Name of City and/or County:
Fulton
Name of Plan or Project:
2nd Amended & Restated Atkinson Rd TIF Plan
Report Period:
2011-01-01 00:00:00 to 2011-12-31 00:00:00
Name of the Person Who Prepared this Annual Report:
Kathleen Holschlag
City or County Contact Agency:
Kathleen Holschlag, Finance Officer
Private Sector Developer:
Dollar General Corporation
Original Date Plan/Project Approved:
1998-07-14 00:00:00
Most Recent Plan Amendment:
3/23/1999
School District:
Fulton School District
A large parcel of open land in northwest Fulton bound on the east by the Gateway Western RR, on the south by the south line of Sec 5 & Sec 6, Twp 47 N Range 9 W and on the north & west by the Fulton city boundary.
Description of Plan/Project:
New construction of a 1,200,000sf warehouse and distribution center for Dollar General Corporation.
Plan/Project Status:
Fully operational
How was the "but-for" Determination Made?:
Unusual & extraordinary costs made the project financially unfeasible in the market, required significant public infrastructure investment to remedy existing inadequate conditions and capacity to support development.
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:
0
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$6,538,985.00
Amount on Hand:
$559,881.00
Economic Activity Taxes (EATs):
Total Received since inception:
$179,176.00
Amount on Hand:
$5,123.00
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:
$4,278,766.00
This Reporting Period:
$604,653.00
Reimbursement of developer for eligible cost:
Since Inception:
$3,686,737.00
This Reporting Period:
$279,152.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$1,712,304.00
This Reporting Period:
$0.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$2,954,340.00
Property Acquisition and Relocation Costs:
$1,125,800.00
Project Implementation Costs:
$257,590.00
Total Anticipated TIF Reimbursable Project Costs:
$4,362,730.00
ANTICIPATED TOTAL PROJECT COSTS:
$4,362,730.00
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
20
Current Anticipated Estimate (# of Year to Retirement):
20
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$30,340.00
Assessed Valuation Added to the Redevelopment Project:
$10,421,100.00
Anticipated Assessed Value at Time of District Termination:
$11,000,000.00
Total Amount of Base Year EATs:
$113.00
Total Amount of Base Year PILOTs:
$15.00
Total Annual EATs Anticipated at Time of District Termination:
$189,099.00
Total Annual PILOTs Anticipated at Time of District Termination:
$250,667.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
50%
Total Years Anticipated to Capture PILOTs:
23
