Name of City and/or County:
Kirksville
Name of Plan or Project:
Kirksville Downtown Improvement TIF Plan
Report Period:
7/1/2008 to 6/30/2009
Name of the Person Who Prepared this Annual Report:
Sarah Halstead
City or County Contact Agency:
Cherie Bryant, Ass't City Manager
Private Sector Developer:
None
Original Date Plan/Project Approved:
12/27/1999
Most Recent Plan Amendment:
11/6/2000
School District:
Kirksville R-3
In the Kirksville central business district; Illinois St on the north from Marion to the alley east of Franklin; Buchanan to 1st Street; 1st Street to Washington; Washington to Missouri St. Includes portions of Truman State campus.
Description of Plan/Project:
Plan funds implementation of the Kirksville Downtown Development Plan, a mixed-use development including construction of new business buildings, faAade improvements, demolition of dilapidated structures, infrastructure improvements, etc.
Plan/Project Status:
Fully Operational
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project financially unfeasible in the market, required significant infrastructure investment to remedy existing inadequate conditions and capacity to support development.
Number of Relocated Residences During This Report Period:
0
Number of Relocated Businesses During This Report Period:
14
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:
90
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$1,010,352.00
Amount on Hand:
-$297,963.00
Economic Activity Taxes (EATs):
Total Received since inception:
$316,177.00
Amount on Hand:
$234,777.00
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):
$1,308,315.00
$329,332.00
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:
$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:
$15,052,479.00
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
Current Anticipated Estimate (# of Year to Retirement):
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$7,290,950.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$18,640,660.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$61,438.00
Total Annual EATs Anticipated at Time of District Termination:
$2,321,045.00
Total Annual PILOTs Anticipated at Time of District Termination:
$2,280,451.00
Percentage of EATs Captured:
14%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
44%
Total Years Anticipated to Capture PILOTs:
23
