Name of City and/or County:
Madison County
Name of Plan or Project:
Highway 67/72 TIF District
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:
Robert Mooney, Presiding Commissioner
Private Sector Developer:
Original Date Plan/Project Approved:
2001-12-26 00:00:00
Most Recent Plan Amendment:
School District:
Fredericktown R-1 School District
1200ac, partially within the City of Fredericktown, along both sides of US 67 Hwy and includes the four quadrants of the US 67 and MO-72 interchange.
Description of Plan/Project:
Construction of public improvements and infrastructure for the benefit of a business park owned by the City of Fredericktown. TIF also used to assist relocation of the electric coop facility serving Madison County out of a flood hazard area.
Plan/Project Status:
Under construction
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 cost.
Number of Relocated Residences During This Report Period:
0
Number of Relocated Businesses During This Report Period:
3
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:
500
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:
$1,613,744.00
Amount on Hand:
$134,040.00
Economic Activity Taxes (EATs):
Total Received since inception:
$1,913,744.00
Amount on Hand:
$108,063.00
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:
$3,989,261.00
This Reporting Period:
$525,000.00
Reimbursement of developer for eligible cost:
Since Inception:
$848,440.00
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:
$13,550,000.00
Property Acquisition and Relocation Costs:
$100,000.00
Project Implementation Costs:
$50,000.00
Total Anticipated TIF Reimbursable Project Costs:
$15,200,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$15,200,000.00
TIF FINANCING METHOD:
Pay-as-you-go; TIF Notes; TIF Bond; Loan
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:
$159,800.00
Assessed Valuation Added to the Redevelopment Project:
$4,178,390.00
Anticipated Assessed Value at Time of District Termination:
$22,728,443.00
Total Amount of Base Year EATs:
$250,072.00
Total Amount of Base Year PILOTs:
$7,431.00
Total Annual EATs Anticipated at Time of District Termination:
$461,150.00
Total Annual PILOTs Anticipated at Time of District Termination:
$1,055,202.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
