500+/- acres in the heart of this rapidly growing Ozark Mountain lake

community ½ mile of US Highway 54 frontage Hundreds of acres of rolling hills and virgin timber ideal for single family, town

home, or condominium / apartment construction Location:

o One of only 5 US Route 54 Expressway interchanges between Camdenton and Bagnell Dam

o Camdenton / 5 miles south o Grand Glaze Bridge / 6.5 miles north o Highway 42 / 9 miles north o Bagnell Dam / 14 miles north o New bridge / 12.5 miles north o Camdenton Airport / 7 miles south o Across street from Big Surf Water Park & Hot Shot Amusement Park

Information (click link to jump to corresponding page): Springfield Newsleader – No Longer A Summer Getaway 10/26/04 Lake Sun Leader – City Looks for Affordable Housing 04/28/05 Lake Sun Leader – Lake Highway Projects Awarded $221Mil 05/12/05 Photographs City Map Topo Map US Route 54 Expy

AVAILABLE - LAKE OF THE OZARKS, MO 500+/- ACRES COMMERCIAL & RESIDENTIAL

Located on US Route 54 Expressway

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NO LONGER A SUMMER GETAWAY By Juliana Goodwin Springfield News-Leader Staff October 25, 2004 OSAGE BEACH It's coming and it's big. That seems to be the theme in booming Osage Beach. A 49,840-square-foot Marshalls Mega Store is set to open Thursday. An 80,000-square-foot Hy-Vee is under construction. Lake Regional Health Care is charging forward with a $27 million expansion -- on the heels of its recent addition of a $3.7 million radiation wing. And Columbia College is tripling its space and anticipating doubling its student population in the next decade. Osage Beach, a city of approximately 10 square miles -- with a 2000 census population of 3,662 -- is no longer just a summer getaway. The area is strengthening its economy yearround, supported in large part by second homeowners. But development has its share of challenges. "It's gotten to where it's not seasonal. (Businesses) don't just shut up and go away for the winter,” said Joyce Raynor, who's lived at the lake for 40 years. There are "help wanted" signs in storefront windows, in gas stations, restaurants and retail stores. The city's sales tax is up 6.6 percent over last year, said Mayor Penny Lyons. From 2000 to 2003 -- the latest complete numbers available -- residential and commercial construction more than doubled from $20.7 million in 2000 to $44.2 million in 2003. Lyons projects it will hit $50 million by the end of this year. "It has been a really, really busy year. It was kind of mindboggling. We will break last year's record for sure. We have some huge projects coming up that have not been permitted yet," said City Administrator Nancy Viselli. Michael Mattie, 67, retired at the lake nine years ago and can't believe the recent explosion of development. "The last two years it's really gone crazy, especially the commercial stuff. You see a lot of big business here now," Mattie said. SECOND HOMEOWNERS Second homeowners are coming to the lake throughout the year, not just retreating on summer weekends, said Joel Pottinger, executive director of the Lake of the Ozarks Convention & Visitor Bureau. "They are down here and are looking for quality restaurants and places to shop. The amenities the second homeowner demands are the same thing tourists want," Pottinger said.

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SPRINGFIELD NEWSLEADER NO LONGER A SUMMER GETAWAY

By Juliana Goodwin Springfield News-Leader Staff

October 25, 2004 Page 2 of 4

Those amenities lured Lynn and Carole Ohlson from Lincoln, Neb., to retire at the lake. "Not only because of the fishing, but because they have so many other activities on the water such as restaurants and marinas," Lynn Ohlson said. John Stathopoulos, broker for Shoreline Reality, said his sales to second homeowners have increased considerably. Today, he estimated 70 percent of his lake area home sales are to second homeowners. Laura Gajda, director of public relations for Lake Regional Medical Center, said people buying second homes and retiring to the area is fueling phenomenal growth. She said 34,893 patients came through the facility’s doors in the 2004 fiscal year, up from 25,474 in 2000 and that in five years, the hospital expects to serve 60,000 patients annually. Columbia College has also recognized the need for health care for retirees. In front of its campus, backhoes are moving earth, preparing for a $2.6 million campus expansion, which will include a nursing program. John Keeney, director of the lake campus, said the new building is slated for completion in May. The hope is that locally trained nurses will stay in the area. "We get a lot of retired folks each year moving in, and health support is critical to those people," Keeney said. The new facility is triple the size of the current building and can handle twice as many students. JOBS "Coming soon" signs, such as those for Applebee's and KFC, dot Missouri 54, which snakes through the lakes area. Bob Evans opened this month. Walgreens, Casey's and Sonic are on the way. Starting in March, locals can chow down at a Culver's restaurant, to be opened by Brian and Linda Addotta. The couple, moving down from Rockford, Ill., plan to employ 65 people. Paul's Supermarket, a locally owned grocery chain, opened its third store this summer and employs 230. The new store, at 2107 Bagnell Dam Blvd., is 15,000 square feet larger than its counterpart on the opposite end of Osage Beach. It includes a walk-in wine cellar, cafe, floral department and more specialty foods, said President Steven Hermann, whose grandfather opened the original store in Eldon in 1968. Osage Beach is divided between Camden and Miller counties. Hermann said the new location in Miller County is going after St. Louis tourists, while the other store on the Camden County side targets those from Kansas City.

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SPRINGFIELD NEWSLEADER NO LONGER A SUMMER GETAWAY

By Juliana Goodwin Springfield News-Leader Staff

October 25, 2004 Page 3of 4

Greg McGhee, president of Ozark Apples Inc., agrees the area is ripe. He co-owns 11 Applebee's franchises, including both Springfield locations and the one opening in late January in Osage Beach. "We've been waiting for the growth to accommodate our needs. On the one hand it's very scientific, and on the other side it's gut reaction. The fact of the matter is the area has grown by leaps and bounds in the past year," McGhee said. The restaurant will employ 80 to 90, with about 50 percent full time. Ruth Mitchell, spokesperson for Hy-Vee, said the company has been looking at the lake for four years. The store, slated to open this spring, will have 400 employees. One-third of those positions will be full time. The store is a $13 million investment in the community. "It's one of the larger stores we're building, but it's not unusual. We're building stores that size in Kansas City," Mitchell said. Jennifer Debarge-Goonan, spokesperson for Marshalls, said the store will operate with 70 parttime and 30 full-time employees. Target debuted in July, adding 200 jobs to the local economy. The company does not disclose how many employees are part time versus full time, said Aimee Sands, spokeswoman for Target. In Miller County, in the area with Target and Marshalls, there's a tax increment financing, or TIF, district. A TIF district is a special designation for underdeveloped or blighted areas. Once designated as a TIF area, part of the property taxes and sales taxes generated in that area are redirected to pay off the infrastructure improvements, such as roads. The plan for the TIF project was approved in 2000, Lyons said. CHALLENGES With all this development comes increased competition. Hermann said he worries the market is becoming oversaturated. Last year, 100 new businesses opened in Osage Beach, according to figures from the city. "It's tough for businesses right now because everyone's taking from each other," Hermann said. Any growth of this magnitude will deliver challenges, such as the need for larger schools and more affordable housing," Pottinger said. Camden County's work force grew nearly 49 percent between 1990 and 2000 from 16,153 to 24,023 people, according to 2000 census data. Lyons said the area is facing an affordable-housing crunch. Recent development has pushed up property values, said Stathopoulos, broker for Shoreline Reality. According to figures provided by Shoreline Reality, the averageselling home on the west side of the lake cost $176,513 during the third quarter of 2001 and in that same time frame in 2004 the average selling home was $208,267. Increased housing costs means much of the work force commutes. "I can tell you we need living quarters on both sides of the lake. People are driving from suburban areas because there are not a lot of apartments," Stathopoulos said.

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SPRINGFIELD NEWSLEADER NO LONGER A SUMMER GETAWAY

By Juliana Goodwin Springfield News-Leader Staff

October 25, 2004 Page 4 of 4

Larry Liebler drives in from Eldon for his job at Paul's Supermarket. "Eldon is considered a bedroom community of the lake," Liebler said. Liebler has been with the local chain for 15 years and said he started in Eldon and just hasn't moved. Aside from increasing property values, a housing crunch and mobile work force, some residents worry what kind of impact increased development will have on the lake. Mattie, retired and an avid boater, said he liked it better when the crowds stayed away and boats were only buzzing in the summer. Marjorie Holmes, a former second homeowner who is now retired at the lake, is worried about pollution and noise on the water. "One of our big concerns is the influx of bigger boats. We're concerned the development will make this not a quiet lake anymore," Holmes said. OSAGE BEACH GROWING No longer just a weekend destination, growth in the area is being spurred by retirees and by people buying second homes for year-round use.

News-Leader

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One city looks for affordable housing By Joyce L. Miller/Lake Sun Thursday, April 28, 2005 9:27 PM CDT OSAGE BEACH - City officials are struggling to find solutions to a housing shortage in a community where new jobs and skyrocketing land prices have outpaced affordable places to live. Finding an answer is a priority for the City of Osage Beach as they concentrate on developing a new comprehensive plan. With a small supply of moderately priced houses and apartments available, Osage Beach has found itself in "dire need of affordable or work -force housing," according to Mayor Penny Lyons. The market that is missing in Osage Beach is in the low to moderate range. In other words, Lyons said, service workers earning $7 to $10 an hour who need housing close to schools and where they work. These families can't afford homes in the $150,000 to $200,000 range or $600 to $700 a month in rent, she said. Lyons said the city is quickly running out of land in areas that are or could be zoned for single or multi-family residential. That, combined with increasing prices of that land, are obstacles the city needs to overcome, she said. The city considers affordable housing a priority. Over the next several months, city officials hope to come up with some viable options that will meet the growing needs of Osage Beach. "It's just too expensive for many developers to come in and build housing that is affordable for workers who are in service-related jobs," Lyons said. "Affordable land is becoming scarce in a city where development is on the fast track." In the last two years, development has brought more than $100 million in new commercial construction, primarily in the service industry, Lyons said. The shortage of housing is fast approaching a critical point. New businesses have brought hundreds of new jobs to Osage Beach in the last year alone, according to information provided by the city. There is no end in sight to the growth. "The situation we are facing is a growing pain," Osage Beach city planner Cary Patterson said. "We, the city, are falling short in this area. It puts us at a disadvantage with the commercial development we are experiencing."

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LAKE SUN LEADER ONE CITY LOOKS FOR AFFORDABLE HOUSING

By Joyce L. Miller/Lake Sun Thursday, April 28, 2005 9:27 PM CDT

Page 2 of 2 Patterson says affordable housing is critical not only to future development but sustaining what is already in Osage Beach. Without increasing housing to draw more workers to the area, as new employers move in and offer better pay or benefits, existing businesses will find themselves losing workers. In many cases, construction of affordable housing requires a mix of public and private money in order to make it cost effective for the developer. "It is controversial and costly," Patterson said. "Take a map of Osage Beach and look at the areas available. In many cases, the land is too costly or challenging to develop into that particular type of project. Developers have to be able to recoup their investment. This is not something they do out of the goodness of their heart." One way to overcome that issue may be through partnerships with counties or outlying communities where the development of affordable housing projects would be mutually beneficial, Patterson said. Iberia is a community that is interested in affordable housing development, according to Lyons. "There have been some discussions with the mayor," Lyons said. "One of the issues with any type of residential housing projects is water and sewer service. Iberia has the ability to provide those services." Issues that have to be considered when looking at unincorporated areas for housing development is the proximity to schools, arterial roads and the expense of putting in water and sewer plants, Lyons said. Another obstacle the city is struggling with is a perception issue. Affordable housing projects often draw opposition in neighborhoods where existing property owners don't feel they will fit in with the character of the community, Lyons said. "We do have what we refer to as an affordable housing project in Osage Beach off Bluff Drive," Lyons said. "The project is well maintained, well managed and provides much-needed homes for those tenants. We just don't have much that the average service employee can afford." The most recent move to bring affordable housing to Osage Beach drew widespread opposition from residents who lived near the proposed development. Although the city approved the necessary zoning changes, the project was sidelined after the developer was turned down for funding through the Missouri Housing Commission. "Affordable housing can actually enhance a community," Patterson said. "Just because the residents who live in affordable housing don't make as much money as others doesn't mean they are not contributing members of the community. But, they do need housing that is affordable and leaves enough money left over to feed their children and commute to work. They need to be close to schools and services, otherwise it may be a situation where it is unreasonable to work in the lake area. We have to be able to meet that need to continue to supply workers."

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Lake highway projects awarded $220M Major construction scheduled By Charis Patires/Lake Sun Thursday, May 12, 2005 9:55 PM CDT LAKE OF THE OZARKS - More than $220 million has been proposed for seven different highway projects in the lake area in the five-year (2006-2010) State Transportation Improvement Plan, including allocating money to start the Highway 54/Osage Beach expressway project by January 2008. A 45-day public review process is currently underway. This is the last time public comment will be taken before the Missouri Highways and Transportation Commission is expected to approve the schedule in July. According to a press release issued by the Lake of the Ozarks Transportation Council over the next five years more than $200 million has been designated for three large highway projects in the lake area. These include: � The four-lane Highway 5 relocation project from the Niangua Bridge through Camdenton; � A two-lane Highway 5 project from Lake Road 5-112 to the Camden/Laclede County line; � The new Highway 54/Osage Beach expressway that will extend from Route KK to the intersection of Highway 54 and Business Highway 54. "This is positive news for our future prosperity, quality of life, and safety at the lake," LOTC chairman Jim Herfurth said. "These projects will relieve congestion, improve our mobility and safety and assure our ability to manage growth in the future." Herfurth said the plan does not include all of the highway projects they have designated as priorities, but its only a matter of time before those issues are addressed. "We need to get going on these projects and then turn our attention to finding a way to do something about Highway 5 north of the Niangua Bridge and a new road to connect Highway 5 east to the community bridge," Herfurth said. North Highway 5 will not be ignored. According to the STIP, a resurfacing project from the Morgan County line to south of the Niangua Bridge has been allocated $625,000. The project is 9.5 miles long and is expected to start in 2006. To combat potholes, the STIP includes resurfacing and improvements on the Hurricane Deck bridge and bridge improvements over Macks Creek, west of Camdenton on Highway 54. Those projects will be done in conjunction in 2006 at a cost of $723,000.

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LAKE SUN LEADER

LAKE HIGHWAY PROJECTS AWARDED $220M Major construction scheduled

By Charis Patires/Lake Sun Thursday, May 12, 2005 9:55 PM CDT

Page 2 of 2 In Miller County, two bridge replacement projects are scheduled for 2007. A bridge over Brushy Fork Creek on Highway 17 and another over Barren Fork Creek is estimated to have a combined cost nearly $5.5 million. One of the three largest projects for the lake area proposed in the STIP is adding a two-lane highway with various passing lanes from the Highway 54/Highway 5 interchange in Camdenton (included in the Highway 5 relocation project) to south of the Laclede County line. In Osage Beach, $99 million will be spent to build a four-lane expressway that will bypass the existing Highway 54 to provide an alternate route, alleviate congestion and improve safety. There are five interchanges proposed in the project. Construction on the Highway 5 relocation project will continue as well. When completed, the project will stretch from the Niangua Bridge to one mile north of the Camdenton city limits and will include three interchanges. Many of the projects, including acceleration of several others, is a result of funds that were released when voters approved a ballot measure last year, according to Missouri Department of Transportation area engineer Bob Lynch. Approval of the constitutional amendment led to a shift in funds from several state agencies back to MoDOT. "The big news is what Amendment 3 is doing in the lake area and that is the Route 5 and 54 expressway projects," Lynch said. Amendment 3 funds allocated in the STIP for the Highway 5 relocation project speed up the completion date by 1.5 to 2 years, Lynch said. Officials have said they expect completion of the new highway by 2008. Lynch calls the new STIP is very positive news. "These roads will bring new economic life to the lake area, more so than what we already have plus bring a safer transportation network overall," he said. To review the STIP visit www.modot.state.mo.us or for more information on lake area highways visit LOTC's Web site at www.lakeozarkroads.org. Contact this reporter at charisp@lakesunleader.com.

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