Name of City and/or County:
Park Hills
Name of Plan or Project:
Highway 67 Corridor Redevelopment District 2
Report Period:
10/1/2016 to 9/1/2017
Name of the Person Who Prepared this Annual Report:
Norman Lucas
City or County Contact Agency:
Private Sector Developer:
Hefner Furniture & Appliance
Original Date Plan/Project Approved:
Most Recent Plan Amendment:
12/01/2003
School District:
Central St. Francois R-III, Farmington R-7
U.S. Highway at Red Rooster Road in Park Hills within south-central St. Francois County Bounded by St. Joe State Park to the west an by the City of Leadington to the north and by U.S. Highway 67 to the east and by unincorporated St. Francois County to the south.
Description of Plan/Project:
Plans include relocation of water and sewer utility mains to accommodate construction of a west outer road alongside U.S. Highway 67 corridor from Leadington south through Park Hills to unincorporated St. Francios County. Extension of a natural gas main and three-phase electric lines, construction of potable water storage with a connection main.
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:
0
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$305,913.86
Amount on Hand:
$32,655.00
Economic Activity Taxes (EATs):
Total Received since inception:
$562,084.17
Amount on Hand:
$32,655.00
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:
$877,706.16
This Reporting Period:
$79,625.00
Reimbursement of developer for eligible cost:
Since Inception:
$370,000.00
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:
$1,400,000.00
Property Acquisition and Relocation Costs:
$370,000.00
Project Implementation Costs:
$40,000.00
Total Anticipated TIF Reimbursable Project Costs:
$1,810,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$1,810,000.00
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
20
Current Anticipated Estimate (# of Year to Retirement):
20
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$499,800.00
Assessed Valuation Added to the Redevelopment Project:
$183,580.00
Anticipated Assessed Value at Time of District Termination:
$1,092,086.00
Total Amount of Base Year EATs:
$32,201.00
Total Amount of Base Year PILOTs:
$42,889.00
Total Annual EATs Anticipated at Time of District Termination:
$1,223,579.00
Total Annual PILOTs Anticipated at Time of District Termination:
$0.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
20
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
20
