Name of City and/or County:
Ellsinore
Name of Plan or Project:
Ellsinore TIF District
Report Period:
2012-09-11 00:00:00 to 2012-09-30 00:00:00
Name of the Person Who Prepared this Annual Report:
Darrell Gross
City or County Contact Agency:
Lisa Schaffer, City Clerk
Private Sector Developer:
Kearbey Enterprises, LLC
Original Date Plan/Project Approved:
2012-09-11 00:00:00
Most Recent Plan Amendment:
School District:
East Carter County R-2 School District
Two Areas: RPA-1 is located in the downtown area of Ellsinore; RPA-2 is located on U.S. Highway 60 in Ellsinore.
Description of Plan/Project:
Redevelopment of an old lumber yard into a home improvement store and a general merchandise store. Demolition of unsafe buildings and public improvements in RPA-1. RPA-2 extends utilities and other infrastructure for retail development on Hwy 60.
Plan/Project Status:
Under construction
How was the "but-for" Determination Made?:
Unusual and extraordinary costs made projects 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:
6
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:
$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:
$905,000.00
Property Acquisition and Relocation Costs:
$150,000.00
Project Implementation Costs:
$150,000.00
Total Anticipated TIF Reimbursable Project Costs:
$1,385,750.00
ANTICIPATED TOTAL PROJECT COSTS:
$3,404,750.00
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):
23
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$435,700.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$2,707,152.00
Total Amount of Base Year EATs:
$41,125.72
Total Amount of Base Year PILOTs:
$19,243.56
Total Annual EATs Anticipated at Time of District Termination:
$199,915.00
Total Annual PILOTs Anticipated at Time of District Termination:
$43,222.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
50%
Total Years Anticipated to Capture PILOTs:
23
