Name of City and/or County:
Joplin
Name of Plan or Project:
North Park Crossing TIF Plan
Report Period:
11/1/2007 to 10/31/2008
Name of the Person Who Prepared this Annual Report:
T. Chris Williams, Esq. (atty for Joplin TIF Comm)
City or County Contact Agency:
Leslie Jones, Finance Director
Private Sector Developer:
North Park Crossing, LC
Person:
Jeffrey L. Ungerer
Original Date Plan/Project Approved:
6/7/2004
Ordinance Number:
2004-134
Most Recent Plan Amendment:
School District:
Joplin R-VIII School District
Approximately 31.08 acres south of 3rd Street, west of Rolling Acres Addition Subdivision, north of East 7th Street and east of MO-71 Hwy in Joplin, MO
Description of Plan/Project:
Development will occur in several Redevelopment Project Areas within the larger project site and will feature development in accordance with city goals for infill retail development within a larger retail and commercial neighborhood.
Plan/Project Status:
Fully Operational
How was the "but-for" Determination Made?:
The project required significant public infrastructure investment to remedy existing inadequate conditions.
Number of Relocated Residences During This Report Period:
10
Number of Relocated Businesses During This Report Period:
1
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:
700
Estimate of Retained Jobs:
97
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$323,703.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$1,670,654.00
Amount on Hand:
$0.00
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:
This Reporting Period:
$0.00
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:
$8,070,900.00
Property Acquisition and Relocation Costs:
$1,450,000.00
Project Implementation Costs:
$275,000.00
Total Anticipated TIF Reimbursable Project Costs:
$9,795,900.00
ANTICIPATED TOTAL PROJECT COSTS:
$60,167,947.00
TIF FINANCING METHOD:
Pay-as-you-go
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
Current Anticipated Estimate (# of Year to Retirement):
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$2,156,360.00
Assessed Valuation Added to the Redevelopment Project:
Anticipated Assessed Value at Time of District Termination:
$8,000,000.00
Total Amount of Base Year EATs:
$100,476.00
Total Amount of Base Year PILOTs:
$77,366.10
Total Annual EATs Anticipated at Time of District Termination:
$938,817.00
Total Annual PILOTs Anticipated at Time of District Termination:
$229,153.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
