I-44/US 63 TIF Redevelopment Plan & Project
Section 1 Description of the Plan and Project  
Name of City and/or County: Rolla  
Name of Plan or Project: I-44/US 63 TIF Redevelopment Plan & Project  
Report Period: 10/01/2018 to 09/01/2019  
Name of the person who prepared this annual report: Steffanie Rogers  
Contact Information:    
City or County Contact Agency:  
Phone: 573-426-6980  
Private Sector Developer: Kohls Department Stores, Inc.  
Person: Mark Griepentrog - VP of Property Development  
Phone: 262-703-6854  
Original Date Plan/Project Approved:  
Ordinance Number: 3978  
Most Recent Plan Amendment:  
Ordinance Number:  
State House District: 121  
State Senate District: 16  
School District Rolla School District 31  
Location:    
The I-44/US 63 Redevelopment Area consists of 22.2 acres of land located in close proximity to the I-44/US 63/Sharp Road intersection within northeast Rolla, Missouri. The boundaries of the Redevelopment Area are shown on Plate 1 see attached Redevelopment Area Boundary Map. There are two Redevelopment Project Areas RPA within the overall Redevelopment Area. RPA 1 comprises 8.2 acres and is the location of the Kohls Department store. RPA I required extensive site improvements to make the project viable, warranting public financial assistance. RPA 2 contains 9.3 acres excluding 4.7 acres set aside for public use, and is used as a storage yard for the Citys animal shelter building and road building materials  
Description of Plan/Project:    
The Redevelopment Project is intended to remove certain physical conditions that might qualify the area as blighted in order to facilitate economic development and the physical revitalization of RPI areas 1 and 2. The Redevelopment Plan is composed of strategies to reduce or eliminate blighting conditions and support construction of a 55,000 sq. ft. Kohls store to be located within RPA 1, requiring extensive site improvements. RPA 2 is expected to ultimately support retail or mixed use  
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
None
Estimate of New Jobs: 115 Actual To Date: 88
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: $323,103.00 Amount on Hand: $46,304.00
    (As of Report Date)  
Economic Activity Taxes (EATs):      
Total received since inception: $919,343.00 Amount on Hand: $45,363.00
    (As of Report Date)  
       
Total Revenue on hand in the Special Allocation Fund as of Report Date: $91,667.00
   
EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF: Total Since Inception: Report Period Only:
Public Infrastructure (streets, utilities, etc): $92,869.00 $0.00
Site Development (grading, dirt moving, etc): $2,110,239.00 $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: $1,218,182.00 This Reporting Period: $188,126.00
Reimbursement of developer for eligible cost:    
Since Inception: $54,293.00 This Reporting Period: $0.00
Reimbursement to city/county (or other public entity) for eligible costs:    
Since Inception: $40,000.00 This Reporting Period: $5,000.00
ANTICIPATED TIF REIMBURSEMENT COSTS:    
Public Infrasture and Site Development Costs: $2,050,000.00  
Property Acquisition and Relocation Costs: $1,100,000.00  
Project Implementation Costs: $150.00  
Other: $0.00  
Other: $0.00  
Total Anticipated TIF Reimbursable Project Costs $3,300,000.00  
     
ANTICIPATED TOTAL PROJECT COSTS: $7,695,000.00  
TIF FINANCING METHOD:  
MATURITY OF TIF OBLIGATIONS:    
Original Estimate (# of Years to Retirement): 20  
Current Anticipated Estimate (# of Year to Retirement): 21  
     
ESTIMATED INCREASE IN TAX GENERATION:    
Original assessed value of the redevelopment project: $399,550.00  
Assessed valuation added to the redevelopment project: $1,428,830.00  
Anticipated Assessed Value at Time of District Termination: $2,400,000.00  
Total Amount of Base Year EATs: $0.00  
Total Amount of Base Year PILOTs: $0.00  
Total Annual EATs Anticipated at Time of District Termination: $283,759.00  
Total Annual PILOTs Anticipated at Time of District Termination: $0.00  
Percentage of EATs Captured: 50%  
Total Years Anticipated to Capture EATs: 21
Percentage of PILOTs Captured: 100%  
Total Years Anticipated to Capture PILOTs: 21