The Lakeport Village project passed its first test with the Osage Beach Board of Aldermen when the board unanimously approved first reading of a Tax Increment Financing redevelopment plan Thursday night for the $350 million-plus entertainment complex.
Second and final reading is expected at the board’s June 1 meeting.
Lakeport Village, also known as The Oasis at Lakeport, would be located on about 24 acres of lakefront land at Highway 54 and Jeffries Road near the Grand Glaize Bridge.
Construction plans include:
•The Oasis, an amusement park
•A 1,000-space parking garage
•A 50,000-square foot waterpark with retractable roof for year-round use
•A 400-room Marriott Resort and Hotel and Conference Center
“Since announcing the project, we started getting phone calls from associations and different groups, some wanting to reserve and buy out the hotel for three nights a year for the next five years,” developer/owner Jeff Tegethoff told the board.
He said the hotel and conference center offer an opportunity for Osage Beach and the Lake area to “win back” some of the lost conferences and events that have gone to other locations in the state because of a lack of facilities in the Lake area.
The most immediate challenges Tegethoff and his partners face appear to be completing negotiations with Lakewood Resort, qualifying for a $10 million Missouri Super TIF and remediating potential traffic issues in the Jeffries Road vicinity.
Failure to qualify for the Super TIF would doom the project, Tegethoff said, and failure to negotiate ownership of Lakewood Resort timeshares would seriously alter the project. The waterpark is designed for the area currently occupied by the Lakewood timeshares. Without the waterpark, the entire Oasis at Lakeport project would be jeopardized, Tegethoff explained.
The developer said he and the Lakewood Homeowners Association Board of Directors had an agreement signed by both parties effective May 18, but the HOA board has unexpectedly asked for an extension of that agreement to May 31. Tegethoff said he’s also been buying up indvidual timeshares to move the process along.
Without ownership of the Lakewood property, the TIF redevelopment plan cannot move forward, Tegethoff said. He also noted that the Lakewood property would be landlocked if the project moves forward.
Traffic concerns were also addressed during a public hearing on the redevelopment plan.
Tegethoff and city officials said they have been in talks with MoDOT, and the developer has contracted with a third-party company to conduct an extensive traffic study and make recommendations.
Entertainment and restaurants — $99,950,000
Outdoor Attractions and related uses — $42,000,000
Sources of revenue include:
Investor Equity — $90,192,031
Super TIF/Osage Beach TIF/CID and TDD — $78,458,717
Construction loan — $172,131,032
Additional financing — $16,168,220
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