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Section 1: Description of the Plan and Project

Name of City and/or County:

Rolla

Name of Plan or Project:

I-44/US 63 TIF Redevelopment Plan & Project

Report Period:

10/1/2014 to 9/1/2015

Name of the Person Who Prepared this Annual Report:

John Petersen

Contact Information:

City or County Contact Agency:

Rolla

Phone:

573-426-6970

Private Sector Developer:

Kohls Department Stores, Inc

Person:

Mark Griepentrog, VP of Property Development

Phone:

262-703-6854

Original Date Plan/Project Approved:

10/1/2010

Ordinance Number:

3978

Most Recent Plan Amendment:

09/01/2010

Ordinance Number:

State House District:

149

State Senate District:

School District:

31 Rolla Public School District

Location:

The I-44 /US 63 Redevelopment Area consists of 22.2 acres of land located close to the I-44/US 63/Sharp Road intersection in northeast Rolla. There are two Redevelopment Project Areas RPA within the overall Redevelopment Area. RPA 1 comprises 8.2 acres and is the location of the Kohl's Department Store. RPA 1 required extensive site improvements to make the project viable. RPA 2 contains 9.3 acres , excluding 4.7acres set-aside for public use and is a storage yard for road construction materials and as the location of the City's animal shelter building. It was not feasible to attach a redevelopment area map to this report.

Description of Plan/Project:

The Redevelopment Project is intended to remove conditions that qualify the area as blighted in order to facilitate economic development and revitalization of the area. The Redevelopment Plan is composed of strategies to eliminate blighting conditions and support construction of a 55,000 sq. ft. store locatedin RPA 1, requiring significant site improvements. RPA 2 is planned to support retail or mixed use development like the nearby Lowe's Home Center Store to the north of Kohl's.

Plan/Project Status:

Fully-Operational

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.

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:

Name	Address	Phone Number	New or Relocated?	Rel. from What City/County
None

Estimate of New Jobs:

115

Actual To Date:

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:

$135,299.67

Amount on Hand:
(As of Report Date)

$0.00

Economic Activity Taxes (EATs):

Total Received since inception:

$489,779.13

Amount on Hand:
(As of Report Date)

$32,838.89

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

$32,838.89

EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF:

Total Since Inception:

Report Period Only:

Public Infrastructure (streets, utilities, etc):

$92,869.00

$0.00

Site Development (grading, dirt moving, etc):

$2,110,239.00

$0.00

Rehab of Existing Buildings:

$0.00

Acquisition of Land or Buildings:

$1,129,888.00

$0.00

Other:

$0.00

AMOUNT PAID ON DEBT SERVICES:

Payments of principal and interest on outstanding bonded debt:

Since Inception:

$558,526.30

This Reporting Period:

$168,593.37

Reimbursement of developer for eligible cost:

Since Inception:

$54,392.21

This Reporting Period:

$0.00

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

Since Inception:

$20,000.00

This Reporting Period:

$5,000.00

ANTICIPATED TIF REIMBURSEMENT COSTS:

Public Infrasture and Site Development Costs:

$2,050,000.00

Property Acquisition and Relocation Costs:

$1,100,000.00

Project Implementation Costs:

$150,000.00

Other:

$0.00

Other:

$0.00

Total Anticipated TIF Reimbursable Project Costs:

$3,300,000.00

ANTICIPATED TOTAL PROJECT COSTS:

$7,695,000.00

TIF FINANCING METHOD:

Pay-as-you-go

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:

$399,550.00

Assessed Valuation Added to the Redevelopment Project:

$1,428,830.00

Anticipated Assessed Value at Time of District Termination:

$2,400,000.00

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:

$283,759.00

Total Annual PILOTs Anticipated at Time of District Termination:

$68,100.00

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

I-44/US 63 TIF Redevelopment Plan & Project

Section 1: Description of the Plan and Project

Section 2: Tax Increment Financing Revenues