Lake Ozark Business District TDD for Bagnell Dam funding moves forward
The formation of a Lake Ozark Business District Transportation Development District (TDD) to fund improvements to Bagnell Dam Blvd. is closer to the finish line.
The Lake Ozark Board of Aldermen recently approved first reading of an ordinance authorizing the mayor to file a petition with Miller County Circuit Court. The court hears the case and determines the legality of the TDD and the proposed funding method. The court then decides how the TDD would be considered by the public.
Acceptance by the court would officially set the boundaries of the proposed district.
Second reading is expected at the Jan. 26 regular meeting.
Aldermen endorsed the formation of a TDD in November. TDDs are governed by a board of directors comprised of business owners and property owners within the district along with elected officials.
The city has received signatures from a majority of business and property owners in the proposed district.
If approved by the court, the TDD would be authorized to collect up to ¾ of a cent in sales tax for improvements to Bagnell Dam Blvd. and Valley Road, both of which are within the TDD boundaries. Officials note that once road improvements are made the additional funds collected would be used for maintenance of the improvements.
The high quality of roads within the Horseshoe Bend Special Road District was cited in explaining how TDD funds can be used for both improvements and maintenance.
Alderman Judy Neels asked for clarification that TDD revenue would be used for Bagnell Dam Blvd. and not streets outside the district boundaries. It was noted that previous resolutions and endorsements have specifically cited Bagnell Dam Blvd. from Quality Inn to Bagnell Dam as the focus of the TDD.
The petition notes that the City of Lake Ozark lacks available revenue to improve and maintain Bagnell Dam Blvd. and the city’s transportation infrastructure. Estimated cost to improve Bagnell Dam Blvd. is upwards of $3 million. The city contracted with Cochran Engineering in 2019 to do a street assessment. Within that study, Bagnell Dam Blvd. emerged as the priority although some or all of the city’s 90 miles of streets should get some level of improvement.