The city of Camdenton is looking at a different way to help finance a major development taking place near Wal-Mart.

Officials say they will not be using the Tax Increment Financing, or a TIF, which has been widely used across the lake area for numerous economic development projects.

Instead, the city is going to use a form of revenue sharing to help finance the project.

According to our news partner the Lake Sun, the boards of alderman have already approved the pre-annexation of the nearly 2,000 acre land that sits between Camdenton and Linn Creek, stretching between Highways 5 and 54.

The city says the revenue sharing program kicks in when Phase 1 of the project is completed, or when just over 600 acres is turned into the business park and is able to begin creating revenue or sales tax money.

The city will receive about 2% of that income and three-quarters of the 2% will be returned to the developer, MO Lake Development, to help with infrastructure and road improvements.

Officials say they will continue to negotiate the revenue sharing programs in each phase of the project.

Right now it’s estimated that the project could take up to 10 years to be completed.