Name of City and/or County:
Columbia
Name of Plan or Project:
Regency Hotel Redevelopment Plan and Project TIF
Report Period:
10/1/2015 to 9/1/2016
Name of the Person Who Prepared this Annual Report:
Lynn Cannon
City or County Contact Agency:
Department of Finance
Private Sector Developer:
Broadway Lodging, LLC
Original Date Plan/Project Approved:
2/1/2011
Ordinance Number:
20889 and 20809
Most Recent Plan Amendment:
03/01/2013
School District:
Columbia Public Schools
Property is located at 111 East Broadway in downtown Columbia.
Description of Plan/Project:
Comprehensive redevelopment of the property to include an upscale hotel and associated restaurant, lounge and meeting space.
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. 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:
23
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$234,814.67
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$62,133.40
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:
$326,114.00
This Reporting Period:
$156,759.82
Reimbursement of developer for eligible cost:
Since Inception:
$3,200,000.00
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:
$2,750,000.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$450,000.00
Total Anticipated TIF Reimbursable Project Costs:
$3,200,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$20,300,000.00
TIF FINANCING METHOD:
General Obligation Bonds
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
18
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$251,904.00
Assessed Valuation Added to the Redevelopment Project:
$2,404,096.00
Anticipated Assessed Value at Time of District Termination:
$4,388,380.00
Total Amount of Base Year EATs:
$2,538.34
Total Amount of Base Year PILOTs:
$18,087.46
Total Annual EATs Anticipated at Time of District Termination:
$105,469.00
Total Annual PILOTs Anticipated at Time of District Termination:
$268,926.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
50%
Total Years Anticipated to Capture PILOTs:
23
