Commercial Street TIF
Section 1 Description of the Plan and Project  
Name of City and/or County: Springfield  
Name of Plan or Project: Commercial Street TIF  
Report Period: 01/01/2018 to 12/01/2018  
Name of the person who prepared this annual report: Matt D. Schaefer  
Contact Information:    
City or County Contact Agency:  
Phone: 417-864-1035  
Private Sector Developer: Juliet Mee  
Person: Juliet Mee  
Phone: 417-863-7682  
Original Date Plan/Project Approved:  
Ordinance Number: 25373  
Most Recent Plan Amendment:  
Ordinance Number:  
State House District: 132  
State Senate District: 30  
School District Springfield R-XII  
Location:    
The Commercial Street Redevelopment Area is located in the city center of Springfield, approximately one mile north of Park Central Square. The Area comprises approximately 10 blocks and includes the entire Commercial Street Historic District. The Area is generally bounded by the BNSF railroad to the north, Pacific and Blaine Streets to the south, Douglas Avenue to the west, and Clay Avenue to the east.  
Description of Plan/Project:    
The Commercial Street Redevelopment Plan consists of a private Redevelopment Project professional massage school, day spa, and laundry and Public Improvement Projects undertaken by the City of Springfield. Almost 20 public projects are proposed comprised primarily of public infrastructure improvements with a few programs, such as a rehabilitation loan/grant program, included.  
Plan/Project Status: Fully-Operational
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:    
Name Address Phone Number New or Relocated? Rel. from What City/County
Ace Painting of Springfield 219 E. Commercial Street (417) 631-5383 New
Aesthetics Home 428 W Commercial St 417-299-3536 New Business
AKF Photography 209 W Commercial St 417-351-3260 New Business
Art Market Network 330 E. Commercial Street (877) 824-2519 New
Artivities 209 W Commercial St 417-399-4580 New Business
Bald Brothers Barbeque, LLC 326 E Commercial St 417-761-3969 New Business
Big Red Juice Truck 210 W Commercial St 417-522-3254 New Business
Burch Insurance 305 W Commercial St 417-877-8338 Springfield
Café Cusco 234 E Commercial St 417-868-8088 New Business
Chabom Teas and Spices 209 E Commercial St 417-719-4311 New Business
Clayton, York & Hopp CPAs 305 W. Commercial Street (417) 882-2608 New
Creative Escape Glass 219 W Commercial St 417-693-4991 New Business
Crinklelove 326 E Commercial St 417-310-6802 New Business
Dance With Me 224 E. Commercial Street (417) 869-6789 New
Della's 215 W. Commercial Street (417) 327-6268 New
Distorted Utopia 213 W Commercial St 417-894-7187 New Business
Eurasia Coffee and Tea/C-Street Café 445 E Commercial St 417-268-9100 New Business
Grace Artworks 406 W. Commercial Street (417) 863-0850 Relocated Springfield
Hakaar's Bazaar 217 W Commercial St 417-771-8420 New Business
Johnny Garcia's 338 E Commercial St 417-873-3490 New Business
Moon City Pub 420 W Commercial St 417-315-8146 New Business
Ms. Gilmore's Tea Room and Vintage Suitcase 211 E Commercial St 417-863-6908 New Business
Mystikal Elementz & Treazures 219 E Commercial St 417-689-1200 New Business
nForm Architecture 312 W Commercial St 417-873-2255 Springfield
Pin Up Salon 219 E Commercial St 417-865-3089 New Business
Prixel Creative 311 W Commercial St 417-501-1414 New Business
Red Velvet Art, LLC 211 E Commercial St 417-631-8992 Reopened Business
Red Velvet Cupcakes 217 E. Commercial Street New
Said Yes Films 302 E Commercial St 417-343-5135 New Business
Salon Ba Dazz 332 E. Commercial Street (417) 300-9769 New
Sassy's Goodies 330 E Commercial St 417-597-3943 New Business
Savoy Ballroom 224 E. Commercial Street (417) 865-2255 New
Scotty's Biscotti, Etc 326 E Commercial St 417-830-0426 New Business
Staffing Plus 314 W Commercial St 417-849-6253 New Business
Stuffed 338 E. Commercial Street (417) 501-1055 New
The 1906 Gents 426 W Commercial St 417-812-5638 New Business
The Vecino Group 305 W Commercial St 417-862-8324 New Business
Two Blossom Trade 219 E. Commercial Street (417) 863-8628 Relocated Springfield
Vantage Lawn Care 504 W Commercial St 417-773-1013 New Business
Vintage Suitcase and Tearoom 211 E Commercial St 417-866-7000 New Business
VSE Tenis 400 W Commercial St 417-861-6325 New Business
White River Brewing Company 505 W Commercial St 417-869-1366 New Business
White River Brewing Company 505 W Commercial St 417-869-1366 New Business
Estimate of New Jobs: 0 Actual To Date: 27
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: $887,995.97 Amount on Hand: $557,081.26
    (As of Report Date)  
Economic Activity Taxes (EATs):      
Total received since inception: $25,798.13 Amount on Hand: $16,184.37
    (As of Report Date)  
       
Total Revenue on hand in the Special Allocation Fund as of Report Date: $573,265.63
   
EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF: Total Since Inception: Report Period Only:
Public Infrastructure (streets, utilities, etc): $73,001.05 $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: $19.40 $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: $340,528.67 This Reporting Period: $69,948.47
ANTICIPATED TIF REIMBURSEMENT COSTS:    
Public Infrasture and Site Development Costs: $4,216,000.00  
Property Acquisition and Relocation Costs: $750,000.00  
Project Implementation Costs: $240,000.00  
Other: $250,000.00  
Other: $0.00  
Total Anticipated TIF Reimbursable Project Costs $5,456,000.00  
     
ANTICIPATED TOTAL PROJECT COSTS: $5,456,000.00  
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: $3,710,120.00  
Assessed valuation added to the redevelopment project: $2,799,530.00  
Anticipated Assessed Value at Time of District Termination: $11,346,000.00  
Total Amount of Base Year EATs: $345,502.00  
Total Amount of Base Year PILOTs: $183,602.71  
Total Annual EATs Anticipated at Time of District Termination: $327,791.00  
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