Name of City and/or County:
Joplin
Name of Plan or Project:
Recovery TIF
Report Period:
11/1/2018 to 10/1/2018
Name of the Person Who Prepared this Annual Report:
Leslie Haase
City or County Contact Agency:
Private Sector Developer:
Joplin Redevelopment Corporation
Original Date Plan/Project Approved:
Ordinance Number:
Ordinance No. 2012-230
Most Recent Plan Amendment:
School District:
Joplin R-VIII School District
Approximately 3,100 acres of property within the City generally bordered by various streets including 26th Street, 20th Street, 18th Street, B Street, Murphy Boulevard, Campbell Parkway, and 12th Street to the north various streets including South Rangeline Road to the east various streets including 32nd Street to the south and various streets including Schifferdecker, Wall Avenue, Byers Avenue, and the Joplin City limits to the west.
Description of Plan/Project:
Following an EF-5 tornado that damaged or destroyed 30 of the community, the Redevelopment Plan called for the redevelopment of the approximate 3,100 acres in order to facilitate the recovery and economic revitalization of the area. The projects included land acquisition, market rate housing, affordable housing, and a new library.
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 New Jobs:
1299
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:
$6,732,817.48
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$6,515,584.62
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:
AMOUNT PAID ON DEBT SERVICES:
Payments of principal and interest on outstanding bonded debt:
Since Inception:
$12,588,098.48
This Reporting Period:
$3,603,580.33
Reimbursement of developer for eligible cost:
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$258,632.68
This Reporting Period:
$112,199.90
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$8,000,000.00
Property Acquisition and Relocation Costs:
$30,000,000.00
Project Implementation Costs:
$250,000.00
Total Anticipated TIF Reimbursable Project Costs:
$42,000,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$807,000,000.00
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
20
Current Anticipated Estimate (# of Year to Retirement):
8
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$80,933,420.00
Assessed Valuation Added to the Redevelopment Project:
$40,408,970.00
Anticipated Assessed Value at Time of District Termination:
$172,993,691.00
Total Amount of Base Year EATs:
$5,919,812.00
Total Amount of Base Year PILOTs:
$3,662,732.00
Total Annual EATs Anticipated at Time of District Termination:
$646,100.00
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
