Name of City and/or County:
Park Hills
Name of Plan or Project:
Downtown Park Hills Redevelopment District 4
Report Period:
10/1/2015 to 9/1/2016
Name of the Person Who Prepared this Annual Report:
Norman Lucas
City or County Contact Agency:
Park Hills
Private Sector Developer:
Town & Country Grocers of Fredericktown, MO
Original Date Plan/Project Approved:
7/1/2005
Most Recent Plan Amendment:
School District:
Central St. Francois County R-III, Farmington R-7
The downtown redevelopment area is bound on the west by the alley between High & Donald Streets. The area forms a corridor along the west side of Main Street from Community Drive to the alley one block east of Flat River Drive. From the UP rail crossing east to that alley, the corridor includes the properties on both sides of Main Street.
Description of Plan/Project:
Construction of road improvements, a grocery store, renovation of a downtown building as a public library, and demolition of blighted structures to provide a parking lot. Grading and demolition for grocery store construction, and acquisition of land for road improvements.
Plan/Project Status:
Fully-Operational
How was the "but-for" Determination Made?:
Project 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 Retained Jobs:
30
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$238,673.27
Amount on Hand:
$46,021.16
Economic Activity Taxes (EATs):
Total Received since inception:
$779,694.94
Amount on Hand:
$46,021.16
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:
Since Inception:
$122,000.00
This Reporting Period:
$23,000.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$818,258.00
This Reporting Period:
$72,090.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$1,459,402.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$1,459,402.00
ANTICIPATED TOTAL PROJECT COSTS:
$1,459,402.00
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
15
Current Anticipated Estimate (# of Year to Retirement):
14
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$1,687,280.00
Assessed Valuation Added to the Redevelopment Project:
$376,690.00
Anticipated Assessed Value at Time of District Termination:
$2,638,501.00
Total Amount of Base Year EATs:
$10,678.00
Total Amount of Base Year PILOTs:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$3,031,023.00
Total Annual PILOTs Anticipated at Time of District Termination:
$1,591,324.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
15
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
15
