I-55/McNutt Street TIF Redevelopment Plan
Section 1 Description of the Plan and Project  
Name of City and/or County: Herculaneum  
Name of Plan or Project: I-55/McNutt Street TIF Redevelopment Plan  
Report Period: 07/01/2017 to 06/01/2018  
Name of the person who prepared this annual report: Jim Kasten  
Contact Information:    
City or County Contact Agency:  
Phone: 636-475-4447  
Private Sector Developer: Herculaneum Development Inc.  
Person: Curtis D. Francois  
Phone:  
Original Date Plan/Project Approved:  
Ordinance Number: 038-2007  
Most Recent Plan Amendment:  
Ordinance Number:  
State House District: 114  
State Senate District: 22  
School District Dunklin R-V School District  
Location:    
The proposed redevelopment area contains approximately 80 acres and is located at the northeast corner of the McNutt Street and Interstate 55 interchange.  
Description of Plan/Project:    
The Redevelopment Plan envisions the redevelopment of the Redevelopment Area to accommodate 1 approximately 312,000 square feet of new commercial space, 2 development of 10 commercial outlots and 3 an approximately 92-room hotel.  
Plan/Project Status: Starting-Up
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: 0 Actual To Date: 0
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: $0.00 Amount on Hand: $0.00
    (As of Report Date)  
Economic Activity Taxes (EATs):      
Total received since inception: $0.00 Amount on Hand: $0.00
    (As of Report Date)  
       
Total Revenue on hand in the Special Allocation Fund as of Report Date: $0.00
   
EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF: Total Since Inception: Report Period Only:
Public Infrastructure (streets, utilities, etc): $0.00 $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: $0.00 $0.00
AMOUNT PAID ON DEBT SERVICES:    
Payments of principal and interest on outstanding bonded debt:    
Since Inception: $0.00 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: $0.00 This Reporting Period: $0.00
ANTICIPATED TIF REIMBURSEMENT COSTS:    
Public Infrasture and Site Development Costs: $31,300,000.00  
Property Acquisition and Relocation Costs: $800,000.00  
Project Implementation Costs: $1,900,000.00  
Other: $3,000,000.00  
Other: $0.00  
Total Anticipated TIF Reimbursable Project Costs $37,000,000.00  
     
ANTICIPATED TOTAL PROJECT COSTS: $103,681,000.00  
TIF FINANCING METHOD:  
MATURITY OF TIF OBLIGATIONS:    
Original Estimate (# of Years to Retirement): 0  
Current Anticipated Estimate (# of Year to Retirement): 0  
     
ESTIMATED INCREASE IN TAX GENERATION:    
Original assessed value of the redevelopment project: $663,024.00  
Assessed valuation added to the redevelopment project: $0.00  
Anticipated Assessed Value at Time of District Termination: $18,299,182.00  
Total Amount of Base Year EATs: $22,186.00  
Total Amount of Base Year PILOTs: $40,767.00  
Total Annual EATs Anticipated at Time of District Termination: $6,813,933.00  
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