Name of City and/or County:
Perry County
Name of Plan or Project:
Redevelopment Plan for the Highway 51/61 Tax
Report Period:
10/1/2009 to 9/30/2010
Name of the Person Who Prepared this Annual Report:
Chauncy Buchheit, SEMO RPC
City or County Contact Agency:
Carl Leukel, Presiding Commissioner, Perry County
Private Sector Developer:
Original Date Plan/Project Approved:
1/21/2010
Most Recent Plan Amendment:
School District:
Perry County School District
Approximately 724 acres mostly north of US Hwy 61 and along both sides of State Hwy 51 in the general vicinity of the Hwy 61 & Hwy 51 intersection in Perryville, Perry County.
Description of Plan/Project:
Construction of general utility infrastructure, road work, parking lots and relocation of a large truck repair facility from downtown Perryville out to a more suitable area. Also includes upgrades to the city water & sewer plants for future development.
Plan/Project Status:
Starting up
How was the "but-for" Determination Made?:
Unusual/extrarodinary costs made the project financially unfeasible in the market, required significant public infrastructure investment to remedy existing inadequate conditions and capacity to support development; required parcel ass'y and/or relo costs.
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:
500
Estimate of Retained Jobs:
200
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:
$9,082,500.00
Property Acquisition and Relocation Costs:
$530,000.00
Project Implementation Costs:
$1,742,500.00
Total Anticipated TIF Reimbursable Project Costs:
$12,427,250.00
ANTICIPATED TOTAL PROJECT COSTS:
$46,800,000.00
TIF FINANCING METHOD:
Pay-as-you-go; TIF Bond; TIF Notes; Loan
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:
$482,946.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$15,826,407.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$23,622.91
Total Annual EATs Anticipated at Time of District Termination:
$12,686.00
Total Annual PILOTs Anticipated at Time of District Termination:
$701,758.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
