Peach Tree Plaza Redevelopment Plan and Project
Section 1 Description of the Plan and Project  
Name of City and/or County: Hillsboro  
Name of Plan or Project: Peach Tree Plaza Redevelopment Plan and Project  
Report Period: 10/01/2017 to 09/01/2018  
Name of the person who prepared this annual report: Jesse W. Wallis  
Contact Information:    
City or County Contact Agency:  
Phone: 6367973334  
Private Sector Developer: B. L. & Z. Investments, LLC  
Person: David E. Mangelsdorf  
Phone: 6364645266  
Original Date Plan/Project Approved:  
Ordinance Number: 17-11  
Most Recent Plan Amendment:  
Ordinance Number:  
State House District: 110  
State Senate District: 22  
School District Hillsboro R-3  
Location:    
Please see Exhibit B to the copy of the Redevelopment Plan attached to the 2011 Annual Report  
Description of Plan/Project:    
The Redevelopment Plan proposes the redevelopment of the area for use as a mixed-use development with a blend of commercial, retail, office and professional service tenants or owners, and possibly one or more residential apartment buildings.  
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: 50 Actual To Date: 50
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: $279,838.16 Amount on Hand: $0.00
    (As of Report Date)  
Economic Activity Taxes (EATs):      
Total received since inception: $527,203.55 Amount on Hand: $38,379.12
    (As of Report Date)  
       
Total Revenue on hand in the Special Allocation Fund as of Report Date: $38,379.12
   
EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF: Total Since Inception: Report Period Only:
Public Infrastructure (streets, utilities, etc): $1,027,521.42 $0.00
Site Development (grading, dirt moving, etc): $1,163,348.39 $0.00
Rehab of existing buildings: $0.00 $0.00
Acquisition of land or buildings: $0.00 $0.00
Other: $288,277.03 $0.00
AMOUNT PAID ON DEBT SERVICES:    
Payments of principal and interest on outstanding bonded debt:    
Since Inception: $553,757.02 This Reporting Period: $163,518.74
Reimbursement of developer for eligible cost:    
Since Inception: $2,479,146.84 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: $3,102,000.00  
Property Acquisition and Relocation Costs: $0.00  
Project Implementation Costs: $700,000.00  
Other: $200,000.00  
Other: $0.00  
Total Anticipated TIF Reimbursable Project Costs $4,002,000.00  
     
ANTICIPATED TOTAL PROJECT COSTS: $23,552,000.00  
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: $195,000.00  
Assessed valuation added to the redevelopment project: $704,200.00  
Anticipated Assessed Value at Time of District Termination: $5,049,229.00  
Total Amount of Base Year EATs: $0.00  
Total Amount of Base Year PILOTs: $21,171.00  
Total Annual EATs Anticipated at Time of District Termination: $287,350.00  
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