Name of City and/or County:
Jackson
Name of Plan or Project:
The Interstate 55 Corridor Redevelopment Project
Report Period:
10/1/2006 to 9/30/2007
Name of the Person Who Prepared this Annual Report:
Chauncy Buchheit, SEMO RPC
City or County Contact Agency:
Barbara Lohr, Mayor, City of Jackson, MO
Private Sector Developer:
Buchheit, Inc.
Original Date Plan/Project Approved:
12/28/1998
Most Recent Plan Amendment:
School District:
Jackson R-2
A 1000 ft. tract on both sides of East Jackson Boulevard from the E. Jackson intersection with Old Cape Rd, east to I-55 and a 1500 ft tract west of I-55 from Ridge Rd on the north to the south boundary of Klaus Park on the south
Description of Plan/Project:
Improvements to Old Cape Road, traffic signals at Old Orchard Rd and East Jackson Boulevard, street construction serving commercial development at E. Jackson & Old Orchard, water & sewer construction; improvements to I-55 E. Jackson interchange.
Plan/Project Status:
Seeking developer
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project financially unfeasible in the market
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 New Jobs:
875
Estimate of Retained Jobs:
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$460,662.00
Amount on Hand:
$103,984.00
Economic Activity Taxes (EATs):
Total Received since inception:
$1,574,704.00
Amount on Hand:
$366,018.00
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):
Rehab of Existing Buildings:
Acquisition of Land or Buildings:
AMOUNT PAID ON DEBT SERVICES:
Payments of principal and interest on outstanding bonded debt:
Since Inception:
$1,565,364.00
This Reporting Period:
$304,353.00
Reimbursement of developer for eligible cost:
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
This Reporting Period:
$0.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$27,800,000.00
Property Acquisition and Relocation Costs:
$1,500,000.00
Project Implementation Costs:
$900,000.00
Total Anticipated TIF Reimbursable Project Costs:
$33,000,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$86,411,523.00
TIF FINANCING METHOD:
Pay-as-you-go; TIF Bond; TIF Notes;
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:
$1,164,940.00
Assessed Valuation Added to the Redevelopment Project:
$2,050,760.00
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:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$3,506,257.38
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
