My name is Andy Prewitt I am here on behalf of RIS Incorporated concerning the Cooperation Agreement that we entered into with the City of Lake Ozark in 2011. I called city hall last week and sent an email to the City Administrator and City Attorney requesting to be put on the agenda for tonight’s meeting, preferably in closed session.
I am speaking tonight in public session because for some reason I was not put on tonight’s agenda. The reason I am addressing you this evening is because we have realized that there is a major discrepancy in how the TIF and Cooperation Agreement Revenues are being collected, distributed, and accounted for by the City. Last quarter alone we believe the City shorted our lender over $170,000.00. We have been trying to get a full accounting of these revenues since June and have received nothing of substance from the City. We are now closing in on the fiscal year end and our lender is demanding answers. We are requesting a full accounting of what the city has received from the State of Missouri in sales tax from this shopping center since 2011 and how those funds have been distributed.
8 years ago in the heart of the recession we delivered on our development which is the single biggest tax payer in this city. We have been a good partner for the city of lake of the Ozarks and we expect this partnership to be reciprocated. In June of this year we uncovered massive discrepancies in the City’s accounting of the TIF and Cooperation Agreement Revenues. The numbers don’t add up and there has been a major lack of transparency and cooperation on the part of the city. What we are asking for is the City’s full attention to this matter and to authorize the city’s attorneys and accountants to set up a meeting and hopefully get to the bottom of this issue.
Based on the investment we have made of over $37 M and the economic activity that we have created at this development for the city, county, and state of Missouri, and given this project was a public private partnership from the beginning, we look forward to working with you to get this problem resolved and all parties living up to the agreement that we signed 6 years ago. Thank you for your time and attention to this matter, both Gary and I are available to discuss this issue with you at your convenience.