Name of City and/or County:
Maryville
Name of Plan or Project:
Maryville Town Center Redevelopment Area 1 TIF
Report Period:
10/1/2015 to 9/1/2016
Name of the Person Who Prepared this Annual Report:
Denise Town
City or County Contact Agency:
City of Maryville, MO
Private Sector Developer:
Maryville Partners, L.L.C.
Original Date Plan/Project Approved:
2/1/2005
Most Recent Plan Amendment:
State Senate District:
012
School District:
Maryville R-II
The redevelopment area includes the S. Main road ROW west of the properties addressed 1107-1411 S. Main together with the properties addressed 1107-1411 S. Main, excluding addresses 1321 & 1325. The property is bounded on the east by Deluxe Mfg property, on the south by the Super Walmart, & on the north by the S. Avenue ROW.
Description of Plan/Project:
Area 1 project costs were estimated at 7.531 million & involve the demolition of the 2 existing anchor spaces & construction of a new anchor space containing 48,800 sq ft, a junior anchor space containing 11,090 sq ft, the renovation of an existing retail strip facility comprised of 7 spaces containing approximately 11,000 sq ft, a new 2,800 sq ft convenience store & public improvements such as sidewalks, parking lots & other items.
Plan/Project Status:
Fully-Operational
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:
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:
$936,777.00
Amount on Hand:
$1.00
Economic Activity Taxes (EATs):
Total Received since inception:
$1,261,955.00
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:
Since Inception:
$2,149,635.00
This Reporting Period:
$321,979.00
Reimbursement of developer for eligible cost:
Since Inception:
$1,950,000.00
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:
$905,000.00
Property Acquisition and Relocation Costs:
$1,000,000.00
Project Implementation Costs:
$45,000.00
Total Anticipated TIF Reimbursable Project Costs:
$1,950,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$7,531,000.00
TIF FINANCING METHOD:
TIF Notes
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
20
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$483,800.00
Assessed Valuation Added to the Redevelopment Project:
$1,563,380.00
Anticipated Assessed Value at Time of District Termination:
$2,000,000.00
Total Amount of Base Year EATs:
$138,733.00
Total Amount of Base Year PILOTs:
$18,069.00
Total Annual EATs Anticipated at Time of District Termination:
$250,044.00
Total Annual PILOTs Anticipated at Time of District Termination:
$135,000.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
20
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
20
