Name of City and/or County:
Springfield
Name of Plan or Project:
Jordan Valley Park TIF
Report Period:
7/1/2009 to 6/30/2010
Name of the Person Who Prepared this Annual Report:
Mary Lilly Smith, Economic Development Director
City or County Contact Agency:
Mary Lilly Smith, Economic Development Director
Private Sector Developer:
Various, including the city of Springfield
Original Date Plan/Project Approved:
10/23/2000
Most Recent Plan Amendment:
11/13/2001
School District:
Springfield R-12 School District
Approximately 30 square blocks in the Springfield central business district and generally bound by the BNSF right-of-way on the north, Walnut Street properties southern boundaries on the south, National Ave on the east and Jefferson Avenue on the west.
Description of Plan/Project:
Revitalization of the entire area by new construction of exposition center, public parks and outdoor entertainment venue, minor league baseball stadium, publically owned ice skating center, privately owned hotel and office spaces.
Plan/Project Status:
Fully operational
How was the "but-for" Determination Made?:
Unusual/extraordinary 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 cost
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:
335
Estimate of Retained Jobs:
10
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$610,177.00
Amount on Hand:
$877.00
Economic Activity Taxes (EATs):
Total Received since inception:
$218,556.00
Amount on Hand:
$592.00
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:
Since Inception:
$7,258,258.00
This Reporting Period:
$1,200,352.00
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:
$2,600,000.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$18,500,000.00
Total Anticipated TIF Reimbursable Project Costs:
$22,100,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$150,545.00
TIF FINANCING METHOD:
Other Bond
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:
$7,901,230.00
Assessed Valuation Added to the Redevelopment Project:
-$203,960.00
Anticipated Assessed Value at Time of District Termination:
$12,928,648.00
Total Amount of Base Year EATs:
$1,757,951.00
Total Amount of Base Year PILOTs:
$188,946.38
Total Annual EATs Anticipated at Time of District Termination:
$313,516.00
Total Annual PILOTs Anticipated at Time of District Termination:
$580,496.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
