Name of City and/or County:
Hillsboro
Name of Plan or Project:
Hillsboro Hills Redevelopment Plan and Project
Report Period:
10/1/2015 to 9/1/2016
Name of the Person Who Prepared this Annual Report:
Gery Marmaduke
City or County Contact Agency:
City of Hillsboro
Private Sector Developer:
A Highway 21 LLC
Original Date Plan/Project Approved:
8/1/2010
Most Recent Plan Amendment:
State Senate District:
022
School District:
Hillsboro R3
Approximately 50 acres generally located at the northwest quadrant of the intersection of Highways A and 21 bounded on the east by Jefferson College Drive and on the southeast and south by Hillsboro-House Springs Road.
Description of Plan/Project:
The redevelopment plan contemplates a mixed-use commercial center with a blend of retail, office and professional service style tenants. In order to accommodate the proposed uses, environmental, street, water, sewer and other infrastructure improvements are required.
Plan/Project Status:
Starting-Up
How was the "but-for" Determination Made?:
Project required significant public infrastructure investment to remedy existing inadequate conditions. Contact Gary Grewe
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 New Jobs:
100
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:
$19,282,364.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$20,000,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$56,500,000.00
TIF FINANCING METHOD:
General Obligation Bonds
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
0
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$15,900.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$10,292,499.00
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:
$5,773,767.00
Total Annual PILOTs Anticipated at Time of District Termination:
$14,397,449.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
