Name of City and/or County:
Rolla
Name of Plan or Project:
I-44/US 63 TIF Redevelopment Plan & Project
Report Period:
10/1/2012 0:00 to 9/30/2013 0:00
Name of the Person Who Prepared this Annual Report:
John Petersen
City or County Contact Agency:
Rolla Community Development Department
Private Sector Developer:
Kohl's Dept. Store, Inc,
Original Date Plan/Project Approved:
10/18/2010 0:00
Most Recent Plan Amendment:
9/23/2010
School District:
Rolla School Dist. 31
The I-44/US 63 Redevelopment Area consists of 22.2 acres of land located in close proxmity to the I-44/US 63/ Sharp Rd intersection within Northeast Rolla, MO. The boundaries of the Redevelopment Project Area are shown on Plate 1
Description of Plan/Project:
The Redevelopment Project is intended to remove certain conditions that qualify the project area as "blighted" in order to facilitate economic and physical revitalization of the area.
Plan/Project Status:
Fully-Operational
How was the "but-for" Determination Made?:
Project had unusual/extraordinary costs that made the project financially unfeasible in the market place.
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:
$42,483.33
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$239,142.64
Amount on Hand:
$62,967.87
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:
$177,865.76
This Reporting Period:
$177,865.76
Reimbursement of developer for eligible cost:
Since Inception:
$54,392.21
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$10,000.00
This Reporting Period:
$5,000.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$2,050.00
Property Acquisition and Relocation Costs:
$1,100,000.00
Project Implementation Costs:
$150.00
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):
21
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
