View Tif

Section 1: Description of the Plan and Project

Name of City and/or County:

Miner

Name of Plan or Project:

Miner Gateway Redevelopment Project

Report Period:

9/1/2018 to 8/1/2019

Name of the Person Who Prepared this Annual Report:

Darren Skinner

Contact Information:

City or County Contact Agency:

Phone:

573-471-8520

Private Sector Developer:

Drury Development Corporation

Person:

Rachel Wencewicz

Phone:

314-423-6698

Original Date Plan/Project Approved:

Ordinance Number:

910

Most Recent Plan Amendment:

Ordinance Number:

State House District:

148

State Senate District:

School District:

Sikeston R-6 School District

Location:

The Redevelopment Area is generally located at the intersection of Interstate 55 and US Highway 62 in the city limits of Miner, Missouri.

Description of Plan/Project:

Demolition of old blighted hotel and construction of a new Drury Hotel and complimentary commercial properties and infrastructure improvements.

Plan/Project Status:

Fully-Operational

Area Type:

How was the "but-for" Determination Made?:

Number of Relocated Residences During This Report Period:

Number of Relocated Businesses During This Report Period:

Number of Parcels Acquired Through Use of Eminent Domain Power During This Report Period:

Identify Any Businesses That Have Relocation to the Redevelopment Area During this Report Period:

- None -

Estimate of New Jobs:

Actual To Date:

Estimate of Retained Jobs:

Actual To Date:

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:

$915,054.92

Amount on Hand:
(As of Report Date)

$0.00

Economic Activity Taxes (EATs):

Total Received since inception:

$1,527,413.78

Amount on Hand:
(As of Report Date)

$0.00

Total Revenue on hand in the Special Allocation Fund as of Report Date:

$0.00

EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF:

Total Since Inception:

Report Period Only:

Public Infrastructure (streets, utilities, etc):

$900,000.00

$0.00

Site Development (grading, dirt moving, etc):

$0.00

Rehab of Existing Buildings:

$0.00

Acquisition of Land or Buildings:

$0.00

Other:

$250,000.00

$0.00

AMOUNT PAID ON DEBT SERVICES:

Payments of principal and interest on outstanding bonded debt:

Since Inception:

$2,287,073.02

This Reporting Period:

$53,591.43

Reimbursement of developer for eligible cost:

Since Inception:

$2,100,000.00

This Reporting Period:

$0.00

Reimbursement to city/county (or other public entity) for eligible costs:

Since Inception:

$0.00

This Reporting Period:

$0.00

ANTICIPATED TIF REIMBURSEMENT COSTS:

Public Infrasture and Site Development Costs:

$900,000.00

Property Acquisition and Relocation Costs:

$950,000.00

Project Implementation Costs:

$250,000.00

Other:

$0.00

Other:

$0.00

Total Anticipated TIF Reimbursable Project Costs:

$2,100,000.00

ANTICIPATED TOTAL PROJECT COSTS:

$15,050,000.00

TIF FINANCING METHOD:

MATURITY OF TIF OBLIGATIONS:

Original Estimate (# of Years to Retirement):

Current Anticipated Estimate (# of Year to Retirement):

ESTIMATED INCREASE IN TAX GENERATION:

Original Assessed Value of the Redevelopment Project:

$660,900.00

Assessed Valuation Added to the Redevelopment Project:

$1,807,150.00

Anticipated Assessed Value at Time of District Termination:

$2,468,050.00

Total Amount of Base Year EATs:

$41,640.00

Total Amount of Base Year PILOTs:

$32,037.00

Total Annual EATs Anticipated at Time of District Termination:

$33,333.00

Total Annual PILOTs Anticipated at Time of District Termination:

$0.00

Percentage of EATs Captured:

50%

Total Years Anticipated to Capture EATs:

Percentage of PILOTs Captured:

100%

Total Years Anticipated to Capture PILOTs:

The Office of Missouri State Auditor

Scott Fitzpatrick

Miner Gateway Redevelopment Project

Section 1: Description of the Plan and Project

- None -

Section 2: Tax Increment Financing Revenues