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Section 1: Description of the Plan and Project

Name of City and/or County:

Rolla

Name of Plan or Project:

I-44/US 63 TIF Redevelopment Plan & Project

Report Period:

10/1/2015 to 9/1/2016

Name of the Person Who Prepared this Annual Report:

John PetersenSteffanie Rogers

Contact Information:

City or County Contact Agency:

City of Rolla

Phone:

573-426-6970

Private Sector Developer:

Kohls Department Stores, Inc

Person:

Mr. Mark Griepentrog - VP of Property Development

Phone:

262-703-6854

Original Date Plan/Project Approved:

10/1/2010

Ordinance Number:

Ordinance 3978

Most Recent Plan Amendment:

09/01/2010

Ordinance Number:

State House District:

149th

State Senate District:

16th

School District:

Rolla School District 31

Location:

The I44/US 63 Redevelopment Area consists of 22.2 acres of land located in close proximity to the I-44/US 63 Sharp Road intersection within northeast Rolla, Missouri. The boundaries of the Redevelopment Area are shown on the Plate 1 see attached Redevelopment Area/Boundary Map. There are two Redevelopment Project Areas RPA,s within the overall Project Area. RPA 1 comprises 8.2 acres and is the location of the Kohls Department store. RPA 1 required extensive site improvements to make the project feasible, warranting public financial assistance. RPA 2 contains 9.3 acres, excluding 4.7 acres set aside for public use, and is used as a storage yard for the Citys animal shelter building and road upgrade materials.

Description of Plan/Project:

The Redevelopment Project is intended to remove certain physical conditions that might qualify the area as blighted in order to facilitate economic development and physical revitalization of RPA 1 and 2. The Redevelopment Plan is composed of strategies to reduce or eliminate blighting conditions and support construction of a 55, 000 sq. ft. Kohls store to be located within the RPA 1, requiring extensive site work and improvements. RPA 2 is expected to support retail or mixed use like the Lowes Home Center store.

Plan/Project Status:

Fully-Operational

Area Type:

Blight

How was the "but-for" Determination Made?:

Project had unusual/extraordinary costs that made the project financially unfeasible in the market place.

Number of Relocated Residences During This Report Period:

Number of Relocated Businesses During This Report Period:

Number of Parcels Acquired Through Use of Eminent Domain Power During This Report Period:

Identify Any Businesses That Have Relocation to the Redevelopment Area During this Report Period:

- None -

Estimate of New Jobs:

115

Actual To Date:

Estimate of Retained Jobs:

Actual To Date:

Section 2: Tax Increment Financing Revenues

TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:

Payments in Lieu of Taxes (PILOTs):

Total Received since inception:

$135,299.67

Amount on Hand:
(As of Report Date)

$0.00

Economic Activity Taxes (EATs):

Total Received since inception:

$604,130.53

Amount on Hand:
(As of Report Date)

$31,330.09

Total Revenue on hand in the Special Allocation Fund as of Report Date:

$31,330.09

EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF:

Total Since Inception:

Report Period Only:

Public Infrastructure (streets, utilities, etc):

$92,869.00

$0.00

Site Development (grading, dirt moving, etc):

$2,110,239.00

$0.00

Rehab of Existing Buildings:

$0.00

Acquisition of Land or Buildings:

$1,129,888.00

$0.00

Other:

$0.00

AMOUNT PAID ON DEBT SERVICES:

Payments of principal and interest on outstanding bonded debt:

Since Inception:

$668,744.26

This Reporting Period:

$114,351.40

Reimbursement of developer for eligible cost:

Since Inception:

$54,392.21

This Reporting Period:

$0.00

Reimbursement to city/county (or other public entity) for eligible costs:

Since Inception:

$25,000.00

This Reporting Period:

$5,000.00

ANTICIPATED TIF REIMBURSEMENT COSTS:

Public Infrasture and Site Development Costs:

$2,050,000.00

Property Acquisition and Relocation Costs:

$1,100,000.00

Project Implementation Costs:

$150.00

Other:

$0.00

Other:

$0.00

Total Anticipated TIF Reimbursable Project Costs:

$3,300,000.00

ANTICIPATED TOTAL PROJECT COSTS:

$7,695,000.00

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:

$399,550.00

Assessed Valuation Added to the Redevelopment Project:

$1,428,830.00

Anticipated Assessed Value at Time of District Termination:

$2,400,000.00

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:

$283,759.00

Total Annual PILOTs Anticipated at Time of District Termination:

$68,100.00

Percentage of EATs Captured:

50%

Total Years Anticipated to Capture EATs:

Percentage of PILOTs Captured:

100%

Total Years Anticipated to Capture PILOTs:

The Office of Missouri State Auditor

Scott Fitzpatrick

I-44/US 63 TIF Redevelopment Plan & Project

Section 1: Description of the Plan and Project

- None -

Section 2: Tax Increment Financing Revenues