Name of City and/or County:
Charleston
Name of Plan or Project:
I-57 Redevelopment Area
Report Period:
10/1/2014 to 9/1/2015
Name of the Person Who Prepared this Annual Report:
Stefanie Self
City or County Contact Agency:
City of Charleston
Private Sector Developer:
NA
Original Date Plan/Project Approved:
4/1/2014
Most Recent Plan Amendment:
School District:
Charleston R-1 067,061
The I-57 Redevelopment Area contains approximately 910 acres of land including right of way and generally encompasses the southern portion of Charleston along the northern flank of I-57. The area is bounded by I-57 on the south, S. Main on the west, Marshall Str. on the north and several properties ease of Route 77/I-57 intersection on the east.
Description of Plan/Project:
Facilitate new development in the area, construct necessary improvements public and private within the area, and assist in the relocation of business and residents that will be displaced as a result of the plan through payment and relocation costs. The primary purpose of this plan is to establish the process by which redevelopment throughout the entire area can occur.
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.
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:
50
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:
$835,905.61
Amount on Hand:
$103,951.42
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):
$371,000.00
$1,481,732.47
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:
$681,963.62
This Reporting Period:
$84,570.02
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$50,000.00
This Reporting Period:
$0.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$0.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$0.00
ANTICIPATED TOTAL PROJECT COSTS:
$0.00
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
0
Current Anticipated Estimate (# of Year to Retirement):
0
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$4,568,980.00
Assessed Valuation Added to the Redevelopment Project:
$593,280.00
Anticipated Assessed Value at Time of District Termination:
$0.00
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:
$0.00
Total Annual PILOTs Anticipated at Time of District Termination:
$0.00
Percentage of EATs Captured:
0%
Total Years Anticipated to Capture EATs:
0
Percentage of PILOTs Captured:
0%
Total Years Anticipated to Capture PILOTs:
0
