Name of City and/or County:
Jackson
Name of Plan or Project:
The Interstate 55 Corridor Redevelopment Project
Report Period:
10/1/2007 to 9/30/2008
Name of the Person Who Prepared this Annual Report:
Chauncy Buchheit, SEMO RPC
City or County Contact Agency:
Barbara Lohr, Mayor
Private Sector Developer:
Buchheit, Inc.
Original Date Plan/Project Approved:
12/28/1998
Most Recent Plan Amendment:
School District:
Jackson R-2 Schools
Two separate areas: 1) A 1000 ft. corridor on north and south sides of East Jackson Blvd. From the intersection of East jackson with Old Cape Road, east to I-55; 2) A 1500 ft. corridor west of I-55 from Ridge Rd to south bdy of Klaus Park on the south.
Description of Plan/Project:
Improvements to Old Orchard Road, traffic signals at Old Orchard and East Jackson Blvd, new street construction to serve commercial development at the Old Orchard & E. Jackson intersection. An interchange at Main and I-55, water & sewer extensions.
Plan/Project Status:
Under construction
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project financially unfeasible in the market and 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:
875
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:
$582,269.00
Amount on Hand:
$140,580.00
Economic Activity Taxes (EATs):
Total Received since inception:
$1,989,516.00
Amount on Hand:
$498,000.00
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:
Since Inception:
$1,933,205.00
This Reporting Period:
$367,841.00
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:
$27,800,000.00
Property Acquisition and Relocation Costs:
$1,500,000.00
Project Implementation Costs:
$900,000.00
Total Anticipated TIF Reimbursable Project Costs:
$33,000,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$86,411,523.00
TIF FINANCING METHOD:
Not specified
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
23
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$1,164,940.00
Assessed Valuation Added to the Redevelopment Project:
$2,428,390.00
Anticipated Assessed Value at Time of District Termination:
$13,516,891.00
Total Amount of Base Year EATs:
$41,415.62
Total Amount of Base Year PILOTs:
$62,907.00
Total Annual EATs Anticipated at Time of District Termination:
$3,506,257.38
Total Annual PILOTs Anticipated at Time of District Termination:
$3,506,257.38
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
