Name of City and/or County:
Jackson
Name of Plan or Project:
The Interstate 55 Corridor Redevelopment Project
Report Period:
10/1/2008 to 9/30/2009
Name of the Person Who Prepared this Annual Report:
Chauncy Buchheit, SEMO RPC Ex. Dir.
City or County Contact Agency:
Barbara Lohr, Mayor, City of Jackson
Private Sector Developer:
Buchheit, Inc.
Original Date Plan/Project Approved:
12/28/1998
Most Recent Plan Amendment:
7/21/2008
School District:
Jackson R-2
Two separate areas including a 1000 ft. corridor on the north and south sides of E. Jackson Blvd between Old Cape Rd. and I-55 and a 1500 ft. corridor west of I-55 from Ridge Rd to the southern boundary of Klaus Park, both areas within the city of Jackson
Description of Plan/Project:
Road improvements to Old Orchard Rd including traffic signals, access roads for commercial properties, water & sewer facility construction, Improvements to I-55 interchange at E. Jackson Blvd and extension of Old Orchard Rd.
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 and capacity to support development.
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:
$705,324.00
Amount on Hand:
$178,263.00
Economic Activity Taxes (EATs):
Total Received since inception:
$2,255,476.00
Amount on Hand:
$558,358.00
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:
$2,224,179.00
This Reporting Period:
$290,974.00
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:
Pay-as-you-go; TIF Notes; TIF Bond
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:
$1,276,780.00
Assessed Valuation Added to the Redevelopment Project:
$2,446,960.00
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:
$661,000.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
