Name of City and/or County:
Arnold
Name of Plan or Project:
Arnold Crossroads Redevelopment Plan
Report Period:
9/1/2007 to 8/31/2008
Name of the Person Who Prepared this Annual Report:
Deborah Lewis, Finance Director
City or County Contact Agency:
Matthew Unrein, City Administrator
Private Sector Developer:
Arnold Crossroads, LLC
Original Date Plan/Project Approved:
6/2/2004
Most Recent Plan Amendment:
3/6/2008
School District:
Fox C6 School District
Approximately 43 acres in the northeast quadrant of the I-55 and MO-141 interchange in Arnold.
Description of Plan/Project:
Redevelopment of an existing commercial area into the Crossroads Shopping Center.
Plan/Project Status:
Under construction
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project financially unfeasible in the market, required significant public infrastructure investment 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:
0
Identify Any Businesses That Have Relocation to the Redevelopment Area During this Report Period:
Estimate of New Jobs:
100
Estimate of Retained Jobs:
50
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$19,719.90
Amount on Hand:
$19,719.90
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:
$9,600,000.00
Property Acquisition and Relocation Costs:
$8,200,000.00
Project Implementation Costs:
$700,000.00
Total Anticipated TIF Reimbursable Project Costs:
$18,500,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$51,000,000.00
TIF FINANCING METHOD:
Not specified
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:
$4,248,800.00
Assessed Valuation Added to the Redevelopment Project:
$108,600.00
Anticipated Assessed Value at Time of District Termination:
$6,600,000.00
Total Amount of Base Year EATs:
$366,684.00
Total Amount of Base Year PILOTs:
$320,360.00
Total Annual EATs Anticipated at Time of District Termination:
$1,239,373.00
Total Annual PILOTs Anticipated at Time of District Termination:
$455,400.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
