, unmodified by the terms of this First Amendment."

The City said that they are happy to welcome the Aldi supermarket chain to the Lake Ozark area and expect to approve their request for business license in the near future.