Name of City and/or County:
St. Charles
Name of Plan or Project:
Elm Point Redevelopment Area Phase I & II
Report Period:
1/1/2008 to 12/31/2008
Name of the Person Who Prepared this Annual Report:
Karen D. McDermott
City or County Contact Agency:
Michael Spurgeon, Director of Administration
Private Sector Developer:
Elm Point Investments; Phase II: M B Properties
Original Date Plan/Project Approved:
10/2/1996
Most Recent Plan Amendment:
School District:
Orchard Farm School Dist.
Approximately 280 mostly vacant acres located in the northern part of St. Charles city.
Description of Plan/Project:
The plan includes site elevation, utility placement, stormwater detention and internal roadway improvements. Additionally, remediation of a lime detention basin on the site.
Plan/Project Status:
Under Construction
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project financially unfeasible in the market, 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 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:
$5,780,787.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$46,414.00
Amount on Hand:
$4,346.00
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:
$4,706,294.00
This Reporting Period:
$1,162,891.00
Reimbursement of developer for eligible cost:
Since Inception:
$10,840,000.00
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$1,123,476.00
This Reporting Period:
$231,601.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$5,771,500.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$406,000.00
Total Anticipated TIF Reimbursable Project Costs:
$14,177,500.00
ANTICIPATED TOTAL PROJECT COSTS:
$99,724,668.00
TIF FINANCING METHOD:
TIF Notes
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:
$109,610.00
Assessed Valuation Added to the Redevelopment Project:
$21,782,030.00
Anticipated Assessed Value at Time of District Termination:
$30,443,910.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$75,000.00
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
