I-55 Corridor Redevelopment Project
Section 1 Description of the Plan and Project  
Name of City and/or County: Jackson  
Name of Plan or Project: I-55 Corridor Redevelopment Project  
Report Period: 10/01/2014 to 09/01/2015  
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: 12/01/1998  
Ordinance Number: 3800  
Most Recent Plan Amendment: 07/01/2008  
Ordinance Number: 08-67  
State House District: 146  
State Senate District: 27  
School District Reorganized School District R-2 of Cape Girardeau  
Location:    
1000 ft corridor on the north and south sides of East Jackson Boulevard and an approximate 1500 foot corridor west of I-55 from Ridge Road to Klaus Park  
Description of Plan/Project:    
Road and safety improvements, water and sewer, 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: 0    
Number of Relocation Businessess During This Report Period: 0    
Number of Parcels Acquired Through Use of Eminent Domain Power During This Report Period: 0    
Identify any business that have relocation to the Redevelopment Area during this report period:    
- None -
Estimate of New Jobs: 875 Actual To Date: 750
Estimate of Retained Jobs: 0 Actual To Date: 0
     
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: $1,680,812.74 Amount on Hand: $726,225.00
    (As of Report Date)  
Economic Activity Taxes (EATs):      
Total received since inception: $4,340,589.89 Amount on Hand: $1,997,121.22
    (As of Report Date)  
       
Total Revenue on hand in the Special Allocation Fund as of Report Date: $2,723,346.22
   
EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF: Total Since Inception: Report Period Only:
Public Infrastructure (streets, utilities, etc): $1,503,572.22 $139,716.36
Site Development (grading, dirt moving, etc): $0.00 $0.00
Rehab of existing buildings: $0.00 $0.00
Acquisition of land or buildings: $0.00 $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: $23,300,000.00  
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): 23  
Current Anticipated Estimate (# of Year to Retirement): 23  
     
ESTIMATED INCREASE IN TAX GENERATION:    
Original assessed value of the redevelopment project: $1,276,780.00  
Assessed valuation added to the redevelopment project: $3,550,550.00  
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: $661,000.00  
Percentage of EATs Captured: 50%  
Total Years Anticipated to Capture EATs: 23
Percentage of PILOTs Captured: 50%  
Total Years Anticipated to Capture PILOTs: 23