Name of City and/or County:
Washington
Name of Plan or Project:
Downtown Washington Redevelopment Plan & Project
Report Period:
11/1/2016 to 12/1/2017
Name of the Person Who Prepared this Annual Report:
Sal Maniaci, Economic Development Director
City or County Contact Agency:
Private Sector Developer:
Bank of Washington
Person:
L.B. Ecklekamp, Jr. Chairman of the Board
Original Date Plan/Project Approved:
Ordinance Number:
07-10180
Most Recent Plan Amendment:
02/01/2017
Ordinance Number:
17-11627
School District:
Washington School District
Generally bound by the Missouri River to the north Locust Street, Walnut Street, Market Street, and Jefferson Street to the East, Third Street, Main Street, and Front Street to the South and parcels fronting Elm Street to the West
Description of Plan/Project:
The Redevelopment Program and project concept involved multiple development and activities including rehabilitation/expansion of the Bank of Washington, relocation of the Franklin County Recycling Facility, redevelopment of the Ready-Mix Cement Plant into a mixed use development, relocation of railroad switch and maintenance facility, location of the overhead electrical power lines to below ground, a streets-cape program and grant/loan prog.
Plan/Project Status:
Fully-Operational
How was the "but-for" Determination Made?:
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:
102
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$1,311,288.19
Amount on Hand:
$372,849.84
Economic Activity Taxes (EATs):
Total Received since inception:
$246,446.99
Amount on Hand:
$88,891.65
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:
$758,617.04
This Reporting Period:
$103,819.59
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:
$3,822,795.00
Property Acquisition and Relocation Costs:
$3,450,000.00
Project Implementation Costs:
$4,650,000.00
Total Anticipated TIF Reimbursable Project Costs:
$11,855,900.00
ANTICIPATED TOTAL PROJECT COSTS:
$35,537,250.00
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
13
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$5,763,197.00
Assessed Valuation Added to the Redevelopment Project:
$3,096,480.00
Anticipated Assessed Value at Time of District Termination:
$254,005,408.00
Total Amount of Base Year EATs:
$490,267.00
Total Amount of Base Year PILOTs:
$329,895.00
Total Annual EATs Anticipated at Time of District Termination:
$1,115,917.00
Total Annual PILOTs Anticipated at Time of District Termination:
$0.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
