Name of City and/or County:
Mound City
Name of Plan or Project:
Mound City Tax Increment Financing District
Report Period:
Jul 1 2010 12:00AM to Jun 30 2011 12:00AM
Name of the Person Who Prepared this Annual Report:
Patsy Smith
City or County Contact Agency:
Patsy Smith, City Clerk
Private Sector Developer:
Various
Original Date Plan/Project Approved:
Aug 30 2002 12:00AM
Ordinance Number:
#1000 & #1002
Most Recent Plan Amendment:
4/5/2004
School District:
Mound City R-II School District
Located in the downtown area of Mound City on both sides of State Street from 4th to 7th streets, areas bound by 3rd Street to 5th Street between State and Nebraska streets, areas west of State Street & north of Hwy 118 and all the area west of I-29.
Description of Plan/Project:
Installation of infrastructure for commercial buildings and related improvements, elimination of blighting conditions. Three phases include a Dollar General store, convenience store with an attached Subway Restaurant and a McDonald's Restaurant.
Plan/Project Status:
Fully operational
How was the "but-for" Determination Made?:
Unusual and 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:
$0.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$446,346.72
Amount on Hand:
$10,448.63
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:
$425,048.15
This Reporting Period:
$61,689.88
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$10,849.94
This Reporting Period:
$892.83
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$4,117.66
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$802,400.00
Total Anticipated TIF Reimbursable Project Costs:
$822,989.01
ANTICIPATED TOTAL PROJECT COSTS:
$1,136,102.20
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
15
Current Anticipated Estimate (# of Year to Retirement):
15
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$93,030.00
Assessed Valuation Added to the Redevelopment Project:
$233,462.00
Anticipated Assessed Value at Time of District Termination:
$468,604.00
Total Amount of Base Year EATs:
$1,230.13
Total Amount of Base Year PILOTs:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$122,832.00
Total Annual PILOTs Anticipated at Time of District Termination:
$0.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
17
Percentage of PILOTs Captured:
0%
Total Years Anticipated to Capture PILOTs:
0
