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Section 1: Description of the Plan and Project

Name of City and/or County:

Sikeston

Name of Plan or Project:

60/61 TIF District

Report Period:

7/1/2009 to 6/30/2010

Name of the Person Who Prepared this Annual Report:

Carroll L. Couch

Contact Information:

City or County Contact Agency:

Carroll L. Couch, City Clerk

Phone:

573-471-2511

Private Sector Developer:

Four Corners Development Co, Inc.

Person:

R. Scott Matthews

Phone:

573-471-1960

Original Date Plan/Project Approved:

6/5/2000

Ordinance Number:

5328, 5329, 5333

Most Recent Plan Amendment:

6/3/2002

Ordinance Number:

5461

State House District:

160

State Senate District:

School District:

Sikeston R-VI

Location:

The project area is located at the intersection of US Highway 60 and US Highway 61 in Sikeston.

Description of Plan/Project:

Development of a combination of commercial and residential structures.

Plan/Project Status:

Fully operational

Area Type:

Blight, Economic Development

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

The project required significant public infrastructure investment to remedy existing inadequate conditions and capacity to support development.

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:

180

Actual To Date:

387

Estimate of Retained Jobs:

Actual To Date:

100

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:

$933,858.00

Amount on Hand:
(As of Report Date)

$2,770.00

Economic Activity Taxes (EATs):

Total Received since inception:

$3,007,230.00

Amount on Hand:
(As of Report Date)

$22,008.00

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

$24,778.00

EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF:

Total Since Inception:

Report Period Only:

Public Infrastructure (streets, utilities, etc):

$2,945,000.00

$0.00

Site Development (grading, dirt moving, etc):

$265,282.00

$0.00

Rehab of Existing Buildings:

$0.00

Acquisition of Land or Buildings:

$0.00

Other:

$0.00

AMOUNT PAID ON DEBT SERVICES:

Payments of principal and interest on outstanding bonded debt:

Since Inception:

$4,133,424.00

This Reporting Period:

$804,360.00

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:

$6,775,000.00

Property Acquisition and Relocation Costs:

$75,000.00

Project Implementation Costs:

$150,000.00

Other:

$0.00

Other:

$0.00

Total Anticipated TIF Reimbursable Project Costs:

$7,000,000.00

ANTICIPATED TOTAL PROJECT COSTS:

$43,707,000.00

TIF FINANCING METHOD:

TIF Bond; TIF Notes

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:

$2,592,760.00

Assessed Valuation Added to the Redevelopment Project:

$3,488,880.00

Anticipated Assessed Value at Time of District Termination:

$6,000,000.00

Total Amount of Base Year EATs:

$56,031.00

Total Amount of Base Year PILOTs:

$1,830,660.00

Total Annual EATs Anticipated at Time of District Termination:

$8,045,776.00

Total Annual PILOTs Anticipated at Time of District Termination:

$5,640,619.00

Percentage of EATs Captured:

50%

Total Years Anticipated to Capture EATs:

Percentage of PILOTs Captured:

100%

Total Years Anticipated to Capture PILOTs:

The Office of Missouri State Auditor

Scott Fitzpatrick

60/61 TIF District

Section 1: Description of the Plan and Project

- None -

Section 2: Tax Increment Financing Revenues