Name of City and/or County:
Chillicothe
Name of Plan or Project:
Fast Lanes Recreational Center TIF
Report Period:
10/1/2008 to 9/30/2009
Name of the Person Who Prepared this Annual Report:
Rozanne Frampton & Robert Cowherd
City or County Contact Agency:
Rozanne Frampton, City Clerk
Private Sector Developer:
Grand River Entertainment
Original Date Plan/Project Approved:
11/8/2004
Most Recent Plan Amendment:
School District:
Chillicothe R-2 Schools
The project is located in the north area of Chillicothe at 2870 Grand Avenue.
Description of Plan/Project:
Construction of a recreational facility for the citizens of Chillicothe and the surrounding area.
Plan/Project Status:
Fully Operational
Area Type:
Blight & Economic Development
How was the "but-for" Determination Made?:
Unusual and extraordinary costs mainly owing to the lack of private financing for the non-profit owner which made the project financially unfeasible in the market.
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:
0
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$90,165.68
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$42,579.95
Amount on Hand:
$911.40
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:
$131,834.23
This Reporting Period:
$37,966.10
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:
$0.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$0.00
ANTICIPATED TOTAL PROJECT COSTS:
$0.00
TIF FINANCING METHOD:
Not specified in report
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
20
Current Anticipated Estimate (# of Year to Retirement):
19
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$170.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$0.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$9.96
Total Annual EATs Anticipated at Time of District Termination:
$7,486.00
Total Annual PILOTs Anticipated at Time of District Termination:
$30,480.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
20
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
20
