Name of City and/or County:
Arnold
Name of Plan or Project:
Arnold Triangle Redevelopment Plan
Report Period:
9/1/2006 to 8/31/2007
Name of the Person Who Prepared this Annual Report:
Matthew Unrein, City Administrator
City or County Contact Agency:
Matthew Unrein, City Administrator
Private Sector Developer:
THF Arnold Triangle Development, LLC
Original Date Plan/Project Approved:
9/15/2005
Most Recent Plan Amendment:
12/14/2006
School District:
Fox School District
Description of Plan/Project:
Redevelop 50 acres of existing commercial and residential development
Plan/Project Status:
Under construction
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project financially unfeasible in the market, required significant public infrastructure investment to remedy existing inadequate conditions and required parcel assembly and/or relocation costs
Number of Relocated Residences During This Report Period:
0
Number of Relocated Businesses During This Report Period:
2
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:
300
Estimate of Retained Jobs:
5
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:
$0.00
Property Acquisition and Relocation Costs:
$10,000,000.00
Project Implementation Costs:
$11,000,000.00
Total Anticipated TIF Reimbursable Project Costs:
$21,000,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$78,000,000.00
TIF FINANCING METHOD:
TIF Bond; TIF Notes
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
23
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$1,855,300.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$12,712,094.00
Total Amount of Base Year EATs:
$315,699.00
Total Amount of Base Year PILOTs:
$139,893.00
Total Annual EATs Anticipated at Time of District Termination:
$3,494,086.00
Total Annual PILOTs Anticipated at Time of District Termination:
$878,007.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
