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Section 1: Description of the Plan and Project

Name of City and/or County:

Hannibal

Name of Plan or Project:

Stardust Munger Diamond Redevelopment Project

Report Period:

7/1/2008 to 6/30/2009

Name of the Person Who Prepared this Annual Report:

Douglas Warren

Contact Information:

City or County Contact Agency:

Douglas Warren, City of Hannibal

Phone:

573-221-0111

Private Sector Developer:

THF Marion County Development

Person:

Michael H. Staenbert

Phone:

Original Date Plan/Project Approved:

12/1/2001

Ordinance Number:

4200, 4146, 4147, 4148

Most Recent Plan Amendment:

5/1/2002

Ordinance Number:

4245

State House District:

State Senate District:

School District:

Hannibal School District

Location:

The Project Area is located in the northwestern part of Hannibal and is generally bounded by Munger Ln, Stardust Dr and US Highway 61 in Hannibal.

Description of Plan/Project:

Development of a multi-function shopping center as an economic development tool for job creation and tax generation.

Plan/Project Status:

Fully Operational

Area Type:

Blight & Economic Development

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

Unusual and extraordinary costs made the project financially unfeasible in the market.

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:

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:

$3,512,343.00

Amount on Hand:
(As of Report Date)

$562.00

Economic Activity Taxes (EATs):

Total Received since inception:

$2,880,934.00

Amount on Hand:
(As of Report Date)

$42,403.00

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

$42,965.00

EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF:

Total Since Inception:

Report Period Only:

Public Infrastructure (streets, utilities, etc):

$3,570,000.00

$0.00

Site Development (grading, dirt moving, etc):

$2,805,000.00

$0.00

Rehab of Existing Buildings:

$0.00

Acquisition of Land or Buildings:

$1,375,000.00

$0.00

Other:

$1,750,000.00

$0.00

AMOUNT PAID ON DEBT SERVICES:

Payments of principal and interest on outstanding bonded debt:

Since Inception:

$4,405,000.00

This Reporting Period:

$986,911.08

Reimbursement of developer for eligible cost:

Since Inception:

$0.00

This Reporting Period:

$0.00

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

Since Inception:

$0.00

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

Other:

$0.00

Other:

$0.00

Total Anticipated TIF Reimbursable Project Costs:

$0.00

ANTICIPATED TOTAL PROJECT COSTS:

$9,500,000.00

TIF FINANCING METHOD:

Not specified in report

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:

$3,963,690.00

Assessed Valuation Added to the Redevelopment Project:

$10,214,810.00

Anticipated Assessed Value at Time of District Termination:

$16,343,810.00

Total Amount of Base Year EATs:

$0.00

Total Amount of Base Year PILOTs:

$233,119.00

Total Annual EATs Anticipated at Time of District Termination:

$3,854,000.00

Total Annual PILOTs Anticipated at Time of District Termination:

$5,646,000.00

Percentage of EATs Captured:

75%

Total Years Anticipated to Capture EATs:

Percentage of PILOTs Captured:

62%

Total Years Anticipated to Capture PILOTs:

The Office of Missouri State Auditor

Scott Fitzpatrick

Stardust Munger Diamond Redevelopment Project

Section 1: Description of the Plan and Project

- None -

Section 2: Tax Increment Financing Revenues