Name of City and/or County:
Mound City
Name of Plan or Project:
Mound City Tax Increment Financing District
Report Period:
7/1/2008 to 6/30/2009
Name of the Person Who Prepared this Annual Report:
Patsy Smith
City or County Contact Agency:
Patsy Smith, City Clerk
Private Sector Developer:
Various
Original Date Plan/Project Approved:
8/30/2002
Ordinance Number:
1000 & 1002
Most Recent Plan Amendment:
4/5/2004
School District:
Mound City R-II District
Located in downtown Mound City on both sides of State Street and Nebraska Street, areas bounded by 3rd Street to 5th Street between State & Nebraska streets, areas west of State St. and north of Hwy 118 and all areas west of I-29 in Mound City.
Description of Plan/Project:
Installation of utilities and related infrastructure, commercial/retail buildings and associated improvements in the area as well as other costs associated with blight elimination.
Plan/Project Status:
Fully Operational
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 Retained Jobs:
49
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$0.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$317,195.38
Amount on Hand:
$15,035.78
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:
This Reporting Period:
$0.00
Reimbursement of developer for eligible cost:
Since Inception:
$293,270.63
This Reporting Period:
$66,159.48
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$8,888.96
This Reporting Period:
$1,037.30
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$4,117.66
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$802.40
Total Anticipated TIF Reimbursable Project Costs:
$822,989.01
ANTICIPATED TOTAL PROJECT COSTS:
$1,136,102.20
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
15
Current Anticipated Estimate (# of Year to Retirement):
16
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$93,030.00
Assessed Valuation Added to the Redevelopment Project:
$234,000.00
Anticipated Assessed Value at Time of District Termination:
$468,604.00
Total Amount of Base Year EATs:
$1,230.13
Total Amount of Base Year PILOTs:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$122,832.00
Total Annual PILOTs Anticipated at Time of District Termination:
$0.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
18
Percentage of PILOTs Captured:
0%
Total Years Anticipated to Capture PILOTs:
0
