Tax Increment Financing (TIF)
The City of Osage Beach and the Tax Increment Financing Commission of the City of Osage Beach has adopted TIF application procedures, policy considerations and an application form to assist private developers in the consideration of whether Tax Increment Financing for prospective projects is a realistic possibility pursuant to the Real Property Tax Increment Allocation Redevelopment Act (the 'TIF' Act).
TIF Process Overview
- Submission of Application to the City Administrator or his/her designee
- Staff review of application for completion, compliance and project eligibility; staff may require additional information to the application for a more complete Redevelopment Plan
- Staff to report to the Board of Aldermen , within thirty (30) days of application submission, the following:
- Its advice whether or not to refer the submitted application to the TIF Commission for consideration; and
- Its advice whether or not to enter into a funding agreement with the private developer applicant (outlines the developer's financial responsibility for the costs to the City for expert legal and financial consultants, etc.)
- If referral is made by the Board of Aldermen to the TIF Commission, the TIF Commission will conduct a hearing on the proposed application (Redevelopment Plan) in accordance with the TIF Act requirements
- TIF Commission shall make a recommendation to the Board of Aldermen for approval or denial of the Redevelopment Plan as submitted, or may recommend changes or conditions for approval of the Redevelopment Plan
- Board of Aldermen approval or denial of the Redevelopment Plan
- Upon Board of Aldermen approval of the TIF Plan, negotiation of a Redevelopment Agreement with applicant will commence
The legislative findings and determination of compliance with TIF Statutes is vested solely and only in the Board of Aldermen. Applicants are cautioned that the materials provided regarding TIF policy, procedures and application are for informational purposes of informing applicants of types of projects the City of Osage Beach would consider for TIF assistance.
The City reserves the right to reject any and all projects, even those which may satisfy the City's criteria, for the use of TIF for any reason without regard for the viability of the project. Furthermore, the City reserves the right to waive any non-conformance to TIF policy or procedures for projects the City deems favorable to City.
The standard initial funding agreement deposit is $15,000 for a TIF. If a project extends beyond the initial deposit it is the developer's responsibility to replenish the fund as needed until the project is complete. The draft funding agreement format, listed below, is presented only as a general draft and a guide for the use of prospective developers. Each project considered by the City will have a separately developed and specific funding agreement. For further information contact the Office of the City Administrator.