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Section 1: Description of the Plan and Project

Name of City and/or County:

Farmington

Name of Plan or Project:

Karsch Downtown Redevelopment District

Report Period:

10/1/2016 to 10/1/2017

Name of the Person Who Prepared this Annual Report:

Bridget Smith

Contact Information:

City or County Contact Agency:

Phone:

573-756-1701

Private Sector Developer:

1.Stetty Prop LLC2.Wisdom Enterp3.1 N Jefferson LL

Person:

4.Red Rock Apart5.Rock House LLC6.Frm Masonic Lodg

Phone:

573-747-9598

Original Date Plan/Project Approved:

Ordinance Number:

1-441

Most Recent Plan Amendment:

05/01/2012

Ordinance Number:

1-441A

State House District:

106

State Senate District:

003

School District:

Farmington R-7

Location:

Approx248acres lies along both sides of Karsch Blvd from Middle St to W of Potosi St,N of Karsch is bound on E by Washington St&W by Potosi St.N boundary approx 1000ft N of Karsch.S of Karsch bound on N by approx1000ft S of Karsch from Middle to Michigan E by Middle,W by A from Karsch to Liberty&Potosi from W Liberty to Cayce&A from W Columbia to W 1st.S boundary is W&E 1st St.E is Middle from Karsch to E Liberty&N Main from Liberty to E 1st

Description of Plan/Project:

Redevelopment plan will utilize public activities to alleviate existing conditions. Projects will convert existing deteriorated area,demolish deteriorated & dilapidated buildings & provide areas for both public & private buildings. Redevelopment activities in the area will include archeology/historic preservation, parking improvements, utilities, street, curb & guttering, municipal and county facilities.

Plan/Project Status:

Fully-Operational

Area Type:

How was the "but-for" Determination Made?:

Number of Relocated Residences During This Report Period:

Number of Relocated Businesses During This Report Period:

Number of Parcels Acquired Through Use of Eminent Domain Power During This Report Period:

Identify Any Businesses That Have Relocation to the Redevelopment Area During this Report Period:

Name	Address	Phone Number	Rel. from What City/County
Calico Building Services	555 W Karsch Blvd	800-576-7313	new
H & R Block	417 W Karsch Blvd	573-756-4559	new
Laura Belle LLC	24 E Columbia St	573-664-1900	new
Pine Mountain Country Farmington	9 North Jefferson	573-756-4555	new
Roussin Photography	120 W Liberty St	573-631-7320	new
Southern Sins LLC	122 E Columbia St	573-664-1213	new
The Copper Lantern	312 N Washington	573-747-4220	new
Yens International Foods LLC	120 N Washington St	573-713-9367	new

Estimate of New Jobs:

Actual To Date:

416

Estimate of Retained Jobs:

Actual To Date:

257

Section 2: Tax Increment Financing Revenues

TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:

Payments in Lieu of Taxes (PILOTs):

Total Received since inception:

$2,265,980.00

Amount on Hand:
(As of Report Date)

$0.00

Economic Activity Taxes (EATs):

Total Received since inception:

$6,920,149.00

Amount on Hand:
(As of Report Date)

$730,157.00

Total Revenue on hand in the Special Allocation Fund as of Report Date:

$730,157.00

EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF:

Total Since Inception:

Report Period Only:

Public Infrastructure (streets, utilities, etc):

$1,568,757.00

$0.00

Site Development (grading, dirt moving, etc):

$288,374.00

$0.00

Rehab of Existing Buildings:

$0.00

Acquisition of Land or Buildings:

$0.00

Other:

$370,239.00

$49,418.00

AMOUNT PAID ON DEBT SERVICES:

Payments of principal and interest on outstanding bonded debt:

Since Inception:

$1,718,096.00

This Reporting Period:

$0.00

Reimbursement of developer for eligible cost:

Since Inception:

$360,234.00

This Reporting Period:

$0.00

Reimbursement to city/county (or other public entity) for eligible costs:

Since Inception:

$3,258,382.00

This Reporting Period:

$303,559.00

ANTICIPATED TIF REIMBURSEMENT COSTS:

Public Infrasture and Site Development Costs:

$3,500,000.00

Property Acquisition and Relocation Costs:

$2,000,000.00

Project Implementation Costs:

$5,000,000.00

Other:

$800,000.00

Other:

$4,000,000.00

Total Anticipated TIF Reimbursable Project Costs:

$14,800,000.00

ANTICIPATED TOTAL PROJECT COSTS:

$66,000,000.00

TIF FINANCING METHOD:

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:

$9,354,600.00

Assessed Valuation Added to the Redevelopment Project:

$5,714,770.00

Anticipated Assessed Value at Time of District Termination:

$23,165,178.00

Total Amount of Base Year EATs:

$534,740.00

Total Amount of Base Year PILOTs:

$91,133.00

Total Annual EATs Anticipated at Time of District Termination:

$14,337,954.00

Total Annual PILOTs Anticipated at Time of District Termination:

$0.00

Percentage of EATs Captured:

50%

Total Years Anticipated to Capture EATs:

Percentage of PILOTs Captured:

Total Years Anticipated to Capture PILOTs:

The Office of Missouri State Auditor

Scott Fitzpatrick

Karsch Downtown Redevelopment District

Section 1: Description of the Plan and Project

Section 2: Tax Increment Financing Revenues