Name of City and/or County:
Shelbina
Name of Plan or Project:
Shelbina Redevelopment Area TIF
Report Period:
10/1/2006 to 9/30/2007
Name of the Person Who Prepared this Annual Report:
Mary Lou Craigg, City Clerk
City or County Contact Agency:
Dennis Klusmeyer, City Administrator
Private Sector Developer:
Original Date Plan/Project Approved:
5/13/2003
Most Recent Plan Amendment:
1/24/2006
School District:
Shelby County R-IV
A broad area in the city of Shelbina mostly north of the BNSF Railroad tracks, also including the downtown core area south of the tracks and a detatched area on the west side of the city.
Description of Plan/Project:
Facilitate new development in the area, construct necessary new infrastructure to support development and to pay for any necessary property acquisition or relocations
Plan/Project Status:
Fully operational
How was the "but-for" Determination Made?:
Unusual/exteraordinary costs made project financially unfeasible in the market, required significant public infrastructure investment to remedy existing inadequate conditions and capacity to support development and required parcel assembly or relo costs
Number of Relocated Residences During This Report Period:
0
Number of Relocated Businesses During This Report Period:
2
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:
7
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$5,353.55
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$10,058.86
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:
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:
Since Inception:
$15,412.41
This Reporting Period:
$7,442.27
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$0.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$0.00
ANTICIPATED TOTAL PROJECT COSTS:
$0.00
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
Current Anticipated Estimate (# of Year to Retirement):
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$30,500,000.00
Assessed Valuation Added to the Redevelopment Project:
$10,569.00
Anticipated Assessed Value at Time of District Termination:
$112,000,000.00
Total Amount of Base Year EATs:
$7,649,110.00
Total Amount of Base Year PILOTs:
$459,752.00
Total Annual EATs Anticipated at Time of District Termination:
$31,360,000.00
Total Annual PILOTs Anticipated at Time of District Termination:
$2,314,409.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
