Name of City and/or County:
Sedalia
Name of Plan or Project:
Sedalia Midtown TIF Redevelopment Plan & Project
Report Period:
Aug 1 2010 12:00AM to Jul 31 2011 12:00AM
Name of the Person Who Prepared this Annual Report:
John H. Simmons
City or County Contact Agency:
John H. Simmons
Private Sector Developer:
Original Date Plan/Project Approved:
Nov 17 2008 12:00AM
Most Recent Plan Amendment:
School District:
Sedalia School District
163ac encompassing a large portion of the historic downtown district and generally north of 9th Street and Broadway, east of Moniteau Avenue, west of Marvin Street and south of Jefferson Street in Sedalia.
Description of Plan/Project:
Development and rehabilitation of infrastructure and reinvestment in commercial and residential properties.
Plan/Project Status:
Starting up
How was the "but-for" Determination Made?:
Unusual and extraordinary costs made the project financially unfeasible in the market and required significant 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:
$44,469.88
Amount on Hand:
$44,547.41
Economic Activity Taxes (EATs):
Total Received since inception:
$0.00
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:
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:
$1,090,823.00
Anticipated Assessed Value at Time of District Termination:
$7,304,432.00
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
