The city of Lake Ozark has announced it has completed its internal review of its obligations to RIS, Inc., over issues that RIS has characterized as a "dispute" and "misappropriation" in the media.

The city of Lake Ozark has announced it has completed its internal review of its obligations to RIS, Inc., over issues that RIS has characterized as a "dispute" and "misappropriation" in the media. 

The city recently became aware that a payment due RIS under the TIF Agreement in the amount of approximately $84,000 had not been timely transferred due to an oversight during the transition between the city's former treasurer and the current treasurer.

The city notified RIS and promptly made the appropriate transfer, according to a press release from the city shortly after noon Friday.

A second issue between the city and RIS involved language in the Cooperative Agreement associated with the TIF between RIS and the city. The city has been holding approximately $138,000 in an escrowed account pending a due diligence review by its accounting department and consultation with its attorneys.

The city has concluded that those additional funds are due to RIS under the Cooperative Agreement. The city is releasing those funds this week to RIS, Inc.'s lending institution as per an assignment by RIS, Inc. This brings all amounts due to RIS, Inc. from the city up-to-date, the press release said. 

Finally, RIS, Inc. has requested the city release to it certain financial information provided to the city by the Missouri Department of Revenue. According to the press release, this information is used, in part, by the city to calculate amounts due to RIS under both the TIF Agreement and the Cooperative Agreement.

The city is prohibited by state law from releasing certain information provided by the Department of Revenue, the press release stated, and the law provides for felony criminal sanctions against the individual releasing such information.

The city has provided the annual TIF reports submitted to the Missouri Department of Revenue to RIS as well as all other documentation requested that can be legally disseminated. The city's position on this issue is not negotiable, as it will not violate the laws of Missouri to satisfy RIS, Inc.'s demands. 

The city is looking forward to the Eagles Landing TIF bringing in additional tenants and tax revenue to the city in the coming years.