Name of City and/or County:
Kansas City
Name of Plan or Project:
11th Street, Project B (Blossom House) TIF Plan
Report Period:
5/1/2009 to 4/30/2010
Name of the Person Who Prepared this Annual Report:
EDCKC staff
City or County Contact Agency:
Missy Wilson, EDCKC
Private Sector Developer:
Walnut Creek Ranch, LLC
Original Date Plan/Project Approved:
12/10/1992
Most Recent Plan Amendment:
3/24/2005
School District:
Kansas City
An area in downtown Kansas City south of 6th Street, west of Wyandotte Street, north of 13th Street and Beeline Street and east of I-35 Hwy.
Description of Plan/Project:
Rehabilitation of a large number of historic buildings including parking facilities to provide new office, commercial and residential spaces, with improvements and upgrades to utilities and other necessary infrastructure.
Plan/Project Status:
Under construction
How was the "but-for" Determination Made?:
Unusual and extraordinary costs made the project financially unfeasible in the market.
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:
12
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$2,029.29
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$17,186.59
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:
Since Inception:
$18,028.26
This Reporting Period:
$16,327.26
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:
$284,890.00
Property Acquisition and Relocation Costs:
$750,000.00
Project Implementation Costs:
$8,415,110.00
Total Anticipated TIF Reimbursable Project Costs:
$10,545,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$12,014,250.00
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
15
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$84,934.00
Assessed Valuation Added to the Redevelopment Project:
$37,759.00
Anticipated Assessed Value at Time of District Termination:
$718,173.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$37,989.00
Total Annual EATs Anticipated at Time of District Termination:
$89,952.00
Total Annual PILOTs Anticipated at Time of District Termination:
$49,040.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
