Name of City and/or County:
Waynesville
Name of Plan or Project:
Highway H Redevelopment
Report Period:
Apr 1 2010 12:00AM to Mar 31 2011 12:00AM
Name of the Person Who Prepared this Annual Report:
Stephanie Leuthen
City or County Contact Agency:
Bruce Harrill, City Administrator
Private Sector Developer:
Various
Original Date Plan/Project Approved:
May 19 1994 12:00AM
Most Recent Plan Amendment:
3/29/2007
School District:
Waynesville R6 School District
The Project Area is located west of Highway H and north of I-44 in Waynesville.
Description of Plan/Project:
Construction of a full-service grocery supermarket, shopping center, movie theater, service station, mini-mall, farm & home store, auto dealership, fast food and sit down restaurants and a variety store.
Plan/Project Status:
Fully operational
How was the "but-for" Determination Made?:
Unusual and extraordinary costs made the project financially unfeasible in the market and required significant public infrastructure investment to remedy existing inadequate conditions.
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 New Jobs:
300
Estimate of Retained Jobs:
300
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$1,913,525.70
Amount on Hand:
Economic Activity Taxes (EATs):
Total Received since inception:
$4,988,740.59
Amount on Hand:
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:
$7,088,561.31
This Reporting Period:
$356,180.00
Reimbursement of developer for eligible cost:
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:
$0.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$0.00
ANTICIPATED TOTAL PROJECT COSTS:
$0.00
TIF FINANCING METHOD:
Pay-as-you-go; TIF Notes
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
15
Current Anticipated Estimate (# of Year to Retirement):
7
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$274,000.00
Assessed Valuation Added to the Redevelopment Project:
$3,899,390.00
Anticipated Assessed Value at Time of District Termination:
$4,000,000.00
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:
$6,373,120.00
Total Annual PILOTs Anticipated at Time of District Termination:
$2,717,530.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
5
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
5
