Name of City and/or County:
Herculaneum
Name of Plan or Project:
I-55/McNutt Street Tax Increment Financing
Report Period:
7/1/2018 to 6/1/2019
Name of the Person Who Prepared this Annual Report:
Jim Kasten
City or County Contact Agency:
Private Sector Developer:
Herculaneum Development Inc.
Person:
Curtis D. Francois
Original Date Plan/Project Approved:
Ordinance Number:
038-2007
Most Recent Plan Amendment:
School District:
Dunklin R-V School District
The proposed redevelopment area contains approximately 80 acres and is located at the northeast corner of McNutt Street and Interstate 55 interchange.
Description of Plan/Project:
The Redevelopment Plan envisions the redevelopment of the Redevelopment Area to accommodate 1 approximately 312,000 square feet of new commercial space, 2 development of 10 commercial outlots and 3 an approximately 92-room hotel.
Plan/Project Status:
Starting-Up
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 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:
$0.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$0.00
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:
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:
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:
$31,300,000.00
Property Acquisition and Relocation Costs:
$800,000.00
Project Implementation Costs:
$1,900,000.00
Total Anticipated TIF Reimbursable Project Costs:
$37,000,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$103,681,000.00
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:
$663,024.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$18,299,182.00
Total Amount of Base Year EATs:
$22,186.00
Total Amount of Base Year PILOTs:
$40,767.00
Total Annual EATs Anticipated at Time of District Termination:
$6,813,933.00
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
