Mound City Tax Increment Financing District
Section 1 Description of the Plan and Project  
Name of City and/or County: Mound City  
Name of Plan or Project: Mound City Tax Increment Financing District  
Report Period: 07/01/2009 to 06/30/2010  
Name of the person who prepared this annual report: Patsy Smith  
Contact Information:    
City or County Contact Agency: Patsy Smith, City Clerk  
Phone: 660-442-3447  
Private Sector Developer: Various  
Person: Various  
Phone:  
Original Date Plan/Project Approved: 08/30/2002  
Ordinance Number: 1000 & 1002  
Most Recent Plan Amendment: 4/5/2004  
Ordinance Number: 1035  
State House District: 4  
State Senate District: 12  
School District Mound City R II Schools  
Location:    
Project Area is located on both sides of State Street from 4th Street to 7th Street, areas between 3rd & 5th Streets between State Street and Nebraska Street, areas west of State Street and north of Hwy 118 and all areas west of I-29 in Mound City.  
Description of Plan/Project:    
Installation of new infrastructure, commercial buiildings and related improvements to remove blighted conditions in the area. Plans include location of a Dollar General Store, a Subway Sandwich Shop and renovation of an existing McDonald's Restaurant.  
Plan/Project Status: Fully operational
Area Type: Blight  
How was the "but-for" determination made?:    
Unusual/extraordinary costs made the project unfeasible in the market and required significant public infrastructure investment to remedy existing inadequate conditions.  
Number of Relocated Residences During This Report Period: 0    
Number of Relocation Businessess During This Report Period: 0    
Number of Parcels Acquired Through Use of Eminent Domain Power During This Report Period: 0    
Identify any business that have relocation to the Redevelopment Area during this report period:    
- None -
Estimate of New Jobs: 49 Actual To Date: 66
Estimate of Retained Jobs: 49 Actual To Date: 66
     
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: $0.00 Amount on Hand: $0.00
    (As of Report Date)  
Economic Activity Taxes (EATs):      
Total received since inception: $389,948.41 Amount on Hand: $16,633.02
    (As of Report Date)  
       
Total Revenue on hand in the Special Allocation Fund as of Report Date: $16,633.02
   
EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF: Total Since Inception: Report Period Only:
Public Infrastructure (streets, utilities, etc): $0.00 $0.00
Site Development (grading, dirt moving, etc): $0.00 $0.00
Rehab of existing buildings: $0.00 $0.00
Acquisition of land or buildings: $0.00 $0.00
Other: $0.00 $0.00
AMOUNT PAID ON DEBT SERVICES:    
Payments of principal and interest on outstanding bonded debt:    
Since Inception: $0.00 This Reporting Period: $0.00
Reimbursement of developer for eligible cost:    
Since Inception: $363,358.27 This Reporting Period: $70,087.64
Reimbursement to city/county (or other public entity) for eligible costs:    
Since Inception: $9,957.11 This Reporting Period: $1,068.15
ANTICIPATED TIF REIMBURSEMENT COSTS:    
Public Infrasture and Site Development Costs: $4,117.66  
Property Acquisition and Relocation Costs: $0.00  
Project Implementation Costs: $802,400.00  
Other: $16,471.35  
Other: $0.00  
Total Anticipated TIF Reimbursable Project Costs $822,989.01  
     
ANTICIPATED TOTAL PROJECT COSTS: $1,136,102.20  
TIF FINANCING METHOD: Pay-as-you-go  
MATURITY OF TIF OBLIGATIONS:    
Original Estimate (# of Years to Retirement): 15  
Current Anticipated Estimate (# of Year to Retirement): 16  
     
ESTIMATED INCREASE IN TAX GENERATION:    
Original assessed value of the redevelopment project: $93,030.00  
Assessed valuation added to the redevelopment project: $233,462.00  
Anticipated Assessed Value at Time of District Termination: $468,604.00  
Total Amount of Base Year EATs: $1,230.13  
Total Amount of Base Year PILOTs: $0.00  
Total Annual EATs Anticipated at Time of District Termination: $122,832.00  
Total Annual PILOTs Anticipated at Time of District Termination: $0.00  
Percentage of EATs Captured: 50%  
Total Years Anticipated to Capture EATs: 17
Percentage of PILOTs Captured: 0%  
Total Years Anticipated to Capture PILOTs: 0