Name of City and/or County:
Lamar
Name of Plan or Project:
Lamar TIF Redevelopment Plan
Report Period:
4/25/2009 to 4/25/2010
Name of the Person Who Prepared this Annual Report:
Traci Cox
City or County Contact Agency:
Lynn B. Calton, City Administrator
Private Sector Developer:
1900 Gulf Street Partners, LLC
Original Date Plan/Project Approved:
11/7/2007
Most Recent Plan Amendment:
11/16/2009
School District:
Lamar R-1 Schools
A 114-acre parcel including the O'Sullivan facilities located at Gulf Street and the intersection of the Missouri & Northern and BNSF rights-of-way at the southern city limit in Lamar.
Description of Plan/Project:
Renovation and construction of approximately 2,368,000sf industrial space, remediating blighting conditions within the Project Area.
Plan/Project Status:
Inactive
How was the "but-for" Determination Made?:
Unusual and extraordinary costs made the project financially unfeasible in the market.
Number of Relocated Residences During This Report Period:
0
Number of Relocated Businesses During This Report Period:
0
Number of Parcels Acquired Through Use of Eminent Domain Power During This Report Period:
0
Identify Any Businesses That Have Relocation to the Redevelopment Area During this Report Period:
Estimate of Retained Jobs:
0
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$0.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$0.00
Amount on Hand:
$0.00
Total Revenue on hand in the Special Allocation Fund as of Report Date:
EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF:
Total Since Inception:
Report Period Only:
Public Infrastructure (streets, utilities, etc):
Site Development (grading, dirt moving, etc):
Rehab of Existing Buildings:
Acquisition of Land or Buildings:
AMOUNT PAID ON DEBT SERVICES:
Payments of principal and interest on outstanding bonded debt:
This Reporting Period:
$0.00
Reimbursement of developer for eligible cost:
Since Inception:
$1,625,000.00
This Reporting Period:
$1,625,000.00
Reimbursement to city/county (or other public entity) for eligible costs:
This Reporting Period:
$0.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$0.00
Property Acquisition and Relocation Costs:
$5,000,000.00
Project Implementation Costs:
$66,088,953.00
Total Anticipated TIF Reimbursable Project Costs:
$71,088,953.00
ANTICIPATED TOTAL PROJECT COSTS:
$71,088,953.00
TIF FINANCING METHOD:
TIF Bond
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
21
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$1,600,000.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$10,310,672.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$0.00
Total Annual PILOTs Anticipated at Time of District Termination:
$420,281.00
Percentage of EATs Captured:
0%
Total Years Anticipated to Capture EATs:
0
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
21
