View Tif

Section 1: Description of the Plan and Project

Name of City and/or County:

Sedalia

Name of Plan or Project:

Sedalia Midtown TIF Redevelopment Plan & Project

Report Period:

8/1/2013 to 7/1/2014

Name of the Person Who Prepared this Annual Report:

John H Simmons

Contact Information:

City or County Contact Agency:

City of Sedalia

Phone:

660-827-3000

Private Sector Developer:

Person:

Phone:

Original Date Plan/Project Approved:

11/1/2008

Ordinance Number:

9684

Most Recent Plan Amendment:

Ordinance Number:

State House District:

District 118

State Senate District:

District 28

School District:

Sedalia 200 School District

Location:

The Sedalia Midtown Redevelopment Area contains approximately 163 acres of land and encompasses a large portion of the historic downtown. The area is bounded generally by 9th Street and Broadway Avenue on the south, Moniteau Avenue on the west, Marvin Street on the east and Jefferson Street on the north. The area consists of 1789 parcels which includes residential, industrial and commercial areas in or near the downtown area.

Description of Plan/Project:

The redevelop plan focuses resources to provide opportunities for infrastructure development & rehab, residential reinvestment, and private investment. Activities to be undertaken as part of the redevelop plan to achieve this goal include building rehab, infill development, improve streets & enhancement to pedestrian facilities. This investment is intended to spur additional private development throughout the district.

Plan/Project Status:

Seeking Developer

Area Type:

Blight, Conservation, Economic Development

How was the "but-for" Determination Made?:

Project required significant public infrastructure investment to remedy existing inadequate conditions. Project required significant public infrastructure investment to construct adequate capacity to support the project.

Number of Relocated Residences During This Report Period:

Number of Relocated Businesses During This Report Period:

Number of Parcels Acquired Through Use of Eminent Domain Power During This Report Period:

Identify Any Businesses That Have Relocation to the Redevelopment Area During this Report Period:

- None -

Estimate of New Jobs:

Actual To Date:

106

Estimate of Retained Jobs:

Actual To Date:

Section 2: Tax Increment Financing Revenues

TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:

Payments in Lieu of Taxes (PILOTs):

Total Received since inception:

$184,738.12

Amount on Hand:
(As of Report Date)

$184,738.12

Economic Activity Taxes (EATs):

Total Received since inception:

$3,757.92

Amount on Hand:
(As of Report Date)

$3,757.92

Total Revenue on hand in the Special Allocation Fund as of Report Date:

$188,496.04

EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF:

Total Since Inception:

Report Period Only:

Public Infrastructure (streets, utilities, etc):

$0.00

Site Development (grading, dirt moving, etc):

$0.00

Rehab of Existing Buildings:

$0.00

Acquisition of Land or Buildings:

$0.00

Other:

$0.00

AMOUNT PAID ON DEBT SERVICES:

Payments of principal and interest on outstanding bonded debt:

Since Inception:

$0.00

This Reporting Period:

$0.00

Reimbursement of developer for eligible cost:

Since Inception:

$0.00

This Reporting Period:

$0.00

Reimbursement to city/county (or other public entity) for eligible costs:

Since Inception:

$0.00

This Reporting Period:

$0.00

ANTICIPATED TIF REIMBURSEMENT COSTS:

Public Infrasture and Site Development Costs:

$500,000.00

Property Acquisition and Relocation Costs:

$0.00

Project Implementation Costs:

$0.00

Other:

$0.00

Other:

$0.00

Total Anticipated TIF Reimbursable Project Costs:

$500,000.00

ANTICIPATED TOTAL PROJECT COSTS:

$500,000.00

TIF FINANCING METHOD:

Pay-as-you-go; TIF Notes

MATURITY OF TIF OBLIGATIONS:

Original Estimate (# of Years to Retirement):

Current Anticipated Estimate (# of Year to Retirement):

ESTIMATED INCREASE IN TAX GENERATION:

Original Assessed Value of the Redevelopment Project:

$4,526,543.00

Assessed Valuation Added to the Redevelopment Project:

$1,491,277.00

Anticipated Assessed Value at Time of District Termination:

$7,304,432.00

Total Amount of Base Year EATs:

$904,000.00

Total Amount of Base Year PILOTs:

$296,226.00

Total Annual EATs Anticipated at Time of District Termination:

$538,553.00

Total Annual PILOTs Anticipated at Time of District Termination:

$0.00

Percentage of EATs Captured:

50%

Total Years Anticipated to Capture EATs:

Percentage of PILOTs Captured:

100%

Total Years Anticipated to Capture PILOTs:

The Office of Missouri State Auditor

Scott Fitzpatrick

Sedalia Midtown TIF Redevelopment Plan & Project

Section 1: Description of the Plan and Project

- None -

Section 2: Tax Increment Financing Revenues