Name of City and/or County:
Springfield
Name of Plan or Project:
Jordan Valley Park 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:
John Q. Hammons revocable trust
Original Date Plan/Project Approved:
Most Recent Plan Amendment:
11/01/2001
State House District:
132nd and 135th
State Senate District:
30th
School District:
Springfield R-12
The Area consists of approximately 30 blocks located in Springfield's central business district, which are generally bounded by the BNSF Railroad to the north, the south property lines of properties along the south side of East Walnut Street to the south, National Avenue to the east, and Jefferson Avenue to the west.
Description of Plan/Project:
The Plan will revitalize the Area and positively impact all of central Springfield through the development of public improvements and concurrent private development. Projects within the Area include a municipally-owned recreational ice facility, exposition hall, a public park, privately owned minor league baseball stadium, parking deck, and a business class hotel.
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:
335
Estimate of Retained Jobs:
10
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$2,147,810.24
Amount on Hand:
$6,875.20
Economic Activity Taxes (EATs):
Total Received since inception:
$341,516.48
Amount on Hand:
$1,096.62
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:
$2,450,405.51
This Reporting Period:
$309,000.00
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:
$2,600,000.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$18,500,000.00
Total Anticipated TIF Reimbursable Project Costs:
$21,100,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$150,545,000.00
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:
$7,901,230.00
Assessed Valuation Added to the Redevelopment Project:
$4,957,010.00
Anticipated Assessed Value at Time of District Termination:
$12,928,648.00
Total Amount of Base Year EATs:
$1,757,951.00
Total Amount of Base Year PILOTs:
$188,946.00
Total Annual EATs Anticipated at Time of District Termination:
$313,516.00
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
