Name of City and/or County:
Kansas City
Name of Plan or Project:
1200 Main/South Loop Project 01 (KC Live) TIF
Report Period:
5/1/2008 to 4/30/2009
Name of the Person Who Prepared this Annual Report:
EDCKC TIF Accountant
City or County Contact Agency:
Missy Wilson, EDCKC
Private Sector Developer:
Cordish & Company
Original Date Plan/Project Approved:
3/4/2004
Most Recent Plan Amendment:
12/13/2007
School District:
Kansas City, MO
The RPA is generally within the boundaries of an area west of Grand Avenue, north of Truman Road-13th Street, east of Baltimore Street and south of 11th Street-Petticoat Lane in downtown Kansas City.
Description of Plan/Project:
Acquire, develop, construct, rehabilitate and improve office space, parking garages, public improvements, streetscapes, park, residential, and retail projects and all necessary public infrastructure to support development of the 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 costs.
Number of Relocated Residences During This Report Period:
0
Number of Relocated Businesses During This Report Period:
10
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:
2034
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:
$0.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$1,186,596.76
Amount on Hand:
$40,752.67
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:
$71,028,960.00
Property Acquisition and Relocation Costs:
$23,460,846.00
Project Implementation Costs:
$73,458,403.00
Total Anticipated TIF Reimbursable Project Costs:
$167,948,209.00
ANTICIPATED TOTAL PROJECT COSTS:
$371,135,195.00
TIF FINANCING METHOD:
Other Bond
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
21
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$33,773,359.00
Assessed Valuation Added to the Redevelopment Project:
$25,553,814.00
Anticipated Assessed Value at Time of District Termination:
$0.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$1,501,000.00
Total Annual EATs Anticipated at Time of District Termination:
$7,559,068.00
Total Annual PILOTs Anticipated at Time of District Termination:
$1,675,074.00
Percentage of EATs Captured:
100%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
