Name of City and/or County:
Hermann
Name of Plan or Project:
Frene Creek TIF District
Report Period:
2011-07-01 00:00:00 to 2012-06-30 00:00:00
Name of the Person Who Prepared this Annual Report:
Dolores Grannemann
City or County Contact Agency:
Dolores Grannemann, City Clerk
Private Sector Developer:
City infrastructure projects
Original Date Plan/Project Approved:
1996-06-24 00:00:00
Most Recent Plan Amendment:
4/10/2006
School District:
Gasconade Co. R-1 School District
An irregular area following Frene Creek through the heart of the city of Hermann to the riverfront area and east along the riverfront to and including the Hermann Industrial Park facility in the NE quadrant of the city.
Description of Plan/Project:
Redevelopment of the area by construction of infrastructure improvements, streets, highway entrance, storm water drainage, retention and control, retaining walls, water/sewer and other utility improvements, parking lots, lighting, sidewalks and grading.
Plan/Project Status:
Fully operational
How was the "but-for" Determination Made?:
Projects required significant public infrastructure investment to remedy existing inadequate conditions and capacity to support development.
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:
20
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$804,110.79
Amount on Hand:
$116,623.20
Economic Activity Taxes (EATs):
Total Received since inception:
$1,048,656.84
Amount on Hand:
$174,934.79
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:
Since Inception:
$1,384,889.83
This Reporting Period:
$173,502.09
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:
$1,498,900.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$86,974.00
Total Anticipated TIF Reimbursable Project Costs:
$1,638,874.00
ANTICIPATED TOTAL PROJECT COSTS:
$1,638,874.00
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):
4
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$836,150.00
Assessed Valuation Added to the Redevelopment Project:
$2,023,170.00
Anticipated Assessed Value at Time of District Termination:
$1,622,750.00
Total Amount of Base Year EATs:
$82,718.00
Total Amount of Base Year PILOTs:
$118,612.00
Total Annual EATs Anticipated at Time of District Termination:
$130,718.00
Total Annual PILOTs Anticipated at Time of District Termination:
$185,112.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
