Name of City and/or County:
Sikeston
Name of Plan or Project:
60/61 TIF District
Report Period:
7/1/2012 0:00 to 6/30/2013 0:00
Name of the Person Who Prepared this Annual Report:
Carroll Couch
City or County Contact Agency:
City of Sikeston
Private Sector Developer:
Four Corners Development Co., Inc.
Original Date Plan/Project Approved:
6/3/2002 0:00
Ordinance Number:
532,853,295,333
Most Recent Plan Amendment:
6/3/2002
School District:
Sikeston R-VI
At the intersection of Hwy 60 and 61 in Southeast Missouri
Description of Plan/Project:
A mixture of commercial and residential development
Plan/Project Status:
Fully-Operational
Area Type:
Blight, Economic Development
How was the "but-for" Determination Made?:
Project required significant public infrastructure investment to remedy existing inadequate conditions and to construct adequate capacity to support the project.
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:
180
Estimate of Retained Jobs:
80
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$1,536,717.00
Amount on Hand:
$195,898.00
Economic Activity Taxes (EATs):
Total Received since inception:
$5,226,973.00
Amount on Hand:
$617,996.00
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):
$4,616,718.00
$410,682.00
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:
$5,103,011.00
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:
$6,775,000.00
Property Acquisition and Relocation Costs:
$75,000.00
Project Implementation Costs:
$150,000.00
Total Anticipated TIF Reimbursable Project Costs:
$7,000,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$43,707,000.00
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
15
Current Anticipated Estimate (# of Year to Retirement):
1
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$2,592,760.00
Assessed Valuation Added to the Redevelopment Project:
$3,488,880.00
Anticipated Assessed Value at Time of District Termination:
$6,000,000.00
Total Amount of Base Year EATs:
$126,031.00
Total Amount of Base Year PILOTs:
$1,830,660.00
Total Annual EATs Anticipated at Time of District Termination:
$8,045,776.00
Total Annual PILOTs Anticipated at Time of District Termination:
$5,640,619.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
12
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
12
