Name of City and/or County:
Hillsboro
Name of Plan or Project:
Peach Tree Plaza Redevelopment Plan and Project
Report Period:
10/1/2016 to 9/1/2017
Name of the Person Who Prepared this Annual Report:
Gery Marmaduke, City Administrator
City or County Contact Agency:
Private Sector Developer:
B. L. & Z. Investments, LLC
Person:
David E. Mangelsdorf
Original Date Plan/Project Approved:
Most Recent Plan Amendment:
School District:
Hillsboro R-3
Please see Exhibit B to the copy of the Redevelopment Plan attached to the 2011 Annual Report.
Description of Plan/Project:
The Redevelopment Plan proposes the redevelopment of the area for use as a mixed-use commercial center with a blend of commercial, retail, office and professional service tenants or owners, and possibly one or more residential apartment buildings.
Plan/Project Status:
Under Construction
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:
$234,548.49
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$441,617.29
Amount on Hand:
$27,741.43
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:
$390,238.28
This Reporting Period:
$152,181.65
Reimbursement of developer for eligible cost:
Since Inception:
$2,479,146.84
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:
$3,102,000.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$700,000.00
Total Anticipated TIF Reimbursable Project Costs:
$4,002,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$23,552,000.00
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:
$195,000.00
Assessed Valuation Added to the Redevelopment Project:
$704,200.00
Anticipated Assessed Value at Time of District Termination:
$5,049,229.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$21,171.00
Total Annual EATs Anticipated at Time of District Termination:
$287,350.00
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
