Name of City and/or County:
Springfield
Name of Plan or Project:
Springfield Plaza TIF
Report Period:
9/30/2012 0:00 to 9/30/2013 0:00
Name of the Person Who Prepared this Annual Report:
Matt D. Schaefer
City or County Contact Agency:
City of Springfield
Private Sector Developer:
Springfield Plaza Real Estate, Inc.
Original Date Plan/Project Approved:
5/6/2013 0:00
Most Recent Plan Amendment:
School District:
Republic R-3
The Springfield Plaza TIF Redevelopment Area consists of approximately 96 acres generally located near the southwest corner of the intersection of West Sunshine Street and South West Bypass. A location map of the Area is attached as Exhibit A.
Description of Plan/Project:
The Plan proposes to redevelop the vacant area into a 432,500 sq ft retail and office mixed-use development. Implementation will occur through two phases or Redevelopment Project Areas (RPAs).
Plan/Project Status:
Starting-Up
How was the "but-for" Determination Made?:
Project had unusual/extraordinary costs making it financially unfeasible in the market place, it required signigicant public infrastructure investment to remedy exisiting 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 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:
$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:
$8,734,000.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$250,000.00
Total Anticipated TIF Reimbursable Project Costs:
$9,579,016.00
ANTICIPATED TOTAL PROJECT COSTS:
$78,454,016.00
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
18
Current Anticipated Estimate (# of Year to Retirement):
18
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$214,780.00
Assessed Valuation Added to the Redevelopment Project:
$214,780.00
Anticipated Assessed Value at Time of District Termination:
$14,686,843.00
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:
$682,900.00
Total Annual PILOTs Anticipated at Time of District Termination:
$609,075.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
18
Percentage of PILOTs Captured:
75%
Total Years Anticipated to Capture PILOTs:
18
