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LAKE OZARK, Mo. (KMIZ) Lake Ozark Board of Aldermen on Wednesday night will determine whether to approve or deny a deal with Osage Casinos. The new property is part of a new entertainment district in Missouri announced last fall by the Osage Nation. The proposed sit is at 3501 Bagnell Damn Blvd. and is expected to be completed in multiple phases, with an estimated $60 million investment in the region. Osage Casinos said the location will bring new jobs, tourism and revenue for the Lake of the Ozarks community. The planned property includes a casino, hotel, meeting space and event center. The Osage Nation will pay the city 2.5% of the money it brings it from gambling activities each year in quarterly installments. It will also collect a 1% resort fee on hotel room transactions and pay that to the city as well in quarterly installments annually. This money will go to help fund the local government agencies and departments in Lake Ozark. Phase 1 of the process includes construction of a casino, sports bar, restaurant and meeting space. Additionally, it also includes a hotel, which will have general hotel rooms, suites, a fitness and exercise facility, a pool, hot tub and a pool bar. Phase 1 construction is expected to start upon approval from the Department of Interior. Future amenities include more casino space, additional food and beverage options, meeting space and an event center. According to the proposal documents, the Osage Nation will transfer the land within the corporate limits of the City of Lake Ozark into a Federal Trust. In return the city will service the property with municipal services like water, sewer and policing. The Lake Ozark Police Department will provide officers to work around the clock seven days a week. The Osage Nation in return will pay $100,000 annually in quarterly installments. However, the Osage Nation Police Department will retain command and control of the area unless it gives another responding agency approve to takeover. The City of Lake Ozark will be responsible for any road or traffic improvements to the surrounding streets unless a project is otherwise agreed upon by both parties. However, Osage is responsible for any improvements to infrastructure located within the Osage Property boundaries along with providing its own holding tank for water needed in emergency responses. The council will vote on the agreement at its meeting at 5:30 p.m. Wednesday at city hall.
