Name of City and/or County:
Kansas City
Name of Plan or Project:
11th Street TIF Plan
Report Period:
2011-05-01 00:00:00 to 2012-04-30 00:00:00
Name of the Person Who Prepared this Annual Report:
TIF Executive Director, EDCKC
City or County Contact Agency:
TIF Executive Director, EDCKC
Private Sector Developer:
11th Street Corridor Redevelopment Corporation
Original Date Plan/Project Approved:
1992-12-10 00:00:00
Most Recent Plan Amendment:
3/24/2005
School District:
Kansas City, MO Public Schools
South of 6th Street, west of Wyandotte Street, north of 13th & Beeline streets and east of I-35 in Kansas City.
Description of Plan/Project:
Rehabilitation of the Centennial Building and attached parking garage, development of the Cathedral Square Project, Poindexter and 700 Central buildings and assorted office, commercial, residential and related supporting infrastructure
Plan/Project Status:
Fully operational
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/relocation 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:
895
Estimate of Retained Jobs:
1143
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$20,655,736.42
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$30,969,181.57
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:
$3,134,070.34
$518,432.58
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:
Since Inception:
$44,171,932.65
This Reporting Period:
$2,539,020.72
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:
$24,263,534.00
Property Acquisition and Relocation Costs:
$3,827,999.00
Project Implementation Costs:
$49,421,385.00
Total Anticipated TIF Reimbursable Project Costs:
$77,960,303.00
ANTICIPATED TOTAL PROJECT COSTS:
$211,203,368.00
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):
3
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$13,912,122.00
Assessed Valuation Added to the Redevelopment Project:
$19,102,464.00
Anticipated Assessed Value at Time of District Termination:
$40,593,380.00
Total Amount of Base Year EATs:
$752,418.94
Total Amount of Base Year PILOTs:
$44,000.00
Total Annual EATs Anticipated at Time of District Termination:
$138,992.00
Total Annual PILOTs Anticipated at Time of District Termination:
$49,040.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
