Oasis At Lakeport: Here’s When The Lake Of The Ozarks’ New Entertainment District Could Open

LAKE OF THE OZARKS, Mo. — It’s the project that has everyone buzzing: a $300 million development of an “entertainment oasis” in the heart of Lake of the Ozarks. And developers say the first phase could be open next year.

Plans for The Oasis at Lakeport show four main elements:

• Entertainment & restaurants

• Parking structure

• Outdoor attractions & related uses

• Hotel

The district is expected to consist of an approximately 350 – 425 room hotel with at least 15,000 square feet of conference center facilities (inclusive of ballroom space, business center space, and/or meeting space), an outdoor area, amusement and entertainment uses (potentially including an arcade and a Ferris wheel), a boardwalk overlooking the Lake of the Ozarks, a multi-story parking garage and not less than approximately 15,000 square feet of commercial space to accommodate restaurant, retail and other commercial uses.

Developers say the construction for the entertainment, restaurants, and parking structure components could begin as early as June of 2023, and open by August 1, 2024. The parking garage would be five levels, and the entire parking area would accommodate approximately 1,000 vehicles, according to plans submitted by developers.

The hotel and waterpark would tentatively open in early 2027.

The developer noted those dates are estimates and would be subject to change based on timing of approvals, market conditions, tenant preferences, and other economic factors.

By 2027, developers expect the district to generate approximately $86.5 million in annual revenue.

On Monday evening, developers will begin making their pitch to the City of Osage Beach for why the project is worth of TIF funding.

TIF stands for “Tax Increment Financing” and refers to a funding mechanism created by state law. In short, a TIF allows the increased sales and property taxes that result from the development of a property to be diverted toward paying for certain elements of the development, for a set period of time. TIF agreements are struck between local governing bodies and developers, and each TIF agreement may have its own specific negotiated elements. Developers for The Oasis are also proposing what is referred to as a “Super TIF,” which references a similar TIF arrangement on the state level.

The most recent equalized assessed value of the area to be developed is $957,870. After completion of the project, developers expect the assessed value to be approximately $76,572,000.

According to the proposal, TIF funding (excluding Super TIF) available under this Redevelopment Plan to pay Redevelopment Project costs will not exceed $51,886,524 plus interest.

Because the project is expected to create a new tourism destination and increase out-of-state visitors to Missouri, the City intends to apply to the Missouri Department of Economic Development for Super TIF Funding in the maximum amount of $10,896,473.

The 6 p.m. Monday, March 27 meeting of the City of Osage Beach's TIF commission will be the first step in the TIF process. That commission is charged with evaluating the merits of the TIF, ensuring the legal requirements are met, and making a recommendation to the City Board of Aldermen. Ultimately the decision on whether or not to agree to a TIF rests with the Board of Aldermen.