Name of City and/or County:
Mound City
Name of Plan or Project:
Mound City Tax Increment Financing District
Report Period:
7/1/2013 to 6/1/2014
Name of the Person Who Prepared this Annual Report:
Patsy Smith, City Clerk
City or County Contact Agency:
City of Mound City
Private Sector Developer:
M.C. Dev.Corp, Custom Convenience LLC & McDonalds
Person:
Joe Laukemper, Steve Koon & Perry Pelton
Original Date Plan/Project Approved:
8/1/2002
Ordinance Number:
1000 and 1002
Most Recent Plan Amendment:
04/01/2004
State Senate District:
012
School District:
Mound City R-II School
Downtown area of Mound City on both sides of State Street from 4th to 7th Street, areas bounded by 3rd Street to 5th Street between State Street and Nebraska Street, areas west of State Street and north of Hwy 118 and all the area west of Interstate 29 that lays within the city limits of the City of Mound City.
Description of Plan/Project:
The intent of the Plan is to use tax increment financing to pay costs associated with installation of infrastructure, commercial buildings and related improvements in the area as well as other costs associated with the elimination of blighted conditions. The three phases of the Plan include a retail store for Dollar General, a convenience store with an attached Subway restaurant, and renovation of an existing structure for a McDonald's restaurant.
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. Project required significant public infrastructure investment to remedy existing inadequate conditions.
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:
49
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:
$619,526.88
Amount on Hand:
$12,702.90
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:
Since Inception:
$594,713.95
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$12,109.94
This Reporting Period:
$420.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$4,117.66
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$802,400.00
Total Anticipated TIF Reimbursable Project Costs:
$822,989.01
ANTICIPATED TOTAL PROJECT COSTS:
$1,136,102.20
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
16
Current Anticipated Estimate (# of Year to Retirement):
15
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$93,030.00
Assessed Valuation Added to the Redevelopment Project:
$233,450.00
Anticipated Assessed Value at Time of District Termination:
$468,604.00
Total Amount of Base Year EATs:
$1,230.00
Total Amount of Base Year PILOTs:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$122,832.00
Total Annual PILOTs Anticipated at Time of District Termination:
$0.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
16
Percentage of PILOTs Captured:
0%
Total Years Anticipated to Capture PILOTs:
0
