Name of City and/or County:
Springfield
Name of Plan or Project:
Commercial Street TIF
Report Period:
1/1/2016 to 12/1/2016
Name of the Person Who Prepared this Annual Report:
Matt D. Schaefer
City or County Contact Agency:
Private Sector Developer:
Juliet Mee
Original Date Plan/Project Approved:
Most Recent Plan Amendment:
State House District:
132nd
State Senate District:
30th
School District:
Springfield R-12
The Commercial Street Redevelopment Area is located in the city center of Springfield, approximately one mile north of Park Central Square. The area comprises approximately 10 blocks and includes the entire Commercial Street Historic District. The Area is generally bounded by the BNSF railroad to the north, Pacific and Blaine Streets to the south, Douglas Avenue to the west, and Clay Avenue to the east.
Description of Plan/Project:
The Commercial Street Redevelopment Plan consists of a private Redevelopment Project professional massage school, day spa, and laundry and Public Improvement Projects undertaken by the City of Springfield. Almost 20 public projects are proposed comprised primarily of public infrastructure improvements with a few programs, such as a rehabilitation loan/grant program, included.
Plan/Project Status:
Starting-Up
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:
$558,178.97
Amount on Hand:
$558,178.97
Economic Activity Taxes (EATs):
Total Received since inception:
$25,798.13
Amount on Hand:
$25,798.13
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:
This Reporting Period:
$0.00
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:
$4,216,000.00
Property Acquisition and Relocation Costs:
$750,000.00
Project Implementation Costs:
$240,000.00
Total Anticipated TIF Reimbursable Project Costs:
$5,456,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$5,456,000.00
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
23
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$3,710,120.00
Assessed Valuation Added to the Redevelopment Project:
$2,187,430.00
Anticipated Assessed Value at Time of District Termination:
$11,346,000.00
Total Amount of Base Year EATs:
$345,502.00
Total Amount of Base Year PILOTs:
$183,603.00
Total Annual EATs Anticipated at Time of District Termination:
$327,791.00
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
