I-55 Corridor Redevelopment Project
Section 1 Description of the Plan and Project  
Name of City and/or County: Jackson  
Name of Plan or Project: I-55 Corridor Redevelopment Project  
Report Period: 10/01/2016 to 09/01/2017  
Name of the person who prepared this annual report: Leslie Seabaugh, SEMO Regional Planning  
Contact Information:    
City or County Contact Agency:  
Phone: 573-243-3568  
Private Sector Developer: Buchheit, Inc.  
Person: Tim Buchheit  
Phone: 573-547-1016  
Original Date Plan/Project Approved:  
Ordinance Number: 3800  
Most Recent Plan Amendment: 07/01/2008  
Ordinance Number: 08-67  
State House District: 146  
State Senate District: 27  
School District Reorganized School District R-2 of Cape Girardeau  
Location:    
Map from Plan to TIFreportingdor.mo.gov1000ft corridor on the north and south sides of East Jackson Boulevard and an approximate 1500 ft corridor west of I-55 from Ridge Road to Klaus Park  
Description of Plan/Project:    
Road and safety improvements, water and sewer, public safety building  
Plan/Project Status: Under Construction
Area Type:  
How was the "but-for" determination made?:    
 
Number of Relocated Residences During This Report Period: 0    
Number of Relocation Businessess During This Report Period: 0    
Number of Parcels Acquired Through Use of Eminent Domain Power During This Report Period: 0    
Identify any business that have relocation to the Redevelopment Area during this report period:    
- None -
Estimate of New Jobs: 875 Actual To Date: 750
Estimate of Retained Jobs: 0 Actual To Date: 0
     
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: $2,230,305.12 Amount on Hand: $605,813.71
    (As of Report Date)  
Economic Activity Taxes (EATs):      
Total received since inception: $5,072,642.77 Amount on Hand: $1,514,534.29
    (As of Report Date)  
       
Total Revenue on hand in the Special Allocation Fund as of Report Date: $2,120,348.00
   
EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF: Total Since Inception: Report Period Only:
Public Infrastructure (streets, utilities, etc): $3,443,360.23 $0.00
Site Development (grading, dirt moving, etc): $0.00 $0.00
Rehab of existing buildings: $0.00 $0.00
Acquisition of land or buildings: $0.00 $0.00
Other: $1,067,203.00 $0.00
AMOUNT PAID ON DEBT SERVICES:    
Payments of principal and interest on outstanding bonded debt:    
Since Inception: $2,292,256.00 This Reporting Period: $0.00
Reimbursement of developer for eligible cost:    
Since Inception: $0.00 This Reporting Period: $0.00
Reimbursement to city/county (or other public entity) for eligible costs:    
Since Inception: $1,067,203.00 This Reporting Period: $0.00
ANTICIPATED TIF REIMBURSEMENT COSTS:    
Public Infrasture and Site Development Costs: $23,300,000.00  
Property Acquisition and Relocation Costs: $1,500,000.00  
Project Implementation Costs: $900,000.00  
Other: $2,800,000.00  
Other: $2,500,000.00  
Total Anticipated TIF Reimbursable Project Costs $33,000,000.00  
     
ANTICIPATED TOTAL PROJECT COSTS: $86,411,523.00  
TIF FINANCING METHOD:  
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: $1,276,780.00  
Assessed valuation added to the redevelopment project: $3,672,350.00  
Anticipated Assessed Value at Time of District Termination: $13,516,891.00  
Total Amount of Base Year EATs: $41,415.62  
Total Amount of Base Year PILOTs: $62,907.00  
Total Annual EATs Anticipated at Time of District Termination: $3,506,257.00  
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: 50%  
Total Years Anticipated to Capture PILOTs: 23