Name of City and/or County:
Kansas City
Name of Plan or Project:
11th Street TIF Plan
Report Period:
5/1/2006 to 4/30/2007
Name of the Person Who Prepared this Annual Report:
Drew Kloeppel, Manager, Finance & Records, EDCKC
City or County Contact Agency:
Missy Wilson, VP Development, EDCKC
Private Sector Developer:
11th Street Corridor Redevelopment Corporation
Original Date Plan/Project Approved:
12/10/1992
Most Recent Plan Amendment:
3/24/2005
School District:
Kansas City, MO
Located between 6th Street on the north, Wyandotte Street on the east, 13th & Beeline Streets on the south and I-35 on the west.
Description of Plan/Project:
Rehabilitation of the Centennial Building and the attached parking garage, development of the Catherdral Square Project, including two office buildings and an underground parking garage, upgrade utilities, streetscapes & historic preservation of buildings
Plan/Project Status:
Fully operational
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project unfeasible in the market, required significant public infrastructure investment to remedy existing inadequate conditions and capacity to support development and required parcel assembly and/or relocation costs
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:
1
Identify Any Businesses That Have Relocation to the Redevelopment Area During this Report Period:
Estimate of New Jobs:
895
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:
$7,858,396.48
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$21,138,500.86
Amount on Hand:
$1,747,003.39
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:
$2,545,296.00
$422,256.00
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:
$23,798,288.70
This Reporting Period:
$3,810,998.80
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:
$37,603,516.00
Property Acquisition and Relocation Costs:
$3,325,571.00
Project Implementation Costs:
$2,544,336.00
Total Anticipated TIF Reimbursable Project Costs:
$74,286,300.00
ANTICIPATED TOTAL PROJECT COSTS:
$211,227,003.00
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
18
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$13,912,122.00
Assessed Valuation Added to the Redevelopment Project:
$36,021,327.00
Anticipated Assessed Value at Time of District Termination:
$40,593,380.00
Total Amount of Base Year EATs:
$767,333.00
Total Amount of Base Year PILOTs:
$14,233.00
Total Annual EATs Anticipated at Time of District Termination:
$43,008,476.00
Total Annual PILOTs Anticipated at Time of District Termination:
$1,646,813.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
