Name of City and/or County:
Sedalia
Name of Plan or Project:
Sedalia Midtown TIF Redevelopment Plan & Project
Report Period:
8/1/2009 to 7/31/2010
Name of the Person Who Prepared this Annual Report:
Frank L. Myers
City or County Contact Agency:
Frank L. Myers
Private Sector Developer:
Original Date Plan/Project Approved:
11/17/2008
Most Recent Plan Amendment:
School District:
Sedalia School District
Approximately 168 acres encompassing a large portion of the historic downtown Sedalia area. The area is generally bound by 9th Street & Broadway on the south, Moniteau Ave. on the west, Marvin St. on the east and Jefferson St. on the north.
Description of Plan/Project:
Fulfillment of a Redevelopment Plan to include enhancements to infrastructure, building rehabilitation, infill development, all intended to spur additional private development throughout the district.
Plan/Project Status:
Starting up
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made the project financially 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 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 Retained Jobs:
0
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$18,714.75
Amount on Hand: (As of Report Date)
$18,749.37
Economic Activity Taxes (EATs):
Total Received since inception:
$0.00
Amount on Hand: (As of Report Date)
$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:
$5,000,000.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$5,000,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$5,000,000.00
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:
$4,526,543.00
Assessed Valuation Added to the Redevelopment Project:
$527,203.00
Anticipated Assessed Value at Time of District Termination:
$7,304,462.00
Total Amount of Base Year EATs:
$904,000.00
Total Amount of Base Year PILOTs:
$296,226.00
Total Annual EATs Anticipated at Time of District Termination:
$538,553.00
Total Annual PILOTs Anticipated at Time of District Termination:
$157,800.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23