Name of City and/or County:
Willow Springs
Name of Plan or Project:
East Main TIF
Report Period:
Jan 1 2021 12:00AM to Dec 1 2021 12:00AM
Name of the Person Who Prepared this Annual Report:
Pat Nasi
City or County Contact Agency:
Private Sector Developer:
Guffey Properties, LLC
Original Date Plan/Project Approved:
Ordinance Number:
Ordinance 1562
Most Recent Plan Amendment:
School District:
Willow Springs R-IV
The redevelopment area encompasses a single parcel of property of approximately one acre bounded by East Main/Business 60, North Cherry Street, and East 3rd Street.
Description of Plan/Project:
Facilitate redevelopment of location, upgrade area infrastructureCure and alleviate blight conditions, stimulate employment, increase property valuesFurther objectives set forth in Comprehensive plan
Plan/Project Status:
Under Construction
How was the "but-for" Determination Made?:
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:
$0.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$0.00
Amount on Hand:
$0.00
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:
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:
$440,000.00
Property Acquisition and Relocation Costs:
$425,000.00
Project Implementation Costs:
$179,350.00
Total Anticipated TIF Reimbursable Project Costs:
$869,250.00
ANTICIPATED TOTAL PROJECT COSTS:
$1,204,350.00
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:
$20,970.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$382,942.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$843.00
Total Annual EATs Anticipated at Time of District Termination:
$22,578.00
Total Annual PILOTs Anticipated at Time of District Termination:
$0.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
20
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
20
