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Prewitt Point TIF bonds paid off early

The City of Osage Beach saw a plan of 21 years be completed with the termination of the Prewitt’s Point Plan. The Prewitt’s Point TIF Plan made possible the vibrant and successful Prewitt’s Point Shopping Center, an economic development project which began in 2000, that continues to grow and provide products, jobs, and services to the residents and visitors
in the lake area. The Tax Increment Financing or TIF plan had great success, said the City administrator, Jeana Woods

Over its 21-year existence, the Prewitt’s Point TIF Plan, in which bonds were paid off 18 months ahead of schedule, has generated approximately $75 million in new, local tax revenue of which $35 million has been distributed upon collection to the qualifying local governments in addition to paying the associated bonds. Now that the plan has concluded, all the sales and property taxes collected within center will be distributed directly to the applicable governments to pay for local services in our communities. The 1% TDD (Transportation Development District) tax, the only new tax imposed for the development, will continue.

 


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