Name of City and/or County:
Perryville
Name of Plan or Project:
Redevelopment Plan for the I-55/Perryville Blvd.
Report Period:
2011-10-01 00:00:00 to 2012-09-30 00:00:00
Name of the Person Who Prepared this Annual Report:
Chauncy Buchheit, SEMO RPC
City or County Contact Agency:
Deborah Gahan, Mayor, City of Perryville
Private Sector Developer:
Original Date Plan/Project Approved:
2012-01-21 00:00:00
Most Recent Plan Amendment:
School District:
Perry County School District # 32
1205ac south of the city boundary, east of I-55, north of the city boundary and west of a line approximately 1500 ft. east of Perryville Blvd from Hwy 61 to Rand Street to Edgemont to I-55 in Perryville.
Description of Plan/Project:
Construction of a new roadway connecting Perryville Blvd and Sycamore Rd to serve a proposed new HQ for Citizens Electric Company and to open a corridor for additional development in the area.
Plan/Project Status:
Starting up
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 New Jobs:
200
Estimate of Retained Jobs:
50
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:
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:
$2,000,000.00
Property Acquisition and Relocation Costs:
$1,000,000.00
Project Implementation Costs:
$5,875,000.00
Total Anticipated TIF Reimbursable Project Costs:
$47,712,500.00
ANTICIPATED TOTAL PROJECT COSTS:
$70,000,000.00
TIF FINANCING METHOD:
Pay-as-you-go; TIF Notes; Loan; TIF Bond
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
23
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$1,651,549.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$27,012,931.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$81,887.00
Total Annual EATs Anticipated at Time of District Termination:
$2,794,418.00
Total Annual PILOTs Anticipated at Time of District Termination:
$1,257,468.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
