Name of City and/or County:
Kansas City
Name of Plan or Project:
Commerce Bank Village TIF
Report Period:
5/1/2017 to 4/1/2018
Name of the Person Who Prepared this Annual Report:
Sandra L. Rayford
City or County Contact Agency:
Private Sector Developer:
Commerce Tower Village, Inc.
Original Date Plan/Project Approved:
Most Recent Plan Amendment:
School District:
Kansas City, MO
The Commerce Tower building is located at 911 Main Street and adjacent parking garage located at 921 Main Street, which is an area generally bounded by E. 9th Street on the north, Walnut Street on the east, E. 10th Street on the south, and Main Street on the west in Kansas City, Jackson County, Missouri.
Description of Plan/Project:
The Plan contemplates rehabilitation of the historic 31 story Commerce Tower building located at 911 Main Street, and the adjacent parking garage located at 921 Main Street, and such development shall include approximately 90,000 sq. ft. of commercial/retail uses, including an early childhood learning center in the basement, a private elementary school and a graduate school on floors 3-6, approximately 342 market-rate apartments on floors 7-30, an indoor dog park and outdoor greenspace
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 New Jobs:
295
Estimate of Retained Jobs:
93
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:
$0.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$19,000,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$137,712,726.00
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
0
Current Anticipated Estimate (# of Year to Retirement):
0
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$233,237.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$18,395,000.00
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:
$122,339.00
Total Annual PILOTs Anticipated at Time of District Termination:
$0.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
0%
Total Years Anticipated to Capture PILOTs:
0
