Name of City and/or County:
Poplar Bluff
Name of Plan or Project:
Eight Points Tax Increment Financing Redev Plan
Report Period:
1/1/2017 to 12/1/2017
Name of the Person Who Prepared this Annual Report:
Mark Massingham
City or County Contact Agency:
Private Sector Developer:
EIGHT POINTS DEVELOPMENT LLC
Original Date Plan/Project Approved:
Most Recent Plan Amendment:
State House District:
152 and 153
School District:
Poplar Bluff R-I School District
The Redevelopment Area totals approximately 92 acres of land and is generally bordered by Interstate State Highway 67 Business and Interstate State Highway 67 By-Pass to the north, east and west and by Oak Grove Road to the south.
Description of Plan/Project:
The purpose of the Plan was to establish a comprehensive program for the redevelopment of the Redevelopment Area to reduce or eliminate certain conditions, the existence of which qualified the Redevelopment Area as a Blighted Area and to enhance the tax base of the taxing districts within area. The Project included demolition and removal of existing buildings and construction of new retail and commercial buildings and related site improvements. The major anchor tenants are Menards, Acedemy Sports and Wal-Mart Neighborhood Market.
Plan/Project Status:
Under Construction
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 Retained Jobs:
0
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$222,709.65
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$2,840,776.10
Amount on Hand:
$0.00
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):
$1,546,263.81
$317,363.99
Rehab of Existing Buildings:
Acquisition of Land or Buildings:
$11,392,465.98
$159,924.37
AMOUNT PAID ON DEBT SERVICES:
Payments of principal and interest on outstanding bonded debt:
Since Inception:
$3,263,485.30
This Reporting Period:
$1,582,240.86
Reimbursement of developer for eligible cost:
Since Inception:
$14,983,281.99
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$498,755.78
This Reporting Period:
$0.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$3,500,000.00
Property Acquisition and Relocation Costs:
$28,000,000.00
Project Implementation Costs:
$3,500,000.00
Total Anticipated TIF Reimbursable Project Costs:
$35,000,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$123,500,000.00
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
18
Current Anticipated Estimate (# of Year to Retirement):
18
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$2,559,240.00
Assessed Valuation Added to the Redevelopment Project:
$9,094,220.00
Anticipated Assessed Value at Time of District Termination:
$9,205,052.00
Total Amount of Base Year EATs:
$128,721.00
Total Amount of Base Year PILOTs:
$108,713.00
Total Annual EATs Anticipated at Time of District Termination:
$1,535,703.00
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
