View Tif

Section 1: Description of the Plan and Project

Name of City and/or County:

Cape Girardeau

Name of Plan or Project:

Downtown Cape Girardeau TIF- RPA #1

Report Period:

4/1/2016 to 11/1/2016

Name of the Person Who Prepared this Annual Report:

Molly B. Hood

Contact Information:

City or County Contact Agency:

City of Cape Girardeau

Phone:

573-339-6320

Private Sector Developer:

Old Town Cape Historic Landmark Preservation Group

Person:

Jeffrey Maurer

Phone:

573-450-2285

Original Date Plan/Project Approved:

4/1/2016

Ordinance Number:

4844

Most Recent Plan Amendment:

Ordinance Number:

State House District:

147

State Senate District:

School District:

Cape Girardeau Public School District 63

Location:

Project 1 Marquette Tower Property, LLC338 Broadway Parcel 2110700090110000000 N. Fountain PT LOT 1/Parking Parcel 211070009013000000Project 2 H&H Center Property, LLC400 Broadway Units 1, 2, 3, 5 Parcel 211070008006001001400 Broadway Unit 4 Parcel 211070008006001002400 Broadway Common Area Parcel 211070008006001000221 N. Fountain Street Parcel 2110700080040000000 N. Fountain Street PT LOT/Parking Parcel 211070008004010000

Description of Plan/Project:

The first proposed component of the project is the Marquette Tower Property. This part of the project involves the building known as the Marquette Tower, which would serve as the epicenter of the more broadly defined Marquette Tech District throughout downtown Cape Girardeau. The project would be anchored by Codefi, a co-working and technology incubator organization that began in summer 2014. The Marquette Tower could also be the location of two significant business and community development organizations, corporate offices for more than 10 business startups, a coffee shop, tapas and martini lounge, as well as two floors available for new office expansions. The project encompasses approximately 60,000 square feet and total project cost is forecast to exceed 3.6 million dollars.Exhibit B provides more details about the Marquette Tower Property. This exhibit can also be viewed at this link http//bit.ly/1SLVy4HThe second component of the proposed project is the H&H Center Property. This project would include the renovation of both the H&H Building and theMarquette Center. These two properties would be combined to provide space for a 96-key branded hotel and a casual dining restaurant. The Applicant has already been awarded a license for a branded hotel in Cape Girardeau. The Applicant is in the process of transferring the license from another site to this project site. A downtown hotel was identified as a significant development opportunity in Cape Girardeaus Downtown Strategic Plan approved by the City Council in August, 2009. The project encompasses just over 85,000 square feet and total project cost is projected at 17.5 million dollars for the real estate development components of the project.

Plan/Project Status:

Under Construction

Area Type:

Conservation

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:

Number of Relocated Businesses During This Report Period:

Number of Parcels Acquired Through Use of Eminent Domain Power During This Report Period:

Identify Any Businesses That Have Relocation to the Redevelopment Area During this Report Period:

Name	Address	Phone Number	New or Relocated?	Rel. from What City/County
Cape Area Chamber of Commerce	220 N. Fountain Street	573-335-3312		Cape Girardeau, MO

Estimate of New Jobs:

100

Actual To Date:

Estimate of Retained Jobs:

Actual To Date:

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:

$0.00

Amount on Hand:
(As of Report Date)

$0.00

Economic Activity Taxes (EATs):

Total Received since inception:

$0.00

Amount on Hand:
(As of Report Date)

$0.00

Total Revenue on hand in the Special Allocation Fund as of Report Date:

$0.00

EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF:

Total Since Inception:

Report Period Only:

Public Infrastructure (streets, utilities, etc):

$0.00

Site Development (grading, dirt moving, etc):

$0.00

Rehab of Existing Buildings:

$0.00

Acquisition of Land or Buildings:

$0.00

Other:

$0.00

AMOUNT PAID ON DEBT SERVICES:

Payments of principal and interest on outstanding bonded debt:

Since Inception:

$0.00

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:

$0.00

This Reporting Period:

$0.00

ANTICIPATED TIF REIMBURSEMENT COSTS:

Public Infrasture and Site Development Costs:

$0.00

Property Acquisition and Relocation Costs:

$0.00

Project Implementation Costs:

$0.00

Other:

$0.00

Other:

$0.00

Total Anticipated TIF Reimbursable Project Costs:

$2,497,242.00

ANTICIPATED TOTAL PROJECT COSTS:

$21,153,520.00

TIF FINANCING METHOD:

Pay-as-you-go

MATURITY OF TIF OBLIGATIONS:

Original Estimate (# of Years to Retirement):

Current Anticipated Estimate (# of Year to Retirement):

ESTIMATED INCREASE IN TAX GENERATION:

Original Assessed Value of the Redevelopment Project:

$1,995,710.00

Assessed Valuation Added to the Redevelopment Project:

$0.00

Anticipated Assessed Value at Time of District Termination:

$0.00

Total Amount of Base Year EATs:

$11,866.54

Total Amount of Base Year PILOTs:

$0.00

Total Annual EATs Anticipated at Time of District Termination:

$0.00

Total Annual PILOTs Anticipated at Time of District Termination:

$0.00

Percentage of EATs Captured:

Total Years Anticipated to Capture EATs:

Percentage of PILOTs Captured:

Total Years Anticipated to Capture PILOTs:

The Office of Missouri State Auditor

Scott Fitzpatrick

Downtown Cape Girardeau TIF- RPA #1

Section 1: Description of the Plan and Project

Section 2: Tax Increment Financing Revenues