Name of City and/or County:
Perryville
Name of Plan or Project:
Redevelopment Plan for downtown Perryville Tax
Report Period:
2011-10-01 00:00:00 to 2012-09-30 00:00:00
Name of the Person Who Prepared this Annual Report:
Chauncy Buchheit, SEMO RPC
City or County Contact Agency:
Deborah Gahan, Mayor, City of Perryville
Private Sector Developer:
Original Date Plan/Project Approved:
2012-02-21 00:00:00
Most Recent Plan Amendment:
School District:
Perry County School District #32
54ac generally bound on the NE by Grand Avenue, on the NW by W. North Street, on the west by Holly Street, on the south by W. South Street and on the east by Walnut Street in Perryville.
Description of Plan/Project:
Use of TIF capture to fund grants up to $200,000 to various property owners for rehabilitation and stabilization of commercial buildings in the Redevelopment Area; improvement of Courthouse Square; new development assistance and façade improvements.
Plan/Project Status:
Starting up
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made projects financially unfeasible in the market, required significant public infrastructure investment to remedy existing inadequate conditions and capacity to support development; 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:
$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:
$3,100,000.00
Property Acquisition and Relocation Costs:
$500,000.00
Project Implementation Costs:
$1,787,500.00
Total Anticipated TIF Reimbursable Project Costs:
$12,691,750.00
ANTICIPATED TOTAL PROJECT COSTS:
$33,000,000.00
TIF FINANCING METHOD:
Pay-as-you-go; TIF Notes; Loan; TIF Bond
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:
$2,250,017.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$13,986,839.00
Total Amount of Base Year EATs:
$127,093.00
Total Amount of Base Year PILOTs:
$111,560.00
Total Annual EATs Anticipated at Time of District Termination:
$522,155.00
Total Annual PILOTs Anticipated at Time of District Termination:
$581,935.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
