Name of City and/or County:
Cabool
Name of Plan or Project:
Cabool Tax Increment Financing Redevelopment
Report Period:
10/1/2005 to 9/30/2008
Name of the Person Who Prepared this Annual Report:
Kim Elliott
City or County Contact Agency:
Kim Elliott, City Clerk
Private Sector Developer:
No private sector developer
Original Date Plan/Project Approved:
6/21/1993
Most Recent Plan Amendment:
School District:
Cabool R-4
Multiple large areas in Cabool between the BNSF right-of-way and US Hwy 60, in the downtown Cabool area north of the RR tracks and smaller tracts in the northwest, north, northeast and southeast fringe areas of the city.
Description of Plan/Project:
Designation of multiple sites in the city of Cabool as TIF areas for private redevelopment. TIF would be available to developers as an incentive subsidy, but developers would up-front their resources to fully build out their projects.
Plan/Project Status:
Fully operational
Area Type:
Blight, Conservation & Economic Development
How was the "but-for" Determination Made?:
Unusual/extraordinary costs in the form of competition of large retail facilities in neighboring communities make the projects unfeasible in the market without incentive assistance.
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:
111
Estimate of Retained Jobs:
25
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:
$101,738.79
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:
Since Inception:
$72,149.79
This Reporting Period:
$20,456.65
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:
$0.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$0.00
ANTICIPATED TOTAL PROJECT COSTS:
$0.00
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):
8
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$2,260,150.00
Assessed Valuation Added to the Redevelopment Project:
$931,790.00
Anticipated Assessed Value at Time of District Termination:
$2,735,000.00
Total Amount of Base Year EATs:
$215,000.00
Total Amount of Base Year PILOTs:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$300,000.00
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
