The Branson Board of Aldermen last night approved the first reading of a bill giving a development group the right to lease city-owned land for a planned large-scale baseball park.
Via Ballparks of Branson LLC, insurance and finance professionals from the Chicago area are planning a $24 million youth ballpark project at the site of Branson's defunct Red Roof Mall.
Under an agreement with the city, Ballparks of Branson would lease roughly 66 acres, with payments starting Jan. 1, 2016, at $2,000 per acre a year. The lease, which caps base rent at $100,000 per year, is set through June 30, 2049, in the preliminary lease agreement, according to the May 27 board of aldermen
agenda.
The agreement also calls for the developer to pay a percentage of gross receipts from operations at the park each month. The percentage payments start at 1 percent Jan. 1, 2016-Dec. 31, 2017, and rise by a point each year to land at 5 percent Jan. 1, 2024-June 30, 2049.
After the contract ends, a 35-year renewal option is available.
The developer and city officials have agreed to work toward a 1 percent transportation development district sales tax on all sales occurring within the leased area.
The bill moves to a vote by the board on June 3.
The development plan calls for up to 16 replica baseball fields, including dimensional designs of Fenway Park and Wrigley Field, batting cages, practice diamonds, concession and catering facilities, arcades and playgrounds. The majority of the existing mall buildings would remain for lodging, food and retail uses, according to the proposal.
Factory Merchants Mall, commonly called the Red Roof Mall, closed in late 2011. Simon Property Group bought out its lease in December 2011, giving control back to the city, which owns the 40-acre site. The ballpark plan comprises some 66 acres, which includes the mall and surrounding vacant land at 1000 Pat Nash Drive, according to Springfield Business Journal archives.[[In-content Ad]]
