Name of City and/or County:
Joplin
Name of Plan or Project:
1717 Market Place TIF Plan
Report Period:
11/1/2007 to 10/31/2008
Name of the Person Who Prepared this Annual Report:
T. Chris Williams, Esq. (atty for Joplin TIF Comm)
City or County Contact Agency:
Leslie Jones, Finance Director
Private Sector Developer:
1717 Market Place, LLC
Original Date Plan/Project Approved:
1/10/2005
Ordinance Number:
2005-006
Most Recent Plan Amendment:
School District:
Joplin R-VIII School District
Approximately 38.8 acres in an area south of MO-71 Hwy, west of East 15th Street, north of Rex Crossing Road and east of East 20th Street in Joplin.
Description of Plan/Project:
Redevelopment of vacant land and deteriorating buildings into individual retail, commercial and restaurant developments including site preparation, design and construction.
Plan/Project Status:
Fully Operational
How was the "but-for" Determination Made?:
The project required significant public infrastructure investment to remedy existing inadequate conditions.
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:
397
Estimate of Retained Jobs:
200
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$53,388.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$1,080,981.00
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:
$6,242,794.00
$1,060,420.00
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:
$5,623,651.00
Property Acquisition and Relocation Costs:
$1,131,786.00
Project Implementation Costs:
$1,792,429.00
Total Anticipated TIF Reimbursable Project Costs:
$11,675,671.00
ANTICIPATED TOTAL PROJECT COSTS:
$51,365,165.00
TIF FINANCING METHOD:
Pay-as-you-go
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:
$9,113,245.00
Assessed Valuation Added to the Redevelopment Project:
Anticipated Assessed Value at Time of District Termination:
$16,113,245.00
Total Amount of Base Year EATs:
$18,699.00
Total Amount of Base Year PILOTs:
$335,253.10
Total Annual EATs Anticipated at Time of District Termination:
$973,585.00
Total Annual PILOTs Anticipated at Time of District Termination:
$229,775.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
