The long-rumored development of 13.7 acres on the east side of Osage Beach Parkway near Osage Premium Outlets through the Tax Increment Financing process will be considered at Thursday night's Osage Beach Board of Aldermen meeting.

The long-rumored development of 13.7 acres on the east side of Osage Beach Parkway near Osage Premium Outlets through the Tax Increment Financing process will be considered at Thursday night's Osage Beach Board of Aldermen meeting.

The meeting will be held at 6 p.m. at the Osage Beach City Hall.

Aldermen are being asked to adopt a resolution that refers a proposed Osage Beach Commons TIF to the Osage Beach TIF Commission for a public hearing to be set at a later date.

The $30.4 million project would be located where Golden Door Motel is currently operating, and where the now-vacant Jake's Steak and Fish is located. The area currently is zoned General Commercial District, which suits the proposed development.

The area includes approximately 10 acres of vacant or unimproved land that includes two abandoned, single family homes.

While no specific retail businesses have been announced, the TIF application calls for a modern shopping center comprised of four buildings of about 131,000 square feet, one out-lot and 672 parking spaces. The exact types of uses, building locations and sizes are yet to be determined, although rumors of a hobby store and one or more restaurants persist.

The TIF would be used to help facilitate the redevelopment area which, according to the developer, qualifies as a blighted area under definitions contained within the TIF statutes. The TIF Commission will determine the validity of the TIF application.

Of the estimated total costs, about $20.2 million will be financed by the developer through a third party lender; about $5 million will be funded by the developer and about $5.2 million will be financed through the various tenants. As part of the redevelopment plan, the developer intents to create a Community Improvement District (CID) that would levy a 1-cent sales tax on retail sales.

Simmons Bank, with 145 locations in four states -- Arkansas, Tennessee, Missouri and Kentucky -- has agreed to finance the redevelopment project.

Also on the agenda relative to the TIF application is a request to approve a funding agreement with TSG Osage Beach, the project developer; and authorization to hire Gilmore & Bell, PC, and David Bushek to assist the city in conjunction with the TIF. Gilmore & Bell has handled other Osage Beach TIFs.