Name of City and/or County:
Sedalia
Name of Plan or Project:
50 Highway Tax Increment Financing Plan
Report Period:
11/1/2015 to 7/1/2016
Name of the Person Who Prepared this Annual Report:
John Simmons
City or County Contact Agency:
Sedalia
Private Sector Developer:
Star Acquisitions
Original Date Plan/Project Approved:
11/1/2015
Most Recent Plan Amendment:
School District:
Pettis County R-XII School District & Sedalia 200
Land generally located North of Highway 50, East of Oak Grove Lane, and south of West Main Street and land generally located South of Highway 50, East of Westwood Avenue, and West of Winchester Road.
Description of Plan/Project:
Redevelopment of two areas of vacant land connected by Highway 50 right-of-way and include the design and construction of approximately 22,000 square feet of restaurant, retail, and/or other commercial facilities. The TIF resources are need to offset the extraordinary costs of the development to cure the blight.
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:
$903,434.00
Property Acquisition and Relocation Costs:
$1,155,000.00
Project Implementation Costs:
$230,000.00
Total Anticipated TIF Reimbursable Project Costs:
$2,288,464.00
ANTICIPATED TOTAL PROJECT COSTS:
$11,129,616.00
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:
$214,730.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$2,203,554.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$14,854.00
Total Annual EATs Anticipated at Time of District Termination:
$563,655.00
Total Annual PILOTs Anticipated at Time of District Termination:
$98,833.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
