Name of City and/or County:
Farmington
Name of Plan or Project:
Highway 67 Tax Increment Finance District
Report Period:
10/1/2016 to 10/1/2017
Name of the Person Who Prepared this Annual Report:
Bridget Smith
City or County Contact Agency:
Private Sector Developer:
Menard Inc
Person:
Properties Division
Original Date Plan/Project Approved:
Most Recent Plan Amendment:
03/01/2015
State Senate District:
003
School District:
Farmington R-7
The original redevelopment area consisted of approx424acres w/majority lying on W side of Hwy67 in vicinity of MO32 and US67 interchange.Approx40acre portion lies on E side of Hwy67&is bounded by Hwy67 on W,Maple St on N,Maple Valley Dr on E&existing city limits on S.An approx384acre portion on W side of Hwy67 extending from Holly Tree Ln on N to Maple St/Hwy67 interchange on S&bordered by Hwy67 on E.City limit was removed from plan in 2015.
Description of Plan/Project:
One public and one private development project. Public projects include road, right of way, sidewalk, and storm water construction. Private development project includes retail/commercial space.
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 New Jobs:
450
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:
$373,865.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$993,040.00
Amount on Hand:
$374,304.00
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:
Since Inception:
$388,287.00
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$175,000.00
This Reporting Period:
$0.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$6,300,000.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$6,300,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$24,300,000.00
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:
$203,970.00
Assessed Valuation Added to the Redevelopment Project:
$4,640,830.00
Anticipated Assessed Value at Time of District Termination:
$4,640,000.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$700,000.00
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:
0%
Total Years Anticipated to Capture PILOTs:
23
