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Section 1: Description of the Plan and Project

Name of City and/or County:

Jackson

Name of Plan or Project:

The Interstate 55 Corridor Redevelopment Project

Report Period:

10/1/2013 to 9/1/2014

Name of the Person Who Prepared this Annual Report:

Chauncy Buchheit, SEMO Regional Planning

Contact Information:

City or County Contact Agency:

City of Jackson

Phone:

573-243-3568

Private Sector Developer:

Buchheit, Inc.

Person:

Tim Buchheit

Phone:

573-547-1016

Original Date Plan/Project Approved:

12/1/1998

Ordinance Number:

3800

Most Recent Plan Amendment:

07/01/2008

Ordinance Number:

08-67

State House District:

146

State Senate District:

School District:

Reorginized School District R-2 of Cape Girardeau

Location:

The Interstate 55 Corridor Redevelopment Area is comprised of two corridors 1 A 1,000 foot corridor on the north and south sides of East Jackson Boulevard and 2 An approximate 1,500 foot corridor west of Interstate 55 from Ridge Road on the north to the southern boundary of Klaus Park on the South.

Description of Plan/Project:

Road and safety improvements, water and sewer extensions, public safety building

Plan/Project Status:

Under Construction

Area Type:

Blight

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. 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:

875

Actual To Date:

610

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:

$1,503,765.88

Amount on Hand:
(As of Report Date)

$1,503,765.88

Economic Activity Taxes (EATs):

Total Received since inception:

$3,969,997.36

Amount on Hand:
(As of Report Date)

$1,677,495.62

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

$3,181,261.50

EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF:

Total Since Inception:

Report Period Only:

Public Infrastructure (streets, utilities, etc):

$1,363,855.86

$0.00

Site Development (grading, dirt moving, etc):

$0.00

Rehab of Existing Buildings:

$0.00

Acquisition of Land or Buildings:

$0.00

Other:

$1,067,203.00

$0.00

AMOUNT PAID ON DEBT SERVICES:

Payments of principal and interest on outstanding bonded debt:

Since Inception:

$2,292,256.00

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:

$1,067,203.00

This Reporting Period:

$0.00

ANTICIPATED TIF REIMBURSEMENT COSTS:

Public Infrasture and Site Development Costs:

$25,300,000.00

Property Acquisition and Relocation Costs:

$1,500,000.00

Project Implementation Costs:

$900,000.00

Other:

$2,800,000.00

Other:

$2,500,000.00

Total Anticipated TIF Reimbursable Project Costs:

$33,000,000.00

ANTICIPATED TOTAL PROJECT COSTS:

$86,411,523.00

TIF FINANCING METHOD:

Pay-as-you-go; General Obligation Bonds; Industrial Revenue Bond; 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:

$1,276,780.00

Assessed Valuation Added to the Redevelopment Project:

$3,511,310.00

Anticipated Assessed Value at Time of District Termination:

$13,516,891.00

Total Amount of Base Year EATs:

$41,415.62

Total Amount of Base Year PILOTs:

$62,907.00

Total Annual EATs Anticipated at Time of District Termination:

$3,506,257.00

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

The Interstate 55 Corridor Redevelopment Project

Section 1: Description of the Plan and Project

- None -

Section 2: Tax Increment Financing Revenues