Name of City and/or County:
Kansas City
Name of Plan or Project:
11th Street TIF Plan
Report Period:
5/1/2018 to 4/1/2019
Name of the Person Who Prepared this Annual Report:
Sandra L. Rayford
City or County Contact Agency:
Private Sector Developer:
11th Street Corridor Redevelopment Corporation
Original Date Plan/Project Approved:
Most Recent Plan Amendment:
10/01/2018
School District:
Kansas City, MO
The plan area as amended through the 10th Amendment is generally bounded by 6th & 7th Streets on the north, 14th Street on the south, Broadway Boulevard and Wyandotte Street on the east and Pennsylvania Avenue and Summit Street on the west.
Description of Plan/Project:
The plan as amended through the 12th Amendment propose rehabilitation of the Centennial Building and attached garage, development of the Cathedral Square project with two office bldgs and underground parking, historic preservation including 1021, 1029, & 1032 Pennsylvania Ave and 1021, 1025, & 1033 Jefferson Street and Renovation existing structures for office space, rehabilitation & renovation of Thayer Place, the Poindexter Bldg, 700 central Bldg and the Lyric Bldg, & development of additional office, commercial, & residential space, including additional parking and utility and streetscape improvements.
Plan/Project Status:
Fully-Operational
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 New Jobs:
895
Estimate of Retained Jobs:
2100
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$30,060,000.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$65,970,000.00
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):
Rehab of Existing Buildings:
Acquisition of Land or Buildings:
$3,250,000.00
$219,673.00
AMOUNT PAID ON DEBT SERVICES:
Payments of principal and interest on outstanding bonded debt:
This Reporting Period:
$0.00
Reimbursement of developer for eligible cost:
Since Inception:
$79,950,000.00
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:
$890,558.00
Property Acquisition and Relocation Costs:
$8,421,127.00
Project Implementation Costs:
$3,294,965.00
Total Anticipated TIF Reimbursable Project Costs:
$102,274,030.00
ANTICIPATED TOTAL PROJECT COSTS:
$267,936,524.00
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
0
Current Anticipated Estimate (# of Year to Retirement):
0
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$8,225,129.00
Assessed Valuation Added to the Redevelopment Project:
$28,655,599.00
Anticipated Assessed Value at Time of District Termination:
$39,875,207.00
Total Amount of Base Year EATs:
$766,540.00
Total Amount of Base Year PILOTs:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$2,446,199.00
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
