Name of City and/or County:
Kearney
Name of Plan or Project:
Northland Development Redevelopment Area TIF
Report Period:
4/1/2014 to 3/1/2015
Name of the Person Who Prepared this Annual Report:
Jim Eldridge
City or County Contact Agency:
City of Kearney, Missouri
Private Sector Developer:
Platte Clay Industrial Development Corp
Original Date Plan/Project Approved:
9/1/1995
Most Recent Plan Amendment:
11/01/2001
Ordinance Number:
882-2001
School District:
Kearney R-1 School District
Platte Clay Electric Cooperative is located upon 12 acres in the Northwest quadrant of the intersection of I-35 and Highway 92. The entire TIF District is over 160 acres and also includes Highway 92 East to Highway 33 South to Meadowbrook Drive, East to South Campus Drive.
Description of Plan/Project:
Platte Clay Electric Cooperative headquarters/warehouse facility 100,000 sq. ft. required water and sewer main extensions, Highway 92 widening improvements, and a new street constructed in order to locate to Kearney. A second phase was approved 11/19/2001 to invest 600,000 into infrastructure, opening up additional ground for development--the TIF area remained the same size and the life of the TIF was NOT expanded.
Plan/Project Status:
Fully-Operational
How was the "but-for" Determination Made?:
Project required significant public infrastructure investment to remedy existing inadequate conditions. Project required significant public infrastructure investment to construct adequate capacity to support the project.
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:
$2,252,278.00
Amount on Hand:
$90,279.00
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:
Since Inception:
$2,264,851.00
This Reporting Period:
$142,878.00
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:
$330,000.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$330,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$1,849,005.00
TIF FINANCING METHOD:
Pay-as-you-go; TIF Notes
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
23
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$8,860.00
Assessed Valuation Added to the Redevelopment Project:
$6,311,069.00
Anticipated Assessed Value at Time of District Termination:
$2,603,251.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$0.00
Total Annual PILOTs Anticipated at Time of District Termination:
$156,196.00
Percentage of EATs Captured:
0%
Total Years Anticipated to Capture EATs:
0
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
