Name of City and/or County:
Rolla
Name of Plan or Project:
I-44/US 63 TIF Redevelopment Plan & Project
Report Period:
2011-10-01 00:00:00 to 2012-09-30 00:00:00
Name of the Person Who Prepared this Annual Report:
John Peterson/Steffanie Rogers
City or County Contact Agency:
John Peterson
Private Sector Developer:
Kohl's Department Stores, Inc.
Person:
William J. Moreland, VP
Original Date Plan/Project Approved:
2010-10-18 00:00:00
Most Recent Plan Amendment:
9/23/2010
School District:
Rolla School District 31
22.2ac located in proximity to the Interstate 44/U.S. 63 Hwy/Sharp Road intersection in Rolla.
Description of Plan/Project:
Removal of blighting conditions to facilitate economic as well as physical revitalization of the area. Plans include new construction of a 55,000sf Kohl's Department Store with all supporting amenities, infrastructure, etc.
Plan/Project Status:
Fully operational
How was the "but-for" Determination Made?:
Unusual and extraordinary costs made the projects 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 New Jobs:
115
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:
$92,394.00
Amount on Hand:
$92,394.00
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:
$2,050,000.00
Property Acquisition and Relocation Costs:
$1,100,000.00
Project Implementation Costs:
$150,000.00
Total Anticipated TIF Reimbursable Project Costs:
$3,300,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$7,695,000.00
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
20
Current Anticipated Estimate (# of Year to Retirement):
18
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$399,550.00
Assessed Valuation Added to the Redevelopment Project:
$1,428,830.00
Anticipated Assessed Value at Time of District Termination:
$2,400,000.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$283,759.00
Total Annual PILOTs Anticipated at Time of District Termination:
$68,100.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
20
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
20
