Name of City and/or County:
Moberly
Name of Plan or Project:
McCormick Place TIF Project
Report Period:
9/2/2006 to 9/1/2007
Name of the Person Who Prepared this Annual Report:
Gary L. Edwards
City or County Contact Agency:
Andrew A. Morris, City Manager
Private Sector Developer:
Orschelin Properties, LLC
Original Date Plan/Project Approved:
12/1/1993
Most Recent Plan Amendment:
12 acres along the southerly right-of-way line of US 24 Hwy, between the intersections of US 63 on the east and Morley Street on the west.
Description of Plan/Project:
Design and installation of roadway improvements, water & sanitary/storm sewer extensions, landscaping and surface parking development to permit redevelopment for commercial use
Plan/Project Status:
Fully operational
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project financially unfeasible in the market, required significant public infrastructure investment to remedy existing inadequate conditions and capacity to support development and required parcel ass'y and/or relo costs
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:
6
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$706,276.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$1,384,839.37
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:
Since Inception:
$1,389,691.00
This Reporting Period:
$127,782.37
Reimbursement of developer for eligible cost:
Since Inception:
$1,101,700.00
This Reporting Period:
$0.00
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:
$509,200.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$161,000.00
Total Anticipated TIF Reimbursable Project Costs:
$1,101,700.00
ANTICIPATED TOTAL PROJECT COSTS:
$6,120,000.00
TIF FINANCING METHOD:
TIF notes
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
11
Current Anticipated Estimate (# of Year to Retirement):
0
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$32,480.00
Assessed Valuation Added to the Redevelopment Project:
$43,285.00
Anticipated Assessed Value at Time of District Termination:
$45,000.00
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:
$110,000.00
Percentage of EATs Captured:
45%
Total Years Anticipated to Capture EATs:
14
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
14
