- Acreage: 538 acres
- Projected redevelopment transportation project costs: $12.8 Million
- Financing Sources: TDD Sales Tax, $6.8 Million from MoDOT, $2 Million from Federal Sources, and $4 Million from CDBG
Spencer Fane represented a retail developer to create a new Transportation Development District. As counsel to the new TDD, Spencer Fane lead an initiative that included political consultants, the City of Lake Ozark, the Missouri Department of Transportation, and Missouri Department of Economic Development to pursue a significant corridor improvement.
The $12.8 million project was created to open the interior of Lake Ozark to development by building the four lane divided HSB parkway (MO Route 242). The project will include a four lane corridor, an engineered traffic system, six full access points, and twenty-one curb cuts for our client’s future retail, office, and housing developments, which will be located along the parkway.
Spencer Fane spearheaded the effort which included drafting a Community Development Block Grant application on behalf of the City to secure a $4M CDBG grant from the MoDED, $2 million in Federal funds, and $6.8 million in funding from MoDOT. The project is shovel ready and will go out for bid within six months of the project’s announcement and be completed within eighteen months.