Name of City and/or County:
Springfield
Name of Plan or Project:
Springfield Plaza TIF
Report Period:
1/1/2015 to 12/1/2015
Name of the Person Who Prepared this Annual Report:
Matt D. Schaefer
City or County Contact Agency:
City of Springfield, Missouri
Private Sector Developer:
Springfield Plaza Real Estate, Inc.
Person:
Thomas B. Rankin, President
Original Date Plan/Project Approved:
5/1/2013
Most Recent Plan Amendment:
School District:
Republic R-3
The Springfield Plaza TIF Redevelopment Area consists of approximately 96 acres generally located near the southwest corner of the intersection of West Sunshine Street and South West Bypass.
Description of Plan/Project:
The Redevelopment Plan proposes to redevelop the Area into a 432,500 square foot retail and office mixed-use development. TIF revenues will be used to fund approximately 9.58 million of public improvements in and around the Redevelopment Area. Such improvements include, but are not limited to road and intersection improvements, new public streets, storm water facilities, sanitary sewers, and utilities.
Plan/Project Status:
Starting-Up
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 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:
0
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:
$0.00
Amount on Hand:
$0.00
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):
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:
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
This Reporting Period:
$0.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$8,734,000.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$250,000.00
Total Anticipated TIF Reimbursable Project Costs:
$9,579,016.00
ANTICIPATED TOTAL PROJECT COSTS:
$78,454,016.00
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
18
Current Anticipated Estimate (# of Year to Retirement):
18
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$1,440,020.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$14,686,843.00
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:
$682,000.00
Total Annual PILOTs Anticipated at Time of District Termination:
$609,075.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
18
Percentage of PILOTs Captured:
75%
Total Years Anticipated to Capture PILOTs:
18
