Name of City and/or County:
Kansas City
Name of Plan or Project:
11th Street TIF Plan
Report Period:
5/1/2007 to 4/30/2008
Name of the Person Who Prepared this Annual Report:
Drew Kloeppel
City or County Contact Agency:
Missy Wilson
Private Sector Developer:
11th Street Corridor Redevelopment Corporation
Original Date Plan/Project Approved:
12/10/1992
Most Recent Plan Amendment:
3/24/2005
School District:
Kansas City, MO
South of 6th Street, west of Wyandotte Street, north of 13th Street and Beeline Street and east of I-35.
Description of Plan/Project:
Rehabilitation of the Centennial Building and attached parking garage, development of the Cathedral Square office project including underground and surface parking, utility and streetscape upgrades and rehab of multiple other buildings in the area.
Plan/Project Status:
Fully operational
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project financially unfeasible in the market, required significant public infrastructure investement to remedy existing inadequate conditions and capacity to support development and required parcel ass'y and/or relo costs.
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:
1
Identify Any Businesses That Have Relocation to the Redevelopment Area During this Report Period:
Estimate of New Jobs:
895
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:
$9,882,005.39
Amount on Hand:
$1,911,751.16
Economic Activity Taxes (EATs):
Total Received since inception:
$23,917,434.00
Amount on Hand:
$1,004,562.43
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):
$29,522,421.00
$290,841.50
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:
$26,913,291.80
This Reporting Period:
$3,115,003.30
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:
$37,603,516.00
Property Acquisition and Relocation Costs:
$3,325,571.00
Project Implementation Costs:
$2,544,336.00
Total Anticipated TIF Reimbursable Project Costs:
$74,286,300.00
ANTICIPATED TOTAL PROJECT COSTS:
$211,227,003.00
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):
17
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$13,912,122.00
Assessed Valuation Added to the Redevelopment Project:
$36,021,327.00
Anticipated Assessed Value at Time of District Termination:
$40,593,380.00
Total Amount of Base Year EATs:
$767,333.00
Total Amount of Base Year PILOTs:
$44,000.00
Total Annual EATs Anticipated at Time of District Termination:
$138,992.00
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
