Name of City and/or County:
Maryville
Name of Plan or Project:
Maryville Town Center Redevelopment Area 1 TIF
Report Period:
10/1/2007 to 9/30/2008
Name of the Person Who Prepared this Annual Report:
Matthew S. LeCerf
City or County Contact Agency:
Matthew S. LeCerf, City Manager
Private Sector Developer:
Maryville Partners, LLC
Person:
David 'DJ' J. Christie
Original Date Plan/Project Approved:
2/28/2005
Most Recent Plan Amendment:
School District:
Maryville R-II
Property includes S. Main Street road ROW west of and including 1107 - 1411 S. Main, bounded on the east by Deluxe Manufacturing, on the south by Wal-Mart and on the north by the South Avenue ROW in Maryville, MO.
Description of Plan/Project:
Demolition of two existing large buildings and construction of one large anchor building of 48,000sf, a junior anchor space of 11,090sf, renovation of an existing retail strip facility of 7 store spaces, construction of a new 2800sf convenience store.
Plan/Project Status:
Fully Operational
Area Type:
Blight; Economic Development
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project financially unfeasible in the market.
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:
$101,387.00
Amount on Hand:
$35,417.00
Economic Activity Taxes (EATs):
Total Received since inception:
$129,229.00
Amount on Hand:
$31,799.00
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:
$439,060.00
This Reporting Period:
$173,046.00
Reimbursement of developer for eligible cost:
Since Inception:
$1,950,000.00
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:
$705,000.00
Property Acquisition and Relocation Costs:
$1,000,000.00
Project Implementation Costs:
$45,000.00
Total Anticipated TIF Reimbursable Project Costs:
$1,950,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$7,531,000.00
TIF FINANCING METHOD:
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:
$483,800.00
Assessed Valuation Added to the Redevelopment Project:
$1,586,787.00
Anticipated Assessed Value at Time of District Termination:
$3,327,741.00
Total Amount of Base Year EATs:
$138,733.00
Total Amount of Base Year PILOTs:
$18,069.00
Total Annual EATs Anticipated at Time of District Termination:
$250,044.00
Total Annual PILOTs Anticipated at Time of District Termination:
$166,476.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
