tax increment financing 2013 annual report
TRANSCRIPT
Tax Increment Financing2013 Annual Report
Table of Contents Page
Introduction, Commission Members, Certification by Mayor 1
2013 TIF Projects 7 Highway and 40 Highway - Project A 2 7 Highway and 40 Highway - Project B 7 7 Highway and 40 Highway - Project C 11 Adams Farm - Projects A, B, C 21 Copperleaf Village Shopping Center 35 Fall Creek 44 Woods Chapel - Project 1 54 Woods Chapel - Project 2 58 Woods Chapel - Project 3 62
2013 Financial Statements Statement of Revenues, Expenditures and Changes in Fund Balance 69 Balance Sheet 77
NOTES:
Audited Data
Sales Taxes2009.01.01 - 1/2% Central Jackson County Fire Protection District Sales Tax became effective. No sunset.2011.10.01 - 1/2% Public Safety Sales Tax became effective. No sunset.2012.01.01 - 1/8% Zoo District Tax became effective. No sunset.
Property TaxesThe State Blind Pension Fund is exempt from PILOTS (payments in lieu of taxes) per Missouri statute.
The FY 2013 financial data in this report is unaudited. The City's fiscal year ends September 30, 2013 and the TIF Annual Report is due November 15, 2013. Audited financial data will not be available until January 2014. Any audit changes in the data reported for the current year will be reflected in the report in the following year.
City of Blue Springs, MissouriTax Increment Financing
2013 Annual Report
The following sales taxes are exempt from TIF: State sales tax, Stadium Sales Tax, State Proposition C sales
1
Section 1 - Description of the Plan and Project
1
23
4
5 Contact Information
(a) City Contact Agency(b)(c)(d)(e)(f)(g)(h)(i)(j)
6
7
8
9
10
11
12
13 General location of Area or Project Area:
14 Description of Plan/Project:
15 Plan/Project Status:
(a) [ ] Starting Up (d) [X ] Fully-Operational (b) [ ] Seeking Developer (e) [ ] Inactive(c) [ ] Under Construction (f) [ ] District Dissolved
Approximately 35 acres generally located at the Northeast and Southeast corners of the U.S. Highway 40 and Missouri Highway 7 intersection.
The amended plan proposes to remediate blighting conditions in three Redevelopment Project Areas - Project Area A (currently existing Hy-Vee), Project Area B (former Wal-Mart), and Project Area C (former K-Mart). Project Area A (currently existing Hy-Vee) is big box store with approximately 65,520 square feet and an adjacent 13,000 square foot strip retail facility that will be renovated to accomodate retail, restaurant and other commercial uses. Project Area B (former Wal-Mart) is big box store with approximately 130,000 square feet that will be renovated to accomodate new retail businesses and development of two pad sites along Missouri 7 Highway to locate restaurant and bank uses. Project Area C (former K-Mart) is a big box store wtih approximately 84,255 square feet that will be renovated to accomodate a new Hy-Vee grocery store and construction of necessary infrastructure, parking and landscaping.
Name of Municipality that approved the TIF Plan or Project
816-228-0106
State House District
State Senate District
School District
55
8
Blue Springs R-IV
[email protected] Springs Developers, Inc., c/o The R.H. Johnson Company
City of Blue Springs, Missouri2013 Tax Increment Financing Annual Report
City of Blue Springs, Missouri
E-mail Address
PersonCity of Blue Springs Finance Department
Karen Van Winkle, Director of Finance
816-228-0204
Name of Plan or ProjectReport Period
Name of person who prepared this Annual Report Rebecca Smith
7 Highway and 40 Highway Tax Increment Financing Redevelopment Plan, Project A
October 1, 2012 to September 30, 2013
816-561-5111816-561-5551
Bob Johnson
Phone
E-mail AddressPrivate Sector DeveloperPersonPhoneFax
Fax
June 18, 2007
4073
Ordinance Number (if available)
Ordinance Number (if available)
August 16, 2010
4308
Original Date Plan/Project Approval
Most Recent Plan Amendment (if any)
2
16 Area Type:
(a) [X] Blight(b) [ ] Conservation(c) [ ] Economic Development
17 How was the "But-For" determination made?
(a) [X ] Project had unusual/extraordinary costs that made the project financially unfeasible in the market place.(b) [ ] Project required significant public infrastructure investment to remedy existing inadequate conditions.(c) [ ] Project required significant public infrastructure to construct adequate capacity to support the project.(d) [ ] Project required parcel assembly and/or relocation costs.(e) [ ] Other (describe):
18 Major Development Obstacles to be Overcome:
19 Briefly describe the Project's Public Benefits:
20 Description of Agreements with the Developer:
21 Description of any agreements with the affected taxing districts:
Assignment and Assumption Agreement between the R.H. Johnson Company and Hy-Vee, Inc. assigning development rights to Hy-Vee, Inc. for Project C, 9/2/10.
Ordinance 4362 - Project C activated, 11/07/11.
Ordinance 4074 - Project B activated, 6/18/07.
The Blue Springs R-IV School District will receive from the Special Allocation Fund, prior to payment of reimbursable project costs or obligations, a distribution of 10% of the School District's then existing mill levy multiplied by the annual increase in assessed value of real property within each Redevelopment Project Area over the Total Initial Equalized Assessed Value of real property within each Redevelopment Project Area.
Resolution 99-2007 - Assignment and Assumption Agreement between the City and The R.H. Johnson Company, WMBS Holdings, Inc. for Redevelopment Project B, 9/5/07.
Ordinance 4093 - Redevelopment Agreement for Project Area A between the City and The R.H. Johnson Company, 9/5/07.
Ordinance 4094 - Redevelopment Agreement for Project Area B between the City and The R.H. Johnson Company, 9/5/07.
Resolution 107-2007 - Collateral Assignment of TIF Contract Agreement between the City and WMBS Holdings, Inc., First National Bank of Kansas, 9/17/07.
Resolution 03-2010 - Funding Agreement between the City and the R.H. Johnson Company, 1/4/10.
Resolution 68-2012 - Assignment of TIF Proceeds and Security Agreement between Blue Springs Developers, Inc. and the City of Blue Springs for Redevelopment Project A of the 7 Highway and 40 Highway Tax Increment Financing Redevelopment Plan, 8/6/12.
None
Resolution 29-2007 - TIF Funding Agreement between the City and The R.H. Johnson Company, 3/5/07.
The Redevelopment Projects will address four of the Economic Development Corporation's development goals as identified in the 2006 Annual Business Plan: 1) increase capital investment in the Priority Focus Area, 2) attract retail developers for redevelopment in the Priority Focus Area, 3) assist in supporting market interest in leasing vacant business space within the Priority Focus Area, and 4) expand the City's tax base through business development attraction and reinvestment that will generate a broader tax revenue.
Ordinance 4073 - TIF Financing Plan approved and Redevelopment Agreement between the City and The R.H. Johnson Company, 6/18/07.
Ordinance 4424 - Project A activated, 12/17/12.
Ordinance 4308 - First Amended and Restated 7 Highway and 40 Highway Tax Increment Financing Plan and Redevelopment Agreements for Projects A and C, 8/16/10.
3
Current Period Total22 Number of relocated residences due to TIF Project: - -
23 Number of relocated businesses due to TIF Project: 1 1
24 Number of parcels acquired through use of eminent domain power: - -
25 Identify any new or relocated businesses into the Redevelopment Area (in this fiscal year):
Relocated from What City/County?
Blue Springs
ProjectedActual to
Date
26 Estimate of New Jobs: NA 027 Estimate of Retained Jobs: NA 54
Section 2 - Tax Increment Financing Revenues
28 TIF Revenue Deposits to the Special Allocation Fund as of the Report Date:
Current Period Total
(a) Payments in Lieu of Taxes (PILOTS) -$ -$ (b) Economic Activity Taxes (EATS): 28,331$ 28,331$
Total as of Report Date: 28,331$ 28,331$
29 Expenditures for Total Project Costs Funded by TIF
(a)(b)(c)(d)
(e)(f)
Certified project costs are reimbursed as funds become available.
Planet Fitness601 SW US 40
Hwy 816-228-7327 Fitness Center
The Central Jackson County Fire Protection District, in accordance with RSMo 99.848, will be reimbursed from the Special Allocation Fund 50% of the CJCFPD PILOTS paid to the TIF and will be billed 50% of the 50% TIF portion of the CJCFPD sales tax generated in the TIF to be deposited into the Special Allocation Fund.
Name
RSMo 99.848 states that "notwithstanding subsection 1 of section 99.847, any district providing emergency services pursuant to chapter 190 or 321, RSMo, shall be entitled to reimbursement from the special allocation fund in the amount of at least fifty percent nor more than one hundred percent of the district's tax increment. This section shall not apply to tax increment financing projects or districts approved prior to August 28, 2004."
Other (specify): Legal, Engineer, Architect, Plan Admin.
Rehab of existing buildingsAcquisition of land or buildings
Other (specify): Financing Fees 20,352$ 1,892,801$
20,352$
-$ 1,822,268$
-$
50,181$
1,822,268$ -$
-$
Total Project Costs Funded by TIF:
UPS Store605 SW US 40
Hwy 816-224-6299 Retail/Shipping
Public Infrastructure (streets, utilities, etc.)
50,181$
Current Period Total
Address Phone Number Primary Business Line
-$
1,892,801$ Total Project Costs Funded by TIF:
-$ Site Development (grading, dirt moving, etc.)
4
(g)
(h)
(i)
30 Anticipated TIF Reimbursable Costs (only include hard costs; not interest or bond issuance costs)
(a)
(b)
(c)
(d)(e)
(f)
31 Per First Amended and Restated TIF Plan
32 TIF Financing Method
(a) [X ] Pay-as-you-go (e) [ ] TIF bond(b) [ ] General obligation bonds (f) [ ] Industrial revenue bond(c) [ ] TIF notes (g) [ ] Other bond(d) [ ] Loan (h) [ ] Other bond
Maturity of TIF Obligations (term of the TIF payout)
33 23
34 23
Estimated Increase in Tax Generation
35 560,000$ 36 560,000$ 37 1,667,348$
38 91,023$
39 57,682$
40 2,866,504$
41 1,278,137$
42 50%
43 23
44 100%
45 23
Percentage of PILOTS captured
Total years anticipated to capture PILOTS
Total (cumulative) EATS anticipated at time of district termination (per plan)
Total (cumulative) PILOTS anticipated at time of district termination
Percentage of EATS captured
Total years anticipated to capture EATS
Anticipated assessed value at time of district termination (per plan)
Original estimate (# of years to retirement)
Current anticipated estimate (# of years to retirement)
Total amount of base year EATS
Assessed valuation of Redevelopment Project (at end of report period)
Project Implementation Costs (including professional fees)
Other (specify): Financing Fees
Current Period
16,722$
-$
-$
445,500$
-$
Reimbursement to City/County/Other Public Entity for eligible cost:
Amount Paid on Debt Service
Payment on principal & interest on bond debt:
Reimbursement to Developer for eligible costs:
Total amount of base year PILOTS (base year tax)
1,411,500$
50,000$ -$
-$
Other (specify):
Other (specify):
1,907,000$ Total Anticipated TIF Reimbursable Costs
Original assessed value of the Redevelopment Project (certified base year)
-$
16,722$
-$
Property Acquisition and Relocation Costs
Public Infrastructure & Site Development Costs (utility extensions, road improvements, stormwater, demolition, grading, etc.)
Total
5
Section 3 : Certification of Chief Executive Officer of Municipality or AgencyPlease see page 3 for the certification of this report by the Mayor of the City of Blue Springs, Missouri.
6
Section 1 - Description of the Plan and Project
1
23
4
5 Contact Information
(a) City Contact Agency(b)(c)(d)(e)(f)(g)(h)(i)(j)
6
7
8
9
10
11
12
13 General location of Area or Project Area:
14 Description of Plan/Project:
15 Plan/Project Status:
(a) [ ] Starting Up (d) [ X ] Fully-Operational (see note below)(b) [ ] Seeking Developer (e) [ ] Inactive(c) [ ] Under Construction (f) [ ] District Dissolved
State Senate District
55State House District
June 18, 2007
4073
Ordinance Number (if available)
Ordinance Number (if available)
August 16, 2010
4308
Original Date Plan/Project Approval
Most Recent Plan Amendment (if any)
The R.H. Johnson Company
816-561-5111816-561-5551
Bob Johnson
E-mail AddressPrivate Sector DeveloperPersonPhoneFax
816-228-0204
Name of Municipality that approved the TIF Plan or Project
816-228-0106
Name of Plan or ProjectReport Period
Name of person who prepared this Annual Report Rebecca Smith
7 Highway and 40 Highway Tax Increment Financing Redevelopment Plan, Project B
October 1, 2012 to September 30, 2013
Phone
8
Blue Springs R-IV
City of Blue Springs, Missouri2013 Tax Increment Financing Annual Report
City of Blue Springs, Missouri
E-mail Address
PersonCity of Blue Springs Finance Department
Karen Van Winkle, Director of Finance
School District
Note: The project is operational. Two pad sites have not been completed as contemplated in the TIF Plan.
Approximately 35 acres generally located at the Northeast and Southeast corners of the U.S. Highway 40 and Missouri Highway 7 intersection.
The amended plan proposes to remediate blighting conditions in three Redevelopment Project Areas - Project Area A (currently existing Hy-Vee), Project Area B (former Wal-Mart), and Project Area C (former K-Mart). Project Area A (currently existing Hy-Vee) is big box store with approximately 65,520 square feet and an adjacent 13,000 square foot strip retail facility that will be renovated to accomodate retail, restaurant and other commercial uses. Project Area B (former Wal-Mart) is big box store with approximately 130,000 square feet that will be renovated to accomodate new retail businesses and development of two pad sites along Missouri 7 Highway to locate restaurant and bank uses. Project Area C (former K-Mart) is a big box store wtih approximately 84,255 square feet that will be renovated to accomodate a new Hy-Vee grocery store and construction of necessary infrastructure, parking and landscaping.
7
16 Area Type:
(a) [X] Blight(b) [ ] Conservation(c) [ ] Economic Development
17 How was the "But-For" determination made?
(a) [X ] Project had unusual/extraordinary costs that made the project financially unfeasible in the market place.(b) [ ] Project required significant public infrastructure investment to remedy existing inadequate conditions.(c) [ ] Project required significant public infrastructure to construct adequate capacity to support the project.(d) [ ] Project required parcel assembly and/or relocation costs.(e) [ ] Other (describe):
18 Major Development Obstacles to be Overcome:
19 Briefly describe the Project's Public Benefits:
20 Description of Agreements with the Developer:
Ordinance 4094 - Redevelopment Agreement for Project Area B between the City and The R.H. Johnson Company, 9/5/07.
Ordinance 4074 - Project B activated, 6/18/07.
Ordinance 4073 - TIF Financing Plan approved and Redevelopment Agreement between the City and The R.H. Johnson Company, 6/18/07.
Ordinance 4093 - Redevelopment Agreement for Project Area A between the City and The R.H. Johnson Company, 9/5/07.
Ordinance 4308 - First Amended and Restated 7 Highway and 40 Highway Tax Increment Financing Plan and Redevelopment Agreements for Projects A and C, 8/16/10.
Resolution 107-2007 - Collateral Assignment of TIF Contract Agreement between the City and WMBS Holdings, Inc., First National Bank of Kansas, 9/17/07.
Resolution 03-2010 - Funding Agreement between the City and the R.H. Johnson Company, 1/4/10.
Assignment and Assumption Agreement between the R.H. Johnson Company and Hy-Vee, Inc. assigning development rights to Hy-Vee, Inc. for Project C, 9/2/10.
Resolution 29-2007 - TIF Funding Agreement between the City and The R.H. Johnson Company, 3/5/07.
The Redevelopment Projects will address four of the Economic Development Corporation's development goals as identified in the 2006 Annual Business Plan: 1) increase capital investment in the Priority Focus Area, 2) attract retail developers for redevelopment in the Priority Focus Area, 3) assist in supporting market interest in leasing vacant business space within the Priority Focus Area, and 4) expand the City's tax base through business development attraction and reinvestment that will generate a broader tax revenue.
Resolution 99-2007 - Assignment and Assumption Agreement between the City and The R.H. Johnson Company, WMBS Holdings, Inc. for Redevelopment Project B, 9/5/07.
None
Ordinance 4362 - Project C activated, 11/07/11.
Resolution 68-2012 - Assignment of TIF Proceeds and Security Agreement between Blue Springs Developers, Inc. and the City of Blue Springs for Redevelopment Project A of the 7 Highway and 40 Highway Tax Increment Financing Redevelopment Plan, 8/6/12.
Ordinance 4424 - Project A activated, 12/17/12.
8
21 Description of any agreements with the affected taxing districts:
Current Period Total22 Number of relocated residences due to TIF Project: - -
23 Number of relocated businesses due to TIF Project: - -
24 Number of parcels acquired through use of eminent domain power: - -
25 Identify any new or relocated businesses into the Redevelopment Area (in this fiscal year):
Relocated from What City/County?
-
ProjectedActual to
Date
26 Estimate of New Jobs: NA 11127 Estimate of Retained Jobs: NA 93
Section 2 - Tax Increment Financing Revenues
28 TIF Revenue Deposits to the Special Allocation Fund as of the Report Date:
Current Period Total
(a) Payments in Lieu of Taxes (PILOTS) 93,599.32$ 462,475.74$ (b) Economic Activity Taxes (EATS): 53,068.77$ 254,746.47$ (c) Interest 27.21$ 215.02$
Total as of Report Date: 146,695.30$ 717,437.23$
29 Expenditures for Total Project Costs Funded by TIF
(a)(b)(c)(d)
(e)(f)
Certified project costs are reimbursed as funds become available.
Phone Number Primary Business Line
Total Project Costs Funded by TIF:
Name
-$ Public Infrastructure (streets, utilities, etc.) 322,308$ Total (Certified)
- -
The Blue Springs R-IV School District will receive from the Special Allocation Fund, prior to payment of reimbursable project costs or obligations, a distribution of 10% of the School District's then existing mill levy multiplied by the annual increase in assessed value of real property within each Redevelopment Project Area over the Total Initial Equalized Assessed Value of real property within each Redevelopment Project Area.
- -
-$
Address
Current Period
8,640$ Site Development (grading, dirt moving, etc.)1,081,576$
-$ Total Project Costs Funded by TIF:
The Central Jackson County Fire Protection District, in accordance with RSMo 99.848, will be reimbursed from the Special Allocation Fund 50% of the CJCFPD PILOTS paid to the TIF and will be billed 50% of the 50% TIF portion of the CJCFPD sales tax generated in the TIF to be deposited into the Special Allocation Fund.
RSMo 99.848 states that "notwithstanding subsection 1 of section 99.847, any district providing emergency services pursuant to chapter 190 or 321, RSMo, shall be entitled to reimbursement from the special allocation fund in the amount of at least fifty percent nor more than one hundred percent of the district's tax increment. This section shall not apply to tax increment financing projects or districts approved prior to August 28, 2004."
156,988$
1,569,512$
-$ -$
-$
-$
Rehab of existing buildings
-$
-$ Acquisition of land or buildings
Other (specify): Financing Fees and Professional FeesOther (specify):
9
(g)
(h)
(i)
30 Anticipated TIF Reimbursable Costs (only include hard costs; not interest or bond issuance costs)
(a)
(b)
(c)
(d)(e)
(f)
31 Per First Amended and Restated TIF Plan
32 TIF Financing Method
(a) [X ] Pay-as-you-go (e) [ ] TIF bond(b) [ ] General obligation bonds (f) [ ] Industrial revenue bond(c) [ ] TIF notes (g) [ ] Other bond(d) [ ] Loan (h) [ ] Other bond
Maturity of TIF Obligations (term of the TIF payout)
33 23
34 23
Estimated Increase in Tax Generation
35 1,640,000$ 36 2,294,688$ 37 3,445,084$
38 8,702$
39 162,718$
40 2,676,557$
41 2,508,655$
42 50%
43 23
44 100%
45 23
Section 3 : Certification of Chief Executive Officer of Municipality or Agency
Other (specify):
2,134,800$
Total amount of base year PILOTS (base year tax)
Total Anticipated TIF Reimbursable Costs
Original assessed value of the Redevelopment Project (certified base year)
Original estimate (# of years to retirement)
Current anticipated estimate (# of years to retirement)
Anticipated assessed value at time of district termination (per plan)
Please see page 3 for the certification of this report by the Mayor of the City of Blue Springs, Missouri.
Percentage of EATS captured
Total years anticipated to capture EATS
Percentage of PILOTS captured
Total years anticipated to capture PILOTS
Total (cumulative) EATS anticipated at time of district termination
Total (cumulative) PILOTS anticipated at time of district termination
Total
-$
-$
134,244$
Amount Paid on Debt Service Current Period
Reimbursement to Municipality (or other Public Entity) for eligible cost: -$
591,800$
-$
635,201$
Public Infrastructure & Site Development Costs (utility extensions, road improvements, stormwater, demolition, grading, etc.)
-$
Project Implementation Costs (including professional fees)
Total amount of base year EATS
1,493,000$
50,000$ -$
-$
Other (specify): Financing Fees
Assessed valuation of Redevelopment Project (at end of report period)
Other (specify):
Property Acquisition and Relocation Costs
Payment on principal & interest on bond debt:
Reimbursement to Developer for eligible costs:
10
Section 1 - Description of the Plan and Project
1
23
4
5 Contact Information
(a) City Contact Agency(b)(c)(d)(e)(f)(g)(h)(i)(j)
6
7
8
9
10
11
12
13 General location of Area or Project Area:
14 Description of Plan/Project:
15 Plan/Project Status:
(a) [ ] Starting Up (d) [X ] Fully-Operational (b) [ ] Seeking Developer (e) [ ] Inactive(c) [ ] Under Construction (f) [ ] District Dissolved
City of Blue Springs, Missouri2013 Tax Increment Financing Annual Report
City of Blue Springs, Missouri
E-mail Address
PersonCity of Blue Springs Finance Department
Karen Van Winkle, Director of Finance
816-228-0204
Name of Municipality that approved the TIF Plan or Project
816-228-0106
Name of Plan or ProjectReport Period
Name of person who prepared this Annual Report Rebecca Smith
7 Highway and 40 Highway Tax Increment Financing Redevelopment Plan, Project C
October 1, 2012 to September 30, 2013
Phone
Original Date Plan/Project Approval
E-mail Address
Most Recent Plan Amendment (if any)
Private Sector DeveloperPersonPhoneFax
Fax
8
Blue Springs R-IV
State House District
State Senate District
School District
Approximately 35 acres generally located at the Northeast and Southeast corners of the U.S. Highway 40 and Missouri Highway 7 intersection.
The amended plan proposes to remediate blighting conditions in three Redevelopment Project Areas - Project Area A (currently existing Hy-Vee), Project Area B (former Wal-Mart), and Project Area C (former K-Mart). Project Area A (currently existing Hy-Vee) is big box store with approximately 65,520 square feet and an adjacent 13,000 square foot strip retail facility that will be renovated to accomodate retail, restaurant and other commercial uses. Project Area B (former Wal-Mart) is big box store with approximately 130,000 square feet that will be renovated to accomodate new retail businesses and development of two pad sites along Missouri 7 Highway to locate restaurant and bank uses. Project Area C (former K-Mart) is a big box store wtih approximately 84,255 square feet that will be renovated to accomodate a new Hy-Vee grocery store and construction of necessary infrastructure, parking and landscaping.
[email protected], Inc.
515-267-2800515-267-2817
Randall B. Edeker
55
June 18, 2007
4073
Ordinance Number (if available)
Ordinance Number (if available)
August 16, 2010
4308
11
16 Area Type:
(a) [X] Blight(b) [ ] Conservation(c) [ ] Economic Development
17 How was the "But-For" determination made?
(a) [X ] Project had unusual/extraordinary costs that made the project financially unfeasible in the market place.(b) [ ] Project required significant public infrastructure investment to remedy existing inadequate conditions.(c) [ ] Project required significant public infrastructure to construct adequate capacity to support the project.(d) [ ] Project required parcel assembly and/or relocation costs.(e) [ ] Other (describe):
18 Major Development Obstacles to be Overcome:
19 Briefly describe the Project's Public Benefits:
20 Description of Agreements with the Developer:
21 Description of any agreements with the affected taxing districts:
None
Ordinance 4362 - Project C activated, 11/07/11.
Ordinance 4073 - TIF Financing Plan approved and Redevelopment Agreement between the City and The R.H. Johnson Company, 6/18/07.
Resolution 29-2007 - TIF Funding Agreement between the City and The R.H. Johnson Company, 3/5/07.
The Redevelopment Projects will address four of the Economic Development Corporation's development goals as identified in the 2006 Annual Business Plan: 1) increase capital investment in the Priority Focus Area, 2) attract retail developers for redevelopment in the Priority Focus Area, 3) assist in supporting market interest in leasing vacant business space within the Priority Focus Area, and 4) expand the City's tax base through business development attraction and reinvestment that will generate a broader tax revenue.
Ordinance 4074 - Project B activated, 6/18/07.
Resolution 99-2007 - Assignment and Assumption Agreement between the City and The R.H. Johnson Company, WMBS Holdings, Inc. for Redevelopment Project B, 9/5/07.
Ordinance 4093 - Redevelopment Agreement for Project Area A between the City and The R.H. Johnson Company, 9/5/07.
Ordinance 4094 - Redevelopment Agreement for Project Area B between the City and The R.H. Johnson Company, 9/5/07.
Ordinance 4308 - First Amended and Restated 7 Highway and 40 Highway Tax Increment Financing Plan and Redevelopment Agreements for Projects A and C, 8/16/10.
Assignment and Assumption Agreement between the R.H. Johnson Company and Hy-Vee, Inc. assigning development rights to Hy-Vee, Inc. for Project C, 9/2/10.
Resolution 68-2012 - Assignment of TIF Proceeds and Security Agreement between Blue Springs Developers, Inc. and the City of Blue Springs for Redevelopment Project A of the 7 Highway and 40 Highway Tax Increment Financing Redevelopment Plan, 8/6/12.
Ordinance 4424 - Project A activated, 12/17/12.
Resolution 107-2007 - Collateral Assignment of TIF Contract Agreement between the City and WMBS Holdings, Inc., First National Bank of Kansas, 9/17/07.
Resolution 03-2010 - Funding Agreement between the City and the R.H. Johnson Company, 1/4/10.
The Blue Springs R-IV School District will receive from the Special Allocation Fund, prior to payment of reimbursable project costs or obligations, a distribution of 10% of the School District's then existing mill levy multiplied by the annual increase in assessed value of real property within each Redevelopment Project Area over the Total Initial Equalized Assessed Value of real property within each Redevelopment Project Area.
12
Current Period Total22 Number of relocated residences due to TIF Project: - -
23 Number of relocated businesses due to TIF Project: - -
24 Number of parcels acquired through use of eminent domain power: - -
25 Identify any new or relocated businesses into the Redevelopment Area (in this fiscal year):
Relocated from What City/County?
ProjectedActual to
Date
26 Estimate of New Jobs: NA 1027 Estimate of Retained Jobs: NA 374
Section 2 - Tax Increment Financing Revenues
28 TIF Revenue Deposits to the Special Allocation Fund as of the Report Date:
Current Period Total
(a) Payments in Lieu of Taxes (PILOTS) 127,200.96$ 127,200.96$ (b) Economic Activity Taxes (EATS): 306,229.70$ 388,981.85$ (c) Interest 50.90$ 68.43$
Total as of Report Date: 433,481.56$ 516,251.24$
29 Expenditures for Total Project Costs Funded by TIF
(a)(b)(c)(d)
(e)(f)
Certified project costs are reimbursed as funds become available.
(g)
(h)
(i)
-$
Other (specify): Financing Fees and Professional Fees
Reimbursement to City/County/Other Public Entity for eligible cost:
Current Period
347,995$
-$
-$
460,000$ Rehab of existing buildingsAcquisition of land or buildings
-$
Other (specify):
Amount Paid on Debt Service
Payment on principal & interest on bond debt:
Reimbursement to Developer for eligible costs:
-$
Hy-Vee Gas 629 W. Hwy 40 816-220-3497 Gas & Convenience Store
The Central Jackson County Fire Protection District, in accordance with RSMo 99.848, will be reimbursed from the Special Allocation Fund 50% of the CJCFPD PILOTS paid to the TIF and will be billed 50% of the 50% TIF portion of the CJCFPD sales tax generated in the TIF to be deposited into the Special Allocation Fund.
RSMo 99.848 states that "notwithstanding subsection 1 of section 99.847, any district providing emergency services pursuant to chapter 190 or 321, RSMo, shall be entitled to reimbursement from the special allocation fund in the amount of at least fifty percent nor more than one hundred percent of the district's tax increment. This section shall not apply to tax increment financing projects or districts approved prior to August 28, 2004."
Name
-$ Public Infrastructure (streets, utilities, etc.)Site Development (grading, dirt moving, etc.)
24,243$ -$
-$
Total
-$ -$
-$
1,790,000$
-$
396,360$
-$
3,574,243$ Total Project Costs Funded by TIF:
Total Project Costs Funded by TIF: Current Period Total (Certified)
Address Phone Number Primary Business Line
1,300,000$
13
30 Anticipated TIF Reimbursable Costs (only include hard costs; not interest or bond issuance costs)
(a)
(b)
(c)
(d)(e)
(f)
31 Per First Amended and Restated TIF Plan
32 TIF Financing Method
(a) [X ] Pay-as-you-go (e) [ ] TIF bond(b) [ ] General obligation bonds (f) [ ] Industrial revenue bond(c) [ ] TIF notes (g) [ ] Other bond(d) [ ] Loan (h) [ ] Other bond
Maturity of TIF Obligations (term of the TIF payout)
33 23
34 23
Estimated Increase in Tax Generation
35 576,000$ 36 2,016,000$ 37 3,009,701$
38 675,265$
39 59,291$
40 4,919,701$
41 2,961,204$
42 50%
43 23
44 100%
45 23
Section 3 : Certification of Chief Executive Officer of Municipality or Agency
Current anticipated estimate (# of years to retirement)
3,600,000$
-$ -$
-$
Other (specify):
Other (specify):
Please see page 3 for the certification of this report by the Mayor of the City of Blue Springs, Missouri.
Total amount of base year EATS
Total amount of base year PILOTS (base year tax)
Total Anticipated TIF Reimbursable Costs
Original assessed value of the Redevelopment Project (certified base year) Assessed valuation of Redevelopment Project (at end of report period)Anticipated assessed value at time of district termination (per plan)
Percentage of PILOTS captured
Total years anticipated to capture PILOTS
Percentage of EATS captured
-$
Public Infrastructure & Site Development Costs (utility extensions, road improvements, storm water, demolition, grading, etc.)
Total (cumulative) PILOTS anticipated at time of district termination
Property Acquisition and Relocation Costs
Project Implementation Costs (including professional fees)
Other (specify): Financing Fees
1,760,000$
1,840,000$
Original estimate (# of years to retirement)
Total years anticipated to capture EATS
Total (cumulative) EATS anticipated at time of district termination
14
7 Highway & 40 Highway (Projects A, B, C)
15
7 Highway & 40 Highway (Project A & C)
16
7 Highway & 40 Highway (Project B)
17
7 Highway & 40 Highway (Project A) BEFORE Redevelopment
7 Highway & 40 Highway (Project A) (Construction in 2012)
18
7 Highway & 40 Highway (Project B) AFTER Redevelopment
19
7 Highway & 40 Highway (Project C) AFTER Redevelopment
7 Highway & 40 Highway (Project C) AFTER Redevelopment Hy-Vee Gas Station New in FY 2013
20
Section 1 - Description of the Plan and Project
1
2
3
4
5 Contact Information
(a) City Contact Agency
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
6
7
8
9
10
11
12
13 General location of Area or Project Area:
14 Description of Plan/Project:
Original Date Plan/Project Approval February 20, 2007
Ordinance Number (if available) 4036
Most Recent Plan Amendment (if any) September 21, 2009
Ordinance Number (if available) 4264
State House District 55
State Senate District 8
School District Blue Springs R-IV
The Redevelopment Area, approximately 65 acres, is generally bound by U.S. Interstate 70 on the north; Adams Dairy Parkway on the west (extending further west along northeast Coronado Drive to encompass a section of land between Coronado Drive and U.S. Interstate 70); R.D. Mize Road on the south; and the Marriott Hotel and Convention Center property boundary and Adams Pointe Golf Course boundary on the east in Jackson County, Blue Springs, Missouri.
The Redevelopment Area will be developed as a series of three Redevelopment Projects. Redevelopment Project A is generally located at the southeast quadrant of Adams Dairy Parkway and Coronado Drive and will consist of approximately 569,375 square feet of retail space, which will include two anchor stores, a number of mid-sized stores, smaller retail shops and pad sites available for commercial use. Redevelopment Project B, generally located at the northeast quadrant of Adams Dairy Parkway and Coronado Drive, will consist of approximately 34,710 square feet of retail and restaurant development. Redevelopment Project C is located at the northwest quadrant of Adams Dairy Parkway and Coronado Drive and will consist of approximately 31,260 square feet of commercial retail and restaurant space.
Phone 816-777-3500
Fax 816-777-3501
E-mail Address
E-mail Address [email protected]
Private Sector Developer Blue Springs Development Three, Inc., c/o RED Development, LLC
Person Steve Maun
October 1, 2012 to September 30, 2013
Rebecca SmithName of person who prepared this Annual Report
Phone 816-228-0106
Fax 816-228-0204
City of Blue Springs, Missouri2013 Tax Increment Financing Annual Report
Name of Municipality that approved the TIF Plan or Project City of Blue Springs, Missouri
City of Blue Springs Finance Department
Person Karen Van Winkle, Director of Finance
Name of Plan or Project Adams Farm Tax Increment Financing Plan, Projects A, B & C
Report Period
21
15 Plan/Project Status:
(a) [ ] Starting Up (d) [ X ] Fully-Operational (see note below)
(b) [ ] Seeking Developer (e) [ ] Inactive
(c) [ ] Under Construction (f) [ ] District Dissolved
16 Area Type:
(a) [X ] Blight
(b) [ ] Conservation
(c) [ ] Economic Development
17 How was the "But-For" determination made?
(a) [X ] Project had unusual/extraordinary costs that made the project financially unfeasible in the market place.
(b) [ ] Project required significant public infrastructure investment to remedy existing inadequate conditions.
(c) [X ] Project required significant public infrastructure to construct adequate capacity to support the project.
(d) [X ] Project required parcel assembly and/or relocation costs.
(e) [ ] Other (describe):
18 Major Development Obstacles to be Overcome:
19 Briefly describe the Project's Public Benefits:
20 Description of Agreements with the Developer: Resolution 97-2006 - Tax Increment Financing (TIF) Funding Agreement between the City and Blue Springs Development Two, LLC, c/o Red Development, LLC, 11/20/06.
In addition to the construction of the Redevelopment Projects, this plan provides for the construction of certain public infrastructure improvements associated with the Redevelopment Area and as required by the City. The proposed public infrastructure improvements include the widening and construction of new traffic lanes on Adams Dairy Parkway, Coronado Drive, R.D. Mize Road and adjustments to the off-ramp from U.S. Interstate 70.
The implementation of this plan will lead to an improved transportation infrastructure to provide traffic flow access into the Redevelopment Area and the construction of an approximately 606,600 square foot upscale retail development that will share a mix of large anchor and lifestyle retail and restaurant tenants that will promote a higher level of economic activity, resulting in increased employment and an enhanced tax base for the City.
Note: All project areas have pad sites that are fully operational and some pad sites are still under construction in accordance with the TIF Plan.
The Redevelopment Area consists of vacant land containing several vacant structures, including a number of single family homes, abandoned farm structures, and storage buildings. Several of the properties within the Redevelopment Area were formerly located outside the corporate limits of the City of Blue Springs. Most of these properties have since been voluntarily annexed into the City, with the exception of one parcel that is currently owned by Lawrence and Ruby Jeanne Groves, and is located near the northeast corner of Adams Dairy Parkway and R.D. Mize Road within Redevelopment Project A. The Developer currently has a portion of this property that is necessary for the project under contract and will voluntarily annex this portion of the property into the City of Blue Springs once it is purchased. The plan proactively contemplates the voluntary annexation of this parcel to be included within the legal boundary of the Redevelopment Area through a future amendment to the plan. Project Update: The Groves property has been purchased by the Developer and annexed into the City of Blue Springs.
22
21 Description of any agreements with the affected taxing districts:
Ordinance 4036 - TIF Plan approved, Redevelopment Area established, and Blue Springs Development Two, LLC designated as the Developer of Redevelopment Projects A, B, and C, 2/20/07.
Ordinance 4039 - TIF Redevelopment Agreement between the City and Blue Springs Development Two, LLC for the TIF Plan, 3/5/07.
Ordinance 4321 - First Amendment to the Cooperative Agreement among the City, the Adams Farm TDD, and Blue Springs Development Three, Inc., 11/1/10.
Assignment and Security Agreement between Blue Springs Development Three, Inc. and Mutual of Omaha Bank, 6/29/11.
Ordinance 4331 - First Amended and Restated Cooperative Agreement among the City, the Adams Dairy Landing CID and BS Development Three, Inc., 3/7/11.
Ordinance 4264 - TIF Plan amended to revise legal description of Project Areas, 9/21/09.
Ordinance 4173 - Cooperative Agreement between Blue Springs Development Three, Inc., Home Depot USA, Inc., The I-70 and Adams Dairy Parkway Transportation District, and the City, 7/21/08.
Resolution 53-2013 - Transferee Agreement between the City of Blue Springs and Blue Springs Partners LP for portions of the Adams Farm TIF project areas formerly in agreement with Blue Springs Development 3 (BSD3), 7/15/2013.
Ordinance 4213 - Project A activated, 12/15/08.
The Blue Springs R-IV School District will receive annually from the Special Allocation Fund a capital contribution in the amount equal to 22.5% of the District's then existing mill levy multiplied by the increased assessed value of property over the Total Initial Equalized Assessed Value within each Project Area as Project Areas are activated during the life of the Plan.
Resolution 100-2007 - First Amendment to the TIF Contract between the City and Blue Springs Development Three, Inc. regarding the Amended Adams Farm TIF Plan, 9/5/07.
Ordinance 4175 - Cooperative Agreement between Adams Dairy Landing CID and Blue Springs Development Three, Inc., 7/21/08.
Ordinance 4212 - Cooperative between the City, Adams Farm TDD, and Blue Springs Development Three, Inc., 12/15/08.
Ordinance 4114 - Amended Adams Farm TIF Plan (dated August 6, 2007) and Second Amendment to the TIF Contract between the City and Blue Springs Development Three, Inc., regarding the Amended Adams Farm TIF Plan, 11/05/07.
Resolution 01-2008 - Contract between the City and Blue Springs Development Three, Inc., regarding the re-location R.D. Mize Road, 1/7/08.
Ordinance 4172 - Cooperative Agreement between Blue Springs Development Three, Inc., Wal-Mart Stores East, LP, and the City, 7/21/08.
Ordinance 4243 - First Amended and Restated TIF Contract and Amendments to the Adams Farm TIF Plan between the City and Blue Springs Development Three, Inc., 6/1/09.
Ordinance 4214 - Project B activated, 12/15/08.
Ordinances 4265, 4266, 4267 - Amendments to Ordinances 4213, 4214, 4215 to correct legal descriptions of Project Areas A, B, and C, 9/21/09.
Ordinance 4291 - First Amendment to the First Amended and Restated TIF Contract between the City and Blue Springs Development Three, Inc., 3/25/10.
Ordinance 4268 - Superseding addendum to the First Amended and Restated TIF Contract between the City and Blue Springs Development Three, Inc. dated 7-31-09 to revise legal descriptions to Project Areas A, B, and C, 9/21/09.
Ordinance 4215 - Project C activated, 12/15/08.
The Central Jackson County Fire Protection District, in accordance with RSMo 99.848, will be reimbursed from the Special Allocation Fund 50% of the CJCFPD PILOTS paid to the TIF and will be billed 50% of the 50% TIF portion of the CJCFPD sales tax generated in the TIF to be deposited into the Special Allocation Fund.
23
Current Period Total
22 Number of relocated residences due to TIF Project: - 12
23 Number of relocated businesses due to TIF Project: - -
24 Number of parcels acquired through use of eminent domain power: - -
25 Identify any new or relocated businesses into the Redevelopment Area (in this fiscal year):
Relocated from What City/County?
Blue Springs
-
-
-
-
-
-
-
-
-
ProjectedActual to
Date
26 Estimate of New Jobs: 1,579 766
27 Estimate of Retained Jobs: NA 817
Clothing Retail
816-228-4474
Clothing Retail
1332 NE Coronado Drive
Clothing Retail
Chic Nails & Spa
Bedding RetailSleep Number 705 NE Coronado
Drive 816-795-0468
Dress Barn
Rue 21
1342 NE Coronado Drive
816-224-4766
816-229-0516
1114 NE Coronado Drive
1334 NE Coronado Drive
1232 NE Coronado Drive
The Adams Farm TDD sales tax is 1% for 30 years, the Coronado Drive TDD sales tax is 1/2% for 10 years and the I-70 and Adams Dairy Parkway TDD sales tax is 1/2% for 10 years. Each TDD has pledged it's net revenue. The net revenue is the gross revenue less TDD operating expenses and certified TDD reimbursable expenses.
Restaurant
Jewelry Retail
Clothing Retail
Manicure & Massage Service
Arby's
Cash for Gold
Cato
Primary Business Line
The Adams Dairy Landing Community Improvement District special assessment is $1.00 per square foot on building floor area. The net CID revenues are pledged to the TIF. The net revenue is the gross revenue less CID operating expenses and certified CID reimbursable expenses. The CID is authorized to impose a sales tax of up to 1% as an additional source of funds to use in connection with the CID Project and/or other CID eligible costs if the Developer, District and City deem it necessary or desirable. A sales tax has not been imposed at this time.
Phone NumberName Address
1225 NE Coronado Drive
816-988-7866
816-229-0561
816-224-9999
Clothing Retail
Halloween Express
1010 NE Coronado Drive
Ross Dress for Less
1320 NE Coronado Drive
RSMo 99.848 states that "notwithstanding subsection 1 of section 99.847, any district providing emergency services pursuant to chapter 190 or 321, RSMo, shall be entitled to reimbursement from the special allocation fund in the amount of at least fifty percent nor more than one hundred percent of the district's tax increment. This section shall not apply to tax increment financing projects or districts approved prior to August 28, 2004."
816-220-1013 Clothing Retail
Claire's 1336 NE Coronado
Drive 816-229-0942
816-228-2723
24
Section 2 - Tax Increment Financing Revenues
28 TIF Revenue Deposits to the Special Allocation Fund as of the Report Date:
(a) Payments in Lieu of Taxes (PILOTS)(b) Economic Activity Taxes (EATS):
InterestTDD Sales TaxCID Special AssessmentTotal as of Report Date:
29 Expenditures for Total Project Costs Funded by TIF
(a)
(b)(c)(d)(e)
(f)
Certified project costs are reimbursed as funds become available.
(g)
(h)
(i)
30 Anticipated TIF Reimbursable Costs (only include hard costs; not interest or bond issuance costs)
(a)(b)(c)
(d)(e)(f)31
Per original TIF Plan.32 TIF Financing Method
(a) [ ] Pay-as-you-go (e) [ ] TIF bond(b) [ ] General obligation bonds (f) [ ] Industrial revenue bond(c) [ ] TIF notes (g) [X ] Other bond (Special Obligation Bond)(d) [ ] Loan (h) [ ] Other bond
-$
Other (specify): Total Anticipated TIF Reimbursable Costs 28,039,477$
3,031,129$ -
Other (specify): City Reimb. Exp & Interest Carry
3,625,338$ Other (specify): Financing fees & City Reimbursable Expenses
1,383,933$ -$
Reimbursement to City/County/Other Public Entity for eligible cost:
2,515,840$
Public Infrastructure & Site Development Costs (utility extensions, road improvements, storm water, demolition, grading, etc.) 21,108,575$
Project Implementation Costs (including professional fees)
Other (specify): Engineering, Architectural, Legal, Commissions
Property Acquisition and Relocation Costs
Current Period Total
-$ 792,479.01$
Reimbursement to Developer for eligible costs: -$ 27,005,661.72$
Other (specify): Professional fee -$ 3,238,121$
Payment on principal & interest on bond debt: 2,134,226.30$ 7,096,907.12$
Total Project Costs Funded by TIF: -$ 20,630,881$
Amount Paid on Debt Service
Rehab of existing buildings -$ 2,911,909$ Acquisition of land or buildings -$ 1,383,933$
Public Infrastructure (streets, utilities, etc.) -$ 8,919,307$
Site Development (grading, dirt moving, etc.) -$ 552,273$
Total Project Costs Funded by TIF: Current Period Total
$ 1,591,934.84 4,377,329.47$ $ 2,522.88
$ 3,839,245.62 $ 11,174,654.62 $ - -$
$ 1,109,309.29 $ 2,378,131.08
$ 1,135,478.61 6,207.79$
4,412,986.28$
Current Period Total
25
Maturity of TIF Obligations (term of the TIF payout)33 Original estimate (# of years to retirement) 2334 Current anticipated estimate (# of years to retirement) 23
Estimated Increase in Tax Generation
35 3,037,380$
36 13,094,908$
37 33,796,820$
38 -$
39 319,800$
40 64,727,652$
41 38,147,650$
42 50%
43 23
44 100%
45 23
Section 3 : Certification of Chief Executive Officer of Municipality or AgencyPlease see page 3 for the certification of this report by the Mayor of the City of Blue Springs, Missouri.
Total years anticipated to capture PILOTS
Total (cumulative) EATS anticipated at time of district termination
Total (cumulative) PILOTS anticipated at time of district termination
Percentage of EATS captured
Total years anticipated to capture EATS
Percentage of PILOTS captured
Total amount of base year PILOTS (base year tax)
Original assessed value of the Redevelopment Project (certified base year)
Assessed valuation of Redevelopment Project (at end of report period)
Anticipated assessed value at time of district termination (per plan) (per plan)
Total amount of base year EATS
26
Adams Farm (Projects A, B, C) (Construction in 2008)
Site Aerial
Adams Farm (Projects A, B, C) (Construction in 2009)
27
Adams Farm (Projects A, B, C) (Construction in 2009)
Adams Farm (Projects A, B, C) (FY 2010)
28
Adams Farm (Projects A, B, C) (FY 2010)
29
Adams Farm (Projects A, B, C) (FY 2010)
Staples closed in FY 2013. Halloween Express opened in FY 2013.
30
Adams Farm (Projects A, B, C) (FY 2010)
31
Adams Farm (Projects A, B, C) (FY 2012)
Chic Nails & Spa (just north of Charming Charlie) opened in FY 2013.
Cash for Gold opened in FY 2013.
32
Adams Farm (Projects A, B, C) (FY 2012)
Cato, Claire’s, Dress Barn (below), Ross Dress for Less, Rue 21 opened in FY 2013.
Hallmark opened in FY 2012. Dress Barn opened in FY 2013.
33
Adams Farm (Projects A, B, C) (FY 2013)
Sleep Number opened in FY 2013. AT&T is opening in FY 2014.
34
Section 1 - Description of the Plan and Project
1
2
3
4
5 Contact Information
(a) City Contact Agency
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
6
7
8
9
10
11
12
13 General location of Area or Project Area:
14 Description of Plan/Project:
15 Plan/Project Status:
(a) [ ] Starting Up (d) [ X ] Fully-Operational (see note below)
(b) [ ] Seeking Developer (e) [ ] Inactive
(c) [ ] Under Construction (f) [ ] District Dissolved
Ordinance Number (if available)
Most Recent Plan Amendment (if any)
School District
54
Ordinance Number (if available)
Original Date Plan/Project Approval
8
E-mail Address
Blue Springs R-IV
Phone
Report Period
Phone
October 1, 2012 to September 30, 2013
Kevin Fitzpatrick
Private Sector Developer
Person
Fax
E-mail Address
Name of person who prepared this Annual Report Rebecca Smith
Name of Plan or Project Copperleaf Village Shopping Center Tax Increment Financing Plan
816-228-0106
Copperleaf Village, LLC
913-677-1800
913-677-1826
City of Blue Springs, Missouri2013 Tax Increment Financing Annual Report
City of Blue Springs, Missouri
Person
City of Blue Springs Finance Department
Karen Van Winkle, Director of Finance
816-228-0204
Name of Municipality that approved the TIF Plan or Project
Fax
Approximately 4.5 acres of property located in an area generally described as the northwest quadrant of the intersection of Missouri Highway 7 and R.D. Mize Road and bounded on the north by Hearnes Avenue, R.D. Mize Road on the south, and Missouri Highway 7 on the east, formerly known as the I-70 Center.
Note: The project is operational. Two pad sites have not been completed as contemplated in the TIF Plan.
August 29, 2005
3892
NA
NA
State House District
State Senate District
The scope of this project involves the redevelopment of a retail center that comprises a series of current developments ranging in age from 30-45 years and impacts 8 parcels of property located along Missouri Highway 7 between R.D. Mize Road and Hearnes Avenue. The inline shops contained in the shopping center will be enlarged and upgraded and the existing 3 pad sites will be reconfigured and redeveloped to be consistent with the tenant mix, access and visibility of the upgraded shopping center.
35
16 Area Type:
(a) [X ] Blight
(b) [ ] Conservation
(c) [ ] Economic Development
17 How was the "But-For" determination made?
(a) [X ] Project had unusual/extraordinary costs that made the project financially unfeasible in the market place.
(b) [ ] Project required significant public infrastructure investment to remedy existing inadequate conditions.
(c) [ ] Project required significant public infrastructure to construct adequate capacity to support the project.
(d) [X ] Project required parcel assembly and/or relocation costs.
(e) [ ] Other (describe):
18 Major Development Obstacles to be Overcome:
19 Briefly describe the Project's Public Benefits:
20 Description of Agreements with the Developer:
21 Description of any agreements with the affected taxing districts:The Central Jackson County Fire Protection District, in accordance with RSMo 99.848, will be reimbursed from the Special Allocation Fund 50% of the CJCFPD PILOTS paid to the TIF and will be billed 50% of the 50% TIF portion of the CJCFPD sales tax generated in the TIF to be deposited into the Special Allocation Fund.
Ordinance 3910 -TIF Redevelopment Agreement between City and Tallgrass Shopping Center, LLC, 9/19/05.
Ordinance 3939 - Acquisition Funding Agreement between City and Copperleaf Village, LLC, 12/19/05.
In order for this project to proceed, the Developer is seeking to purchase three residential properties to the north of the shopping center along Hearnes Avenue that would allow for the expansion of the principal strip retail center with the addition of approximately 4,700 square feet of space. In addition, the Developer is seeking to acquire two commercial properties located along Missouri Highway 7. Project Update: Residential and commercial properties have been purchased.
The project will consist of $7.5 million in capital improvements to the substantially deteriorated 20,820 square foot center that has met 5 conditions of statutory blight, the legal requirement for triggering the "But For" clause of TIF, and the addition of a new median along Missouri Highway 7 in front of the renovated shopping center. The support of this redevelopment with TIF will encourage private investment to produce a long-term, orderly pattern of quality retail and service commercial uses in and adjacent to the Redevelopment Areas. The redevelopment will also enhance the tax base for the City and other taxing jurisdictions having territory within the Redevelopment Area.
Ordinance 3937 - Copperleaf TIF activated, 12/19/05.
Ordinance 3892 - Copperleaf Village Shopping Center Tax Increment Financing (TIF) Plan approved, Redevelopment Area established, and Tallgrass Shopping Center, LLC designated as Developer, 8/29/05.
RSMo 99.848 states that "notwithstanding subsection 1 of section 99.847, any district providing emergency services pursuant to chapter 190 or 321, RSMo, shall be entitled to reimbursement from the special allocation fund in the amount of at least fifty percent nor more than one hundred percent of the district's tax increment. This section shall not apply to tax increment financing projects or districts approved prior to August 28, 2004."
36
Current Period Total
22 Number of relocated residences due to TIF Project: - 3
23 Number of relocated businesses due to TIF Project: - 2
24 Number of parcels acquired through use of eminent domain power: - 1
25 Identify any new or relocated businesses into the Redevelopment Area (in this fiscal year):
Relocated from City/County?
ProjectedActual to
Date
26 Estimate of New Jobs: NA 63
27 Estimate of Retained Jobs: NA 86
Section 2 - Tax Increment Financing Revenues
28 TIF Revenue Deposits to the Special Allocation Fund as of the Report Date:
Current Period Total
(a) Payments in Lieu of Taxes (PILOTS) -$ 198,712.44$
(b) Economic Activity Taxes (EATS): 10,426.93$ 44,777.59$
Interest 4.32$ 23,396.39$
Total as of Report Date: 10,431.25$ 266,886.42$
29 Expenditures for Total Project Costs Funded by TIF
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
816-229-2440 RestaurantFirehouse Subs 715 NW 7 Hwy
Address Phone Number Primary Business LineName
203,935.64$
-$
-$
-$
Total
-$
-$
69,696$
-$
1,700,068$
538,741$
44,500$
98,000$
Total (Certified)Current PeriodTotal Project Costs Funded by TIF:
Public Infrastructure (streets, utilities, etc.)
Reimbursement to Developer for eligible costs:
Other (specify):
Amount Paid on Debt Service
Payment on principal & interest on bond debt:
949,131$ Acquisition of land or buildings
Reimbursement to City/County/Other Public Entity for eligible cost:
-$
Other (specify):
Site Development (grading, dirt moving, etc.)
Rehab of existing buildings
Total Project Costs Funded by TIF:
Current Period
37
30 Anticipated TIF Reimbursable Costs (only include hard costs; not interest or bond issuance costs)
(a)
(b)
(c)
(d)
(e)
(f)
31 Per original TIF Plan.
32 TIF Financing Method
(a) [X ] Pay-as-you-go (e) [ ] TIF bond
(b) [ ] General obligation bonds (f) [ ] Industrial revenue bond
(c) [ ] TIF notes (g) [ ] Other bond
(d) [ ] Loan (h) [ ] Other bond
Maturity of TIF Obligations (term of the TIF payout)
33 Original estimate (# of years to retirement) 18
34 Current anticipated estimate (# of years to retirement) 18
Estimated Increase in Tax Generation
35 639,282$
36 995,872$
37 2,442,776$
38 58,847$
39 62,707$
40 1,523,830$
41 1,815,866$
42 50%
43 18
44 100%
45 18
Section 3 : Certification of Chief Executive Officer of Municipality or Agency
Please see page 3 for the certification of this report by the Mayor of the City of Blue Springs, Missouri.
Percentage of PILOTS captured
Total years anticipated to capture PILOTS
Total years anticipated to capture EATS
Anticipated assessed value at time of district termination (per plan) (per plan)
Total (cumulative) PILOTS anticipated at time of district termination
Other (specify):
Total amount of base year EATS
Total amount of base year PILOTS (base year tax)
Total (cumulative) EATS anticipated at time of district termination
Public Infrastructure & Site Development Costs (utility extensions, road improvements, storm water, demolition, grading, etc.)
Percentage of EATS captured
Assessed valuation of Redevelopment Project (at end of report period)
1,700,068$ Total Anticipated TIF Reimbursable Costs
836,177$
794,195$
Project Implementation Costs (including professional fees)
Original assessed value of the Redevelopment Project (certified base year)
Other (specify):
Property Acquisition and Relocation Costs
-$
69,696$
-$
Other (specify):
-$
38
Copperleaf Village Shopping Center
39
Copperleaf Village Shopping Center BEFORE Redevelopment
40
Copperleaf Village Shopping Center AFTER Redevelopment
Mary Margaret’s closed in FY 2013. Firehouse Subs opened in FY 2013.
41
Copperleaf Village Shopping Center AFTER Redevelopment
42
Copperleaf Village Shopping Center AFTER Redevelopment
43
Section 1 - Description of the Plan and Project
1
2
3
4
5 Contact Information
(a) City Contact Agency
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
6
7
8
9
10
11
12
13 General location of Area or Project Area:
14 Description of Plan/Project:
June 5, 2000
3206
Person
Phone
Fax
Top Star, LLC
816-781-3322
Ordinance Number (if available)
Most Recent Plan Amendment (if any)
2665
April 15, 1996
Report Period
Rebecca Smith
Phone
Ordinance Number (if available)
Fax
City of Blue Springs Finance Department
Karen Van Winkle, Director of Finance
Tim Harris
Private Sector Developer
816-228-0204
816-228-0106
Name of person who prepared this Annual Report
City of Blue Springs, Missouri2013 Tax Increment Financing Annual Report
City of Blue Springs, MissouriName of Municipality that approved the TIF Plan or Project
Fall Creek Tax Increment Financing Plan
October 1, 2012 to September 30, 2013
Name of Plan or Project
8
Blue Springs R-IV
The Redevelopment Area is generally bounded by Missouri Highway 7 on the east, the southern branch of Clark Road on the south, Luttrell Road on the west and White Oak Shopping Center on the north.
The Redevelopment Area contains approximately 40 acres that will be developed in separate Redevelopment Project Areas. Redevelopment Project Areas I and II will be the Developer's portion and the remaining portion of the Redevelopment Area will be available for development by other developers. Redevelopment Project Area 1 consists of the construction of a retail shopping center comprised of multiple buildings containing approximately 202,000 square feet of gross leasable area, at least one office building, parking for approximately 1,500 vehicles and the construction of related necessary public improvements such as sidewalks, road-widening, traffic control improvements and utility infrastructure. Redevelopment Project II consists of construction of an upscale residential community of approximately 150 units and the construction of related necessary public improvements such as sidewalks, road-widening, traffic control improvements and utility infrastructure. Redevelopment Project II will not adopt tax increment financing, but will constitute reimbursable project costs for the public improvements.
Person
Original Date Plan/Project Approval
E-mail Address
E-mail Address
State House District
State Senate District
School District
55
44
15 Plan/Project Status:
(a) [ ] Starting Up (d) [ X ] Fully-Operational (see note below)
(b) [ ] Seeking Developer (e) [ ] Inactive
(c) [ ] Under Construction (f) [ ] District Dissolved
16 Area Type:
(a) [X ] Blight
(b) [ ] Conservation
(c) [ ] Economic Development
17 How was the "But-For" determination made?
(a) [X] Project had unusual/extraordinary costs that made the project financially unfeasible in the market place.
(b) [ ] Project required significant public infrastructure investment to remedy existing inadequate conditions.
(c) [ ] Project required significant public infrastructure to construct adequate capacity to support the project.
(d) [ ] Project required parcel assembly and/or relocation costs.
(e) [ ] Other (describe):
18 Major Development Obstacles to be Overcome:
19 Briefly describe the Project's Public Benefits:
20 Description of Agreements with the Developer:
A significant portion of the Redevelopment Area is vacant land that has not been developed due to existing physical and market conditions. The site improvements within the Redevelopment Area are deteriorated and include an abandoned gasoline station, vacant and abandoned buildings and substandard single family housing units. The Redevelopment Area contains defective or inadequate street layout and insanitary conditions as well as conditions which endanger life or property by fire and other causes. The predominance of these factors individually and in combination cause the Redevelopment Area to constitute an economic and social liability and a menace to the public health, safety, morals, and welfare in its present condition and use.
Ordinance 3113 - Development Agreement between the City and Parker Construction (Developer), 1/18/99.
Ordinance 3206 - First Amendment to First Amended and Restated Fall Creek Tax Increment Financing Plan, 6/5/00.
Ordinance 3207 - First Amendment to Development Agreement for the Mall at Fall Creek, 6/5/00.
The Redevelopment Plan proposes improvements to infrastructure and development of an upscale retail area that will stimulate the City's economy and improve blighted conditions.
Ordinance 3856 - Second Amended and Restated Development Agreement between the City and Top Star, LLC, 1/12/05.
Ordinance 4030 - Third Amendment to the Development Agreement between the City and Top Star, LLC (Developer), 2/5/07.
Note: The project is operational. 1 pad site has not been completed as contemplated in the TIF Plan.
Ordinance 3098 - Copperleaf TIF activated, 11/30/98.
Ordinance 2673 - Development Agreement between City and Thomas Enterprises, Inc., 05/06/96.
Ordinance 2665 - Blue Springs Pavillion Tax Increment Financing Plan, 04/15/96.
Ordinance 3113 - Development Agreement between the City and Parker Construction (Developer), 1/18/99.
Ordinance 2734 - First Amendment to Development Agreement between City and Thomas Enterprises, Inc., 11/04/96.
Ordinance 3098 - First Amended and Restated Fall Creek Tax Increment Financing Plan, 11/30/98.
45
21 Description of any agreements with the affected taxing districts:
Current Period Total
22 Number of relocated residences due to TIF Project: - -
23 Number of relocated businesses due to TIF Project: - -
24 Number of parcels acquired through use of eminent domain power: - -
25 Identify any new or relocated businesses into the Redevelopment Area (in this fiscal year):
Relocated from City/County?
ProjectedActual to
Date
26 Estimate of New Jobs: 200 206
27 Estimate of Retained Jobs: NA 160
Section 2 - Tax Increment Financing Revenues
28 TIF Revenue Deposits to the Special Allocation Fund as of the Report Date:
Current Period Total
(a) Payments in Lieu of Taxes (PILOTS) 260,985.78$ 2,097,793.26$
(b) Economic Activity Taxes (EATS): 126,760.68$ 2,521,011.74$
Interest 51.95$ 115,234.55$
Other 100,141.15$ 169,719.42$
Total as of Report Date: 487,939.56$ 4,903,758.97$
Medical - Physical Therapy
Hackelman Chiropractic
The Fall Creek TIF was approved prior to 1994. Therefore, the Central Jackson County Fire Protection District, in accordance with RSMo 99.848, will NOT be reimbursed from the Special Allocation Fund 50% of the CJCFPD PILOTS paid to the TIF and will be billed 50% of the TIF portion of the CJCFPD sales tax generated in the TIF to be deposited into the Special Allocation Fund.
Phone Number
RSMo 99.848 states that "notwithstanding subsection 1 of section 99.847, any district providing emergency services pursuant to chapter 190 or 321, RSMo, shall be entitled to reimbursement from the special allocation fund in the amount of at least fifty percent nor more than one hundred percent of the district's tax increment. This section shall not apply to tax increment financing projects or districts approved prior to August 28, 2004."
SERC Physical & Hand Therapy 816-295-2050
1241 SW 7 Hwy
1225 SW 7 Hwy
816-224-3790 Medical- Physical Therapy
Name Address Primary Business Line
46
29 Expenditures for Total Project Costs Funded by TIF
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
30 Anticipated TIF Reimbursable Costs (only include hard costs; not interest or bond issuance costs)
(a)
(b)
(c)
(d)
(e)
(f)
31 Per original TIF Plan.
32 TIF Financing Method
(a) [ ] Pay-as-you-go (e) [ ] TIF bond
(b) [ ] General obligation bonds (f) [ ] Industrial revenue bond
(c) [ ] TIF notes (g) [X] Other bond ( CID Bonds)
(d) [ ] Loan (h) [ ] Other bond
Maturity of TIF Obligations (term of the TIF payout)
33 Original estimate (# of years to retirement) 15
34 Current anticipated estimate (# of years to retirement) 15
Estimated Increase in Tax Generation
35 30,007$
36 2,561,573$
37 9,500,000$
38 -$
-$
-$
Total
Reimbursement to Developer for eligible costs:
-$
-$
Reimbursement to City/County/Other Public Entity for eligible cost:
Total
4,727,078$
2,588,929$
Current Period
Other (specify):
-$
2,588,929$
-$
1,049,690$ Public Infrastructure (streets, utilities, etc.)
Total Project Costs Funded by TIF:
-$ Total Project Costs Funded by TIF:
Amount Paid on Debt Service
-$
Current Period
Site Development (grading, dirt moving, etc.) 827,872$
311,367$
-$
-$
Other (specify):
Rehab of existing buildings
Acquisition of land or buildings
-$
Other (specify):
400,000$
-$
Project Implementation Costs (including professional fees)
Other (specify):
Other (specify): -$
Property Acquisition and Relocation Costs
-$
3,900,000$ Total Anticipated TIF Reimbursable Costs
Original assessed value of the Redevelopment Project (certified base year)
Assessed valuation of Redevelopment Project (at end of report period)
Anticipated assessed value at time of district termination (per plan)
Total amount of base year EATS
462,650$
485,000$
Public Infrastructure & Site Development Costs (utility extensions, road improvements, storm water, demolition, grading, etc.) 3,015,000$
400,000$
Payment on principal & interest on bond debt:
-$
47
39 2,320$
40 17,928,157$
41 23,249,225$
42 50%
43 15
44 100%
45 15
Section 3 : Certification of Chief Executive Officer of Municipality or AgencyPlease see page 3 for the certification of this report by the Mayor of the City of Blue Springs, Missouri.
Total years anticipated to capture EATS
Percentage of PILOTS captured
Percentage of EATS captured
Total (cumulative) EATS anticipated at time of district termination
Total years anticipated to capture PILOTS
Total (cumulative) PILOTS anticipated at time of district termination
Total amount of base year PILOTS (base year tax)
48
Fall Creek
49
Fall Creek AFTER Redevelopment
50
Fall Creek AFTER Redevelopment
Party Depot closed in FY 2010. SERC Physical & Hand Therapy opened in FY 2013.
51
Fall Creek AFTER Redevelopment
Closed in FY 2011
52
Fall Creek AFTER Redevelopment
Hackelman Chiropractic opened in Club 7 Fitness in FY 2013.
53
Section 1 - Description of the Plan and Project
1
2
3
4
5 Contact Information
(a) City Contact Agency
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
6
7
8
9
10
11
12
13 General location of Area or Project Area:
14 Description of Plan/Project:
15 Plan/Project Status:
(a) [ ] Starting Up (d) [ ] Fully-Operational
(b) [ ] Seeking Developer (e) [ ] Inactive
(c) [ X ] Under Construction (f) [ ] District Dissolved
Person
City of Blue Springs Finance Department
Karen Van Winkle, Director of Finance
816-228-0204
816-228-0106
The Woods Chapel TIF Plan provides for the redevelopment of the Redevelopment Area, which consists of approximately 26 acres of land located in Blue Springs, Missouri in an area generally bounded by Carl Felt Road on the north, Woods Chapel Road on the east, NW Valley View Place Road on the south and single-family residential development to the west.
The Redevelopment Area will be developed as three Redevelopment Projects. Redevelopment Project 1 will consist of approximately 56,675 SF of retail space, including retail shops and pad sites available for commercial use. Redevelopment Project 2 will consist of approximately 92,400 SF of retail space, including retail shops and a grocery store. Redevelopment Project 3 will consist of approximately 5,800 SF for a bank.
Name of person who prepared this Annual Report
City of Blue Springs, Missouri2013 Tax Increment Financing Annual Report
City of Blue Springs, MissouriName of Municipality that approved the TIF Plan or Project
Woods Chapel Tax Increment Financing Plan, Project 1
October 1, 2012 to September 30, 2013
Name of Plan or Project
Report Period
Rebecca Smith
Phone
Fax
Ordinance Number (if available)
I-70 Partners, LLC
816-960-1444
Original Date Plan/Project Approval
E-mail Address
8
Blue Springs R-IV
Dan Carr
Private Sector Developer
Person
Fax
E-mail Address
Ordinance Number (if available)
Phone
Most Recent Plan Amendment (if any)
State House District
State Senate District
School District
July 7, 2008
4165
May 18, 2009
4235
54
Note: 1 business has opened in the project area and the Park and Ride area is operational.
54
16 Area Type:
(a) [X ] Blight
(b) [ ] Conservation
(c) [ ] Economic Development
17 How was the "But-For" determination made?
(a) [X] Project had unusual/extraordinary costs that made the project financially unfeasible in the market place.
(b) [ ] Project required significant public infrastructure investment to remedy existing inadequate conditions.
(c) [ ] Project required significant public infrastructure to construct adequate capacity to support the project.
(d) [ ] Project required parcel assembly and/or relocation costs.
(e) [ ] Other (describe):
18 Major Development Obstacles to be Overcome:
19 Briefly describe the Project's Public Benefits:
20 Description of Agreements with the Developer:
The Redevelopment Area is plagued by severe drainage and environmental challenges. For these reasons, complicated engineering and construction challenges face the Redevelopment Area. The Redevelopment Area is bisected from east to west by a deep creek that drains the site and the surrounding areas. The low lying areas suffer from severe drainage problems that frequently leaves standing water for long periods of time. Project engineers have identified wetlands and "Waters of the U.S.," which are within the jurisdiction for the U.S. Army Corp of Engineers and the State of Missouri. Significant environmental study, engineering and remediation will be necessary to develop around or disturb these areas.
Ordinance 4165 - Woods Chapel TIF Plan approved, TIF Contract between Woods Chapel Redevelopment, LLC and City approved, Redevelopment Area established, and Woods Chapel Redevelopment, LLC designated as the Developer of Projects 1, 2, and 3, 7/7/08.
Ordinance 4235 - Tax Increment Financing Contract between the City and I-70 Partners, LLC. Ordinance designates I-70 Partners, LLC as the Developer for the Woods Chapel TIF Plan and Redevelopment Projects 1, 2, and 3, 5/18/09.
Ordinance 4237 - Cooperative Agreement with the Oaks at Woods Chapel Community Improvement District and I-70 Partners, LLC, 05/18/09.
Resolution 33-2009 - Tax Incentive Funding Agreement between City and I-70 Partners, LLC, 04/06/09.
Ordinance 4333 - First Amendment to the TIF Contract by and between the City and I-70 Partners, LLC for the Woods Chapel TIF Plan, 04/04/11.
Resolution 45-2011 - Collateral Assignment of TIF Contract and Collateral Assignment of Cooperative Agreement between I-70 Partners, LLC and Alterra Bank for the Woods Chapel TIF Redevelopment Project, 06/20/11.
Ordinance 4334 - First Amendment to the Cooperative Agreement among the City, the Oaks at Woods Chapel Community Improvement District and I-70 Partners, LLC, 04/04/11.
In addition to the construction of the Redevelopment Projects, this Plan provides for the construction of certain public infrastructure improvements associated with the Redevelopment Projects and those traffic improvements attributable to the Redevelopment Area and required by the City. The proposed Woods Chapel and Vallyview Road improvements will primarily take place adjacent to the development providing two northbound lanes on Woods Chapel Rd to accommodate double northbound left turn lanes from Valleyview Road and two southbound lanes on Woods Chapel Road which become a dedicated through and right turn lane at Valleyview Road.
Ordinance 4165 - Woods Chapel TIF Project 1 activated, 7/7/08.
55
21 Description of any agreements with the affected taxing districts:
Current Period Total
22 Number of relocated residences due to TIF Project: - -
23 Number of relocated businesses due to TIF Project: 1 1
24 Number of parcels acquired through use of eminent domain power: 1 1
25 Identify any new or relocated businesses into the Redevelopment Area (in this fiscal year):
Relocated from City/County?
-
ProjectedActual to
Date
26 Estimate of New Jobs: - 25
27 Estimate of Retained Jobs: - 25
Section 2 - Tax Increment Financing Revenues28 TIF Revenue Deposits to the Special Allocation Fund as of the Report Date:
Current Period Total
(a) Payments in Lieu of Taxes (PILOTS) 41,887.10$ 125,339.60$
(b) Economic Activity Taxes (EATS): 689.11$ 823.85$
Interest 78.38$ 189.66$
Total as of Report Date: 42,654.59$ 126,353.11$
29 Expenditures for Total Project Costs Funded by TIF
(a)
(b)
(c)
(d)
(e)
(f)
Primary Business Line
Pharmacy and Retail
Total Project Costs Funded by TIF:
Total Project Costs Funded by TIF:
Rehab of existing buildings
Acquisition of land or buildings
Other (specify):
Other (specify): -$ -$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
Site Development (grading, dirt moving, etc.)
Current Period
-$
-$ Public Infrastructure (streets, utilities, etc.)
Total
Oaks at Woods Chapel Community Improvement District - The CID has been formed and will impose a 1% sales tax on all sales within the district. The net revenues, gross revenues less CID operating expenses and certified CID reimbursable expenses, have been pledged to the Special Allocation Fund for the payment of TIF reimbursable project costs.
RSMo 99.848 states that "notwithstanding subsection 1 of section 99.847, any district providing emergency services pursuant to chapter 190 or 321, RSMo, shall be entitled to reimbursement from the special allocation fund in the amount of at least fifty percent nor more than one hundred percent of the district's tax increment. This section shall not apply to tax increment financing projects or districts approved prior to August 28, 2004."
The Central Jackson County Fire Protection District, in accordance with RSMo 99.848, will be reimbursed from the Special Allocation Fund 50% of the CJCFPD PILOTS paid to the TIF and will be billed 50% of the 50% TIF portion of the CJCFPD sales tax generated in the TIF to be deposited into the Special Allocation Fund.
The Blue Springs R-IV School District will receive an annual Capital Contribution from the Special Allocation Fund an amount equal to ten (10%) of the School District's then existing mill levy multiplied by the increased assessed value of property over the Total Initial Equalized Assessed Value within each Project Area during the life of the Plan.
Name
CVS Pharmacy #8950 816-224-3048
1101 NW Woods Chapel Road
Phone NumberAddress
56
(g)
(h)
(i)
30 Anticipated TIF Reimbursable Costs (only include hard costs; not interest or bond issuance costs)
(a)
(b)
(c)
(d)
(e)
(f)
31 Per original TIF Plan.
32 TIF Financing Method
(a) [ ] Pay-as-you-go (e) [ ] TIF bond
(b) [ ] General obligation bonds (f) [ ] Industrial revenue bond
(c) [ ] TIF notes (g) [ ] Other bond ( CID Bonds)
(d) [ ] Loan (h) [X ] Other bond
Maturity of TIF Obligations (term of the TIF payout)
33 Original estimate (# of years to retirement) 23
34 Current anticipated estimate (# of years to retirement) 23
Estimated Increase in Tax Generation
35 Original assessed value of the Redevelopment Project (certified base year) 102,516$
36 Assessed valuation of Redevelopment Project (at end of report period) 573,665$
37 Anticipated assessed value at time of district termination (per plan) 3,088,688$
38 Total amount of base year EATS 5,431$
39 Total amount of base year PILOTS (base year tax) 8,858$
40 Total (cumulative) EATS anticipated at time of district termination 4,924,731$
41 Total (cumulative) PILOTS anticipated at time of district termination 4,759,207$
42 Percentage of EATS captured 50%
43 Total years anticipated to capture EATS 23
44 Percentage of PILOTS captured 100%
45 Total years anticipated to capture PILOTS 23
Section 3 : Certification of Chief Executive Officer of Municipality or Agency
5,837,173$ Total Anticipated TIF Reimbursable Costs
Other (specify): Legal/Developer Fees
pCosts (utility extensions, road improvements,
Property Acquisition and Relocation Costs
4,318,264$
-$
Reimbursement to City/County/Other Public Entity for eligible cost:
-$
591,800$
774,359$
152,750$
j p ( gprofessional fees)
Other (specify): Remediation of Waterway
Other (specify): Design/Engineering
-$
-$
Amount Paid on Debt Service
Payment on principal & interest on bond debt:
Reimbursement to Developer for eligible costs:
-$
Total
-$
-$
Current Period
-$
Please see page 3 for the certification of this report by the Mayor of the City of Blue Springs, Missouri.
57
Section 1 - Description of the Plan and Project
1
2
3
4
5 Contact Information
(a) City Contact Agency
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
6
7
8
9
10
11
12
13 General location of Area or Project Area:
14 Description of Plan/Project:
15 Plan/Project Status:
(a) [ X ] Starting Up (d) [ ] Fully-Operational
(b) [ ] Seeking Developer (e) [ ] Inactive
(c) [ ] Under Construction (f) [ ] District Dissolved
Ordinance Number (if available)
Woods Chapel Tax Increment Financing Plan, Project 2
October 1, 2012 to September 30, 2013
Dan Carr
Private Sector Developer
Person
Phone
Ordinance Number (if available)
Original Date Plan/Project Approval
E-mail Address
Most Recent Plan Amendment (if any)
Fax
Fax
I-70 Partners, LLC
816-960-1444
July 7, 2008
4165
Name of Municipality that approved the TIF Plan or Project
816-228-0106
Name of Plan or Project
Report Period
Rebecca SmithName of person who prepared this Annual Report
Phone
May 18, 2009
4235
City of Blue Springs, Missouri2013 Tax Increment Financing Annual Report
City of Blue Springs, Missouri
E-mail Address
Person
City of Blue Springs Finance Department
Karen Van Winkle, Director of Finance
816-228-0204
State House District
State Senate District
School District
54
8
Blue Springs R-IV
The Woods Chapel TIF Plan provides for the redevelopment of the Redevelopment Area, which consists of approximately 26 acres of land located in Blue Springs, Missouri in an area generally bounded by Carl Felt Road on the north, Woods Chapel Road on the east, NW Valley View Place Road on the south and single-family residential development to the west.
The Redevelopment Area will be developed as three Redevelopment Projects. Redevelopment Project 1 will consist of approximately 56,675 SF of retail space, including retail shops and pad sites available for commercial use. Redevelopment Project 2 will consist of approximately 92,400 SF of retail space, including retail shops and a grocery store. Redevelopment Project 3 will consist of approximately 5,800 SF for a bank.
58
16 Area Type:
(a) [X ] Blight
(b) [ ] Conservation
(c) [ ] Economic Development
17 How was the "But-For" determination made?
(a) [X] Project had unusual/extraordinary costs that made the project financially unfeasible in the market place.
(b) [ ] Project required significant public infrastructure investment to remedy existing inadequate conditions.
(c) [ ] Project required significant public infrastructure to construct adequate capacity to support the project.
(d) [ ] Project required parcel assembly and/or relocation costs.
(e) [ ] Other (describe):
18 Major Development Obstacles to be Overcome:
19 Briefly describe the Project's Public Benefits:
20 Description of Agreements with the Developer: Ordinance 4165 - Woods Chapel TIF Plan approved, TIF Contract between Woods Chapel Redevelopment, LLC and City approved, Redevelopment Area established, and Woods Chapel Redevelopment, LLC designated as the Developer of Projects 1, 2, and 3, 7/7/08.
Resolution 33-2009 - Tax Incentive Funding Agreement between City and I-70 Partners, LLC, 04/06/09.
Ordinance 4235 - Tax Increment Financing Contract between the City and I-70 Partners, LLC. Ordinance designates I-70 Partners, LLC as the Developer for the Woods Chapel TIF Plan and Redevelopment Projects 1, 2, and 3, 5/18/09.
Ordinance 4237 - Cooperative Agreement with the Oaks at Woods Chapel Community Improvement District and I-70 Partners, LLC, 05/18/09.
Resolution 45-2011 - Collateral Assignment of TIF Contract and Collateral Assignment of Cooperative Agreement between I-70 Partners, LLC and Alterra Bank for the Woods Chapel TIF Redevelopment Project, 06/20/11.
Ordinance 4333 - First Amendment to the TIF Contract by and between the City and I-70 Partners, LLC for the Woods Chapel TIF Plan, 04/04/11.
Ordinance 4334 - First Amendment to the Cooperative Agreement among the City, the Oaks at Woods Chapel Community Improvement District and I-70 Partners, LLC, 04/04/11.
Ordinance 4165 - Woods Chapel TIF Project 1 activated, 7/7/08.
The Redevelopment Area is plagued by severe drainage and environmental challenges. For these reasons, complicated engineering and construction challenges face the Redevelopment Area. The Redevelopment Area is bisected from east to west by a deep creek that drains the site and the surrounding areas. The low lying areas suffer from severe drainage problems that frequently leaves standing water for long periods of time. Project engineers have identified wetlands and "Waters of the U.S.," which are within the jurisdiction for the U.S. Army Corp of Engineers and the State of Missouri. Significant environmental study, engineering and remediation will be necessary to develop around or disturb these areas.
In addition to the construction of the Redevelopment Projects, this Plan provides for the construction of certain public infrastructure improvements associated with the Redevelopment Projects and those traffic improvements attributable to the Redevelopment Area and required by the City. The proposed Woods Chapel and Vallyview Road improvements will primarily take place adjacent to the development providing two northbound lanes on Woods Chapel Rd to accommodate double northbound left turn lanes from Valleyview Road and two southbound lanes on Woods Chapel Road which become a dedicated through and right turn lane at Valleyview Road.
59
21 Description of any agreements with the affected taxing districts:
Current Period Total
22 Number of relocated residences due to TIF Project: - -
23 Number of relocated businesses due to TIF Project: - -
24 Number of parcels acquired through use of eminent domain power: - -
25 Identify any new or relocated businesses into the Redevelopment Area (in this fiscal year):
Phone Number
Primary Business Line
Relocated from What City/County?
- - -
ProjectedActual to
Date
26 Estimate of New Jobs: - -
27 Estimate of Retained Jobs: - -
Section 2 - Tax Increment Financing Revenues
28 TIF Revenue Deposits to the Special Allocation Fund as of the Report Date:
Current Period Total
(a) Payments in Lieu of Taxes (PILOTS) -$ -$
(b) Economic Activity Taxes (EATS): -$ -$
Total as of Report Date: -$ -$
29 Expenditures for Total Project Costs Funded by TIF
(a)
(b)
(c)
(d)
(e)
(f)
Total Project Costs Funded by TIF:
The Central Jackson County Fire Protection District, in accordance with RSMo 99.848, will be reimbursed from the Special Allocation Fund 50% of the CJCFPD PILOTS paid to the TIF and will be billed 50% of the 50% TIF portion of the CJCFPD sales tax generated in the TIF to be deposited into the Special Allocation Fund.
RSMo 99.848 states that "notwithstanding subsection 1 of section 99.847, any district providing emergency services pursuant to chapter 190 or 321, RSMo, shall be entitled to reimbursement from the special allocation fund in the amount of at least fifty percent nor more than one hundred percent of the district's tax increment. This section shall not apply to tax increment financing projects or districts approved prior to August 28, 2004."
Name
-
Oaks at Woods Chapel Community Improvement District - The CID has been formed and will impose a 1% sales tax on all sales within the district. The net revenues, gross revenues less CID operating expenses and certified CID reimbursable expenses, have been pledged to the Special Allocation Fund for the payment of TIF reimbursable project costs.
Address
--
The Blue Springs R-IV School District will receive an annual Capital Contribution from the Special Allocation Fund an amount equal to ten (10%) of the School District's then existing mill levy multiplied by the increased assessed value of property over the Total Initial Equalized Assessed Value within each Project Area during the life of the Plan.
-$
-$
-$ Public Infrastructure (streets, utilities, etc.)
Site Development (grading, dirt moving, etc.)
Current Period
-$
Total
-$
-$
-$
-$
-$
-$ Acquisition of land or buildings
Other (specify):
-$
Total Project Costs Funded by TIF:
Rehab of existing buildings
Other (specify): -$
-$
-$
60
(g)
(h)
(i)
30 Anticipated TIF Reimbursable Costs (only include hard costs; not interest or bond issuance costs)
(a)
(b)
(c)
(d)
(e)
(f)
31 Per original TIF Plan.
32 TIF Financing Method
(a) [ ] Pay-as-you-go (e) [ ] TIF bond
(b) [ ] General obligation bonds (f) [ ] Industrial revenue bond
(c) [ ] TIF notes (g) [ ] Other bond ( CID Bonds)
(d) [ ] Loan (h) [X ] Other bond
Maturity of TIF Obligations (term of the TIF payout)
33 Original estimate (# of years to retirement) 23
34 Current anticipated estimate (# of years to retirement) 23
Estimated Increase in Tax Generation
35 -$
36 -$
37 3,899,222$
38 -$
39 NA
40 11,657,352$
41 6,430,048$
42 50%
43 23
44 100%
45 23
Section 3 : Certification of Chief Executive Officer of Municipality or Agency
Total amount of base year PILOTS (in year prior to activation )
Total (cumulative) EATS anticipated at time of district termination
Total (cumulative) PILOTS anticipated at time of district termination
Please see page 3 for the certification of this report by the Mayor of the City of Blue Springs, Missouri.
Total years anticipated to capture EATS
Percentage of PILOTS captured
Total years anticipated to capture PILOTS
Percentage of EATS captured
Total amount of base year EATS
-$
Amount Paid on Debt Service
Payment on principal & interest on bond debt:
Reimbursement to Developer for eligible costs:
Current Period
Anticipated assessed value at time of district termination (per plan)
-$
22,244$
Project Implementation Costs (including professional fees)
Other (specify): Design/Engineering
Other (specify):
Other (specify):
Assessed valuation of Redevelopment Project (at end of report period)
1,508,957$ Total Anticipated TIF Reimbursable Costs
Original assessed value of the Redevelopment Project (certified base year)
Public Infrastructure & Site Development Costs (utility extensions, road improvements, storm water, demolition, grading, etc.)
Property Acquisition and Relocation Costs
-$
-$
1,486,713$
-$
Reimbursement to City/County/Other Public Entity for eligible cost:
-$
-$
Total
-$
61
Section 1 - Description of the Plan and Project
1
2
3
4
5 Contact Information
(a) City Contact Agency
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
6
7
8
9
10
11
12
13 General location of Area or Project Area:
14 Description of Plan/Project:
15 Plan/Project Status:
(a) [ X ] Starting Up (d) [ ] Fully-Operational
(b) [ ] Seeking Developer (e) [ ] Inactive
(c) [ ] Under Construction (f) [ ] District Dissolved
Original Date Plan/Project Approval
Blue Springs R-IV
The Woods Chapel TIF Plan provides for the redevelopment of the Redevelopment Area, which consists of approximately 26 acres of land located in Blue Springs, Missouri in an area generally bounded by Carl Felt Road on the north, Woods Chapel Road on the east, NW Valley View Place Road on the south and single-family residential development to the west.
The Redevelopment Area will be developed as three Redevelopment Projects. Redevelopment Project 1 will consist of approximately 56,675 SF of retail space, including retail shops and pad sites available for commercial use. Redevelopment Project 2 will consist of approximately 92,400 SF of retail space, including retail shops and a grocery store. Redevelopment Project 3 will consist of approximately 5,800 SF for a bank.
Name of Municipality that approved the TIF Plan or Project
816-228-0106
July 7, 2008
4165
May 18, 2009
4235
54
Phone
City of Blue Springs, Missouri2013 Tax Increment Financing Annual Report
City of Blue Springs, Missouri
E-mail Address
Person
City of Blue Springs Finance Department
Karen Van Winkle, Director of Finance
816-228-0204
Ordinance Number (if available)
Fax
Fax
Name of Plan or Project
Report Period
Rebecca SmithName of person who prepared this Annual Report
I-70 Partners, LLC
816-960-1444
Woods Chapel Tax Increment Financing Plan, Project 3
October 1, 2012 to September 30, 2013
Dan Carr
Private Sector Developer
Person
Phone
E-mail Address
Most Recent Plan Amendment (if any)
State House District
State Senate District
School District
Ordinance Number (if available)
8
62
16 Area Type:
(a) [X ] Blight
(b) [ ] Conservation
(c) [ ] Economic Development
17 How was the "But-For" determination made?
(a) [X] Project had unusual/extraordinary costs that made the project financially unfeasible in the market place.
(b) [ ] Project required significant public infrastructure investment to remedy existing inadequate conditions.
(c) [ ] Project required significant public infrastructure to construct adequate capacity to support the project.
(d) [ ] Project required parcel assembly and/or relocation costs.
(e) [ ] Other (describe):
18 Major Development Obstacles to be Overcome:
19 Briefly describe the Project's Public Benefits:
20 Description of Agreements with the Developer:
21 Description of any agreements with the affected taxing districts:
The Redevelopment Area is plagued by severe drainage and environmental challenges. For these reasons, complicated engineering and construction challenges face the Redevelopment Area. The Redevelopment Area is bisected from east to west by a deep creek that drains the site and the surrounding areas. The low lying areas suffer from severe drainage problems that frequently leaves standing water for long periods of time. Project engineers have identified wetlands and "Waters of the U.S.," which are within the jurisdiction for the U.S. Army Corp of Engineers and the State of Missouri. Significant environmental study, engineering and remediation will be necessary to develop around or disturb these areas.
In addition to the construction of the Redevelopment Projects, this Plan provides for the construction of certain public infrastructure improvements associated with the Redevelopment Projects and those traffic improvements attributable to the Redevelopment Area and required by the City. The proposed Woods Chapel and Vallyview Road improvements will primarily take place adjacent to the development providing two northbound lanes on Woods Chapel Rd to accommodate double northbound left turn lanes from Valleyview Road and two southbound lanes on Woods Chapel Road which become a dedicated through and right turn lane at Valleyview Road.
The Blue Springs R-IV School District will receive an annual Capital Contribution from the Special Allocation Fund an amount equal to ten (10%) of the School District's then existing mill levy multiplied by the increased assessed value of property over the Total Initial Equalized Assessed Value within each Project Area during the life of the Plan.
Ordinance 4237 - Cooperative Agreement with the Oaks at Woods Chapel Community Improvement District and I-70 Partners, LLC, 05/18/09.
Ordinance 4165 - Woods Chapel TIF Plan approved, TIF Contract between Woods Chapel Redevelopment, LLC and City approved, Redevelopment Area established, and Woods Chapel Redevelopment, LLC designated as the Developer of Projects 1, 2, and 3, 7/7/08.
Resolution 33-2009 - Tax Incentive Funding Agreement between City and I-70 Partners, LLC, 04/06/09.Ordinance 4235 - Tax Increment Financing Contract between the City and I-70 Partners, LLC. Ordinance designates I-70 Partners, LLC as the Developer for the Woods Chapel TIF Plan and Redevelopment Projects 1, 2, and 3, 5/18/09.
Ordinance 4333 - First Amendment to the TIF Contract by and between the City and I-70 Partners, LLC for the Woods Chapel TIF Plan, 04/04/11.
Ordinance 4334 - First Amendment to the Cooperative Agreement among the City, the Oaks at Woods Chapel Community Improvement District and I-70 Partners, LLC, 04/04/11.
Resolution 45-2011 - Collateral Assignment of TIF Contract and Collateral Assignment of Cooperative Agreement between I-70 Partners, LLC and Alterra Bank for the Woods Chapel TIF Redevelopment Project, 06/20/11.
Ordinance 4165 - Woods Chapel TIF Project 1 activated, 7/7/08.
63
Current Period Total
22 Number of relocated residences due to TIF Project: - -
23 Number of relocated businesses due to TIF Project: - -
24 Number of parcels acquired through use of eminent domain power: - -
25 Identify any new or relocated businesses into the Redevelopment Area (in this fiscal year):
Phone Number
Primary Business Line
Relocated from What City/County?
- - -
ProjectedActual to
Date
26 Estimate of New Jobs: - -
27 Estimate of Retained Jobs: - -
Section 2 - Tax Increment Financing Revenues
28 TIF Revenue Deposits to the Special Allocation Fund as of the Report Date:
Current Period Total
(a) Payments in Lieu of Taxes (PILOTS) -$ -$
(b) Economic Activity Taxes (EATS): -$ -$
Total as of Report Date: -$ -$
29 Expenditures for Total Project Costs Funded by TIF
(a)
(b)
(c)
(d)
(e)
(f)
Total Project Costs Funded by TIF:
Acquisition of land or buildings
Other (specify):
Other (specify):
Total Project Costs Funded by TIF:
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
-$
Public Infrastructure (streets, utilities, etc.)
Site Development (grading, dirt moving, etc.)
Current Period
-$
-$ Rehab of existing buildings
Total
Name
--
Oaks at Woods Chapel Community Improvement District - The CID has been formed and will impose a 1% sales tax on all sales within the district. The net revenues, gross revenues less CID operating expenses and certified CID reimbursable expenses, have been pledged to the Special Allocation Fund for the payment of TIF reimbursable project costs.
-
The Central Jackson County Fire Protection District, in accordance with RSMo 99.848, will be reimbursed from the Special Allocation Fund 50% of the CJCFPD PILOTS paid to the TIF and will be billed 50% of the 50% TIF portion of the CJCFPD sales tax generated in the TIF to be deposited into the Special Allocation Fund.
RSMo 99.848 states that "notwithstanding subsection 1 of section 99.847, any district providing emergency services pursuant to chapter 190 or 321, RSMo, shall be entitled to reimbursement from the special allocation fund in the amount of at least fifty percent nor more than one hundred percent of the district's tax increment. This section shall not apply to tax increment financing projects or districts approved prior to August 28, 2004."
Address
64
(g)
(h)
(i)
30 Anticipated TIF Reimbursable Costs (only include hard costs; not interest or bond issuance costs)
(a)
(b)
(c)
(d)
(e)
(f)
31 Per original TIF Plan.
32 TIF Financing Method
(a) [ ] Pay-as-you-go (e) [ ] TIF bond
(b) [ ] General obligation bonds (f) [ ] Industrial revenue bond
(c) [ ] TIF notes (g) [ ] Other bond ( CID Bonds)
(d) [ ] Loan (h) [X ] Other bond
Maturity of TIF Obligations (term of the TIF payout)
33 Original estimate (# of years to retirement) 23
34 Current anticipated estimate (# of years to retirement) 23
Estimated Increase in Tax Generation
35 -$
36 -$
37 339,368$
38 -$
39 NA
40 -$
41 515,444$
42 0%
43 0
44 100%
45 23
Section 3 : Certification of Chief Executive Officer of Municipality or Agency
Total amount of base year EATS
Total amount of base year PILOTS (in year prior to activation)
Total (cumulative) EATS anticipated at time of district termination
Total (cumulative) PILOTS anticipated at time of district termination
Please see page 3 for the certification of this report by the Mayor of the City of Blue Springs, Missouri.
Total years anticipated to capture EATS
Percentage of PILOTS captured
Total years anticipated to capture PILOTS
Percentage of EATS captured
146,242$ Total Anticipated TIF Reimbursable Costs
Other (specify):
Public Infrastructure & Site Development Costs (utility extensions, road improvements, storm water, demolition, grading, etc.)
Property Acquisition and Relocation Costs
137,988$
-$
-$
Original assessed value of the Redevelopment Project (certified base year)
Assessed valuation of Redevelopment Project (at end of report period)
Anticipated assessed value at time of district termination (per plan)
-$
8,254$
-$
-$
Project Implementation Costs (including professional fees)
Other (specify): Design/Engineering
Other (specify):
-$
-$
Amount Paid on Debt Service
Payment on principal & interest on bond debt:
Reimbursement to Developer for eligible costs:
Reimbursement to City/County/Other Public Entity for eligible cost: -$
Total
-$
-$
Current Period
65
Woods Chapel (Site Plan)
66
Woods Chapel BEFORE Redevelopment
67
Woods Chapel AFTER Redevelopment (FY 2013)
CVS Pharmacy (center, left) opened in FY 2013.
Woods Chapel Road Park & Ride facility (north of CVS) opened in FY 2013. Diverging Diamond Interchange (DDI) (far north) (not part of TIF project area) completed in FY 2014.
68
Blu
e S
prin
gs, M
isso
uri T
ax In
crem
ent F
inan
cing
7 H
wy
& 4
0 H
wy
(P
roje
ct A
)7
Hw
y &
40
Hw
y (P
roje
ct B
)7
Hw
y &
40
Hw
y (P
roje
ct C
)A
dam
s F
arm
(P
roje
cts
A,B
,C)
Cop
perle
af
Vill
age
Sho
ppin
g C
ente
rF
all C
reek
Woo
ds C
hape
l (P
roje
ct 1
)T
otal
R
even
ues
Tax
es*
28,3
30.9
6$
146,
668.
09$
433,
430.
66$
3,83
6,72
2.74
$
10,4
26.9
3$
387,
746.
46$
42,5
76.2
1$
In
tere
st
-
27.2
1
50
.90
2,52
2.88
4.32
51.9
5
78
.38
Oth
er-
-
-
-
-
10
0,14
1.15
-
10
0,14
1.15
T
otal
Rev
enue
s28
,330
.96
14
6,69
5.30
43
3,48
1.56
3,
839,
245.
62
10
,431
.25
48
7,93
9.56
42
,654
.59
4,98
8,77
8.84
Exp
end
itu
res:
Cu
rren
t:
Gen
eral
Gov
ernm
ent
-
13,0
72.7
1
30
,846
.61
243,
816.
82
-
4,17
5.77
5,85
0.23
P
rofe
ssio
nal S
ervi
ces
540.
00
-
-
1,80
0.00
-
-
-
Cer
tifie
d D
evel
oper
Cos
ts28
,142
.70
13
9,69
7.44
39
8,35
6.78
-
94
8.83
-
79
9.94
Deb
t se
rvic
e:
Prin
cipa
l Ret
irem
ent
-
-
-
835,
000.
00
-
275,
000.
00
-
Inte
rest
and
Fis
cal C
harg
es-
-
-
1,
299,
226.
30
-
18
7,65
0.00
-
T
otal
Exp
endi
ture
s28
,682
.70
15
2,77
0.15
42
9,20
3.39
2,
379,
843.
12
94
8.83
46
6,82
5.77
6,
650.
17
3,46
4,92
4.13
-
Exc
ess
of R
even
ues
Ove
r/(U
nder
) E
xpen
ditu
res
(351
.74)
(6,0
74.8
5)
4,
278.
17
1,
459,
402.
50
9,
482.
42
21
,113
.79
36,0
04.4
2
1,
523,
854.
71
Oth
er F
inan
cin
g S
ou
rces
(u
ses)
:
Bon
d P
roce
eds
-
-
-
-
-
-
-
Ope
ratin
g T
rans
fers
In-
-
-
-
-
-
-
Ope
ratin
g T
rans
fers
(O
ut)
(304
.07)
(722
.64)
(5
,136
.91)
(11,
448.
34)
(5
2.48
)
(6,9
00.0
0)
(2
10.1
0)
Tot
al O
ther
Fin
anci
ng S
ourc
es
(use
s)(3
04.0
7)
(7
22.6
4)
(5,1
36.9
1)
(1
1,44
8.34
)
(52.
48)
(6
,900
.00)
(210
.10)
(2
4,77
4.54
)
-
Net
Cha
nge
in F
und
Bal
ance
s(6
55.8
1)
(6
,797
.49)
(858
.74)
1,
447,
954.
16
9,
429.
94
14
,213
.79
35,7
94.3
2
1,
499,
080.
17
-
F
und
Bal
ance
- B
egin
ning
of Y
ear
-
10,3
93.4
5
25
,977
.33
5,97
8,45
9.24
2,17
5.80
38,1
13.4
4
71
,537
.48
Fun
d B
alan
ce -
End
of Y
ear
(655
.81)
$
3,59
5.96
$
25,1
18.5
9$
7,
426,
413.
40$
11
,605
.74
$
52
,327
.23
$
107,
331.
80$
7,62
5,73
6.91
$
1st y
ear
TIF
Pro
ject
Fun
ds
Com
bini
ng S
tate
men
t of R
even
ues,
Exp
endi
ture
s an
d C
hang
e in
Fun
d B
alan
ce
For
the
Yea
r E
nded
Sep
tem
ber
30, 2
013
69
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Statement of Revenues, Expenditures and Change in Fund Balance
For the Year Ended September 30, 2013
Project: 7 Highway & 40 Highway TIF, Project A
2013
Revenues:
Taxes* 28,330.96$
Interest -$
Other -$
Total Revenues 28,330.96$
Expenditures:
Current:
General Government -$
Professional Services 540.00$
Certifed Developer Costs 28,142.70$
Debt service:
Principal Retirement -$
Interest and Fiscal Charges -$
Total Expenditures 28,682.70$
Excess of Revenues Over/(Under) Expenditures (351.74)$
Other Financing Sources (uses):
Operating Transfers In -$
OperatingTransfers Out (304.07)$
Total Other Financing Sources (304.07)
Net Change in Fund Balances (655.81)$
Fund Balance - Beginning of Year -$
Fund Balance - End of Year (655.81)$
1st Year
70
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Statement of Revenues, Expenditures and Change in Fund Balance
For the Year Ended September 30, 2013
Project: 7 Highway & 40 Highway TIF, Project B
2013 2012
Revenues:
Taxes* 146,668.09$ 143,217.03$
Interest 27.21 6.17
Other - -
Total Revenues 146,695.30 143,223.20
Expenditures:
Current:
General Government 13,072.71 13,043.39
Professional Services - -
Certifed Developer Costs 139,697.44 128,029.19
Debt service:
Principal Retirement - -
Interest and Fiscal Charges - -
Total Expenditures 152,770.15 141,072.58
Excess of Revenues Over/(Under) Expenditures (6,074.85) 2,150.62
Other Financing Sources (uses):
Operating Transfers In - -
OperatingTransfers Out (722.64) (718.45)
Total Other Financing Sources (722.64) (718.45)
Net Change in Fund Balances (6,797.49) 1,432.17
Fund Balance - Beginning of Year 10,393.45 8,961.28
Fund Balance - End of Year 3,595.96$ 10,393.45$
71
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Statement of Revenues, Expenditures and Change in Fund Balance
For the Year Ended September 30, 2013
Project: 7 Highway & 40 Highway TIF, Project C
2013 2012
Revenues:
Taxes* 433,430.66$ 82,752.15$
Interest 50.90$ 17.53$
Other -$ -$
Total Revenues 433,481.56$ 82,769.68$
Expenditures:
Current:
General Government 30,846.61$ -$
Professional Services -$ 7,763.75$
Certifed Developer Costs 398,356.78$ 48,364.49$
Debt service:
Principal Retirement -$ -$
Interest and Fiscal Charges -$ -$
Total Expenditures 429,203.39$ 56,128.24$
Excess of Revenues Over/(Under) Expenditures 4,278.17$ 26,641.44$
Other Financing Sources (uses):
Operating Transfers In -$ -$
OperatingTransfers Out (5,136.91)$ (664.11)$
Total Other Financing Sources (5,136.91)$ (664.11)$
Net Change in Fund Balances (858.74)$ 25,977.33$
Fund Balance - Beginning of Year 25,977.33$ -$
Fund Balance - End of Year 25,118.59$ 25,977.33$
1st year
72
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Statement of Revenues, Expenditures and Change in Fund Balance
For the Year Ended September 30, 2013
Project: Adams Farm - Projects A, B, C
2013 2012
Revenues:
Taxes* 3,836,722.74$ 2,995,415.69$
Interest 2,522.88 2,638.49
Other - -
Total Revenues 3,839,245.62 2,998,054.18
Expenditures:
Current:
General Government 243,816.82 135,242.21
Professional Services 1,800.00 7,395.00
Certifed Developer Costs - -
Debt service:
Principal Retirement 835,000.00 535,000.00
Interest and Fiscal Charges 1,299,226.30 1,319,675.05
Total Expenditures 2,379,843.12 1,997,312.26
Excess of Revenues Over/(Under) Expenditures 1,459,402.50 1,000,741.92
Other Financing Sources (uses):
Bond Proceeds - -
Operating Transfers In - -
OperatingTransfers Out (11,448.34) (8,029.16)
Total Other Financing Sources (11,448.34) (8,029.16)
Net Change in Fund Balances 1,447,954.16 992,712.76
Fund Balance - Beginning of Year 5,978,459.24 4,985,746.48
Fund Balance - End of Year 7,426,413.40$ 5,978,459.24$
Note: The FY 2012 data has been adjusted to reflect audited financial statements.
73
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Statement of Revenues, Expenditures and Change in Fund Balance
For the Year Ended September 30, 2013
Project: Copperleaf Village Shopping Center
2013 2012
Revenues:
Taxes* 10,426.93$ 35,826.80$
Interest 4.32 8,543.50
Other - -
Total Revenues 10,431.25 44,370.30
Expenditures:
Current:
General Government - 1,129.91
Professional Services - 625.00
Certified Developer Costs 948.83 203,935.64
CJCFPD PILOTS 99.848 - 4,170.43
Debt service:
Principal Retirement - -
Interest and Fiscal Charges - -
Total Expenditures 948.83 209,860.98
Excess of Revenues Over/(Under) Expenditures 9,482.42 (165,490.68)
Other Financing Sources (uses):
Operating Transfers In - -
OperatingTransfers Out (52.48) (404.22)
Total Other Financing Sources (52.48) (404.22)
Net Change in Fund Balances 9,429.94 (165,894.90)
Fund Balance - Beginning of Year 2,175.80 168,070.70
Fund Balance - End of Year 11,605.74$ 2,175.80$
Note:The FY 2012 data has been adjusted to reflect audited financial statements.
74
Revenues: 2013 2012
Taxes 387,746.46$ 363,668.82$
IntergovernmentalCharges for Services
Interest 51.95 26.09
Other 100,141.15 43,066.42
- -
Total Revenues 487,939.56 406,761.33
Expenditures:
Current:
General Government 4,175.77 4,173.02
Professional Services
Debt service:
Principal Retirement 275,000.00 250,000.00
Interest and Fiscal Charges 187,650.00 210,150.00
Total Expenditures 466,825.77 464,323.02
Excess of Revenues Over/(Under) Expenditures 21,113.79 (57,561.69)
Other Financing Sources (uses):
Operating Transfers In - -
OperatingTransfers (Out) (6,900.00) (6,900.00)
Total Other Financing Sources (6,900.00) (6,900.00)
Net Change in Fund Balances 14,213.79 (64,461.69)
Fund Balance - Beginning of Year 38,113.44 102,575.13
Fund Balance - End of Year 52,327.23$ 38,113.44$
Note:The FY 2012 data has been adjusted to reflect audited financial statements.
Blue Springs, Missouri Tax Increment FinancingTIF Projects Fund
Statement of Revenues, Expenditures and Change in Fund BalanceFor the Year Ended September 30, 2013
Project : Fall Creek
75
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Statement of Revenues, Expenditures and Change in Fund Balance
For the Year Ended September 30, 2013
Project: Woods Chapel, Project 1
2013 2012
Revenues:
Taxes* 42,576.21$ 41,854.85$
Interest 78.38 52.28
Other - -
Total Revenues 42,654.59 41,907.13
Expenditures:
Current:
General Government 5,850.23 5,837.12
Professional Services - -
Certified Developer Costs 799.94 -
Debt service:
Principal Retirement - -
Interest and Fiscal Charges - -
Total Expenditures 6,650.17 5,837.12
Excess of Revenues Over/(Under) Expenditures 36,004.42 36,070.01
Other Financing Sources (uses):
Operating Transfers In - -
OperatingTransfers Out (210.10) (205.93)
Total Other Financing Sources (210.10) (205.93)
Net Change in Fund Balances 35,794.32 35,864.08
Fund Balance - Beginning of Year 71,537.48 35,673.40
Fund Balance - End of Year 107,331.80$ 71,537.48$
76
Blu
e S
prin
gs, M
isso
uri T
ax In
crem
ent F
inan
cing
TIF
Pro
ject
s F
und
Com
bine
d B
alan
ce S
heet
For
the
Yea
r E
nded
Sep
tem
ber
30, 2
013
Ass
ets
7 H
wy
& 4
0 H
wy
(P
roje
ct A
)7
Hw
y &
40
Hw
y
(Pro
ject
B)
7 H
wy
& 4
0 H
wy
(P
roje
ct C
)A
dam
s F
arm
(P
roje
cts
A,B
,C)
Cop
perle
af
Vill
age
Sho
ppin
g C
ente
rF
all C
reek
Woo
ds C
hape
l (P
roje
ct 1
)T
otal
Cas
h an
d In
vest
men
ts9,
592.
98$
20,5
17.6
4$
68
,699
.57
$
7,00
3,15
2.72
$
10
,946
.98
$
28,9
40.0
4$
107,
446.
65$
Due
from
Oth
er G
over
nmen
ts12
,928
.90
10,4
08.3
4
14
2,56
5.69
476,
456.
28
37
,403
.02
25,9
56.2
5
803.
96
Pre
paid
Item
s-
-
-
-
-
-
-
Tot
al A
sset
s22
,521
.88
30,9
25.9
8
21
1,26
5.26
7,47
9,60
9.00
48
,350
.00
54,8
96.2
9
108,
250.
61
7,95
5,81
9.02
-
Lia
bili
ties
an
d F
un
d B
alan
ce-
Lia
bili
ties
:-
Acc
ount
s P
ayab
le9,
592.
98
20,5
17.6
4
68
,699
.57
-
-
-
-
Def
erre
d In
flow
2,07
6.21
1,
331.
27
65,9
55.5
4
52
,305
.68
35
,790
.67
2,56
9.06
11
4.85
Due
to D
evel
oper
11,4
20.8
2
5,
453.
71
50,3
61.4
3
-
948.
83
-
799.
94
Due
to O
ther
Fun
ds87
.68
27
.40
1,
130.
13
889.
92
4.
76
-
4.
02
Due
to D
evel
oper
-
-
-
-
-
-
-
Inte
rfun
d P
ayab
le-
-
-
-
-
-
-
-
Tot
al L
iabi
litie
s23
,177
.69
27,3
30.0
2
18
6,14
6.67
53,1
95.6
0
36,7
44.2
6
2,
569.
06
918.
81
330,
082.
11
Fu
nd
Bal
ance
(d
efic
it):
Res
erve
d fo
r P
repa
id It
ems
-
-
-
-
-
-
-
-
Unr
eser
ved
Und
esig
nate
d-
-
-
-
-
-
-
-
TIF
Pro
ject
s F
und
(655
.81)
3,59
5.96
25
,118
.59
7,42
6,41
3.40
11
,605
.74
52,3
27.2
3
107,
331.
80
Tot
al F
und
Bal
ance
(D
efic
it)(6
55.8
1)
3,
595.
96
25,1
18.5
9
7,
426,
413.
40
11,6
05.7
4
52
,327
.23
10
7,33
1.80
7,
625,
736.
91
Tot
al L
iabi
litie
s an
d F
und
Bal
ance
22,5
21.8
8$
30
,925
.98
$
211,
265.
26$
7,
479,
609.
00$
48,3
50.0
0$
54
,896
.29
$
10
8,25
0.61
$
7,
955,
819.
02$
1st Y
ear
77
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Balance Sheet
For the Year Ended September 30, 2013
Project: 7 Highway & 40 Highway, Project A
Assets 2013
Cash and Investments 9,592.98$
Due from Other Governments 12,928.90
Prepaid items -
Total Assets 22,521.88
Liabilities and Fund Balance
Liabilities:
Accounts Payable 9,592.98
Deferred Inflow 2,076.21
Due to Developer 11,420.82
Due to Other Funds 87.68
Inferfund Payable -
Total Liabilities 23,177.69
Fund Balance (deficit):
Reserved for Prepaid Items -
Unreserved
Undesignated -
TIF Projects Fund (655.81)
Total Fund Balance (Deficit) (655.81)
Total Liabilities and Fund Balance 22,521.88$
1st Year
The FY 2012 data has been adjusted to reflect audited financial statements.
78
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Balance Sheet
For the Year Ended September 30, 2013
Project: 7 Highway & 40 Highway, Project B
Assets 2013 2012
Cash and Investments 20,517.64$ 19,376.00$
Due from Other Governments 10,408.34 233,200.50
Prepaid items - -
Total Assets 30,925.98 252,576.50
Liabilities and Fund Balance
Liabilities:
Accounts Payable 20,517.64 19,376.00
Deferred Inflow 1,331.27 222,772.59
Due to Developer 5,453.71 -
Due to Other Funds 27.40 34.46
Inferfund Payable - -
Total Liabilities 27,330.02 242,183.05
Fund Balance (deficit):
Reserved for Prepaid Items - -
Unreserved
Undesignated - -
TIF Projects Fund 3,595.96 10,393.45
Total Fund Balance (Deficit) 3,595.96 10,393.45
Total Liabilities and Fund Balance 30,925.98$ 252,576.50$
The FY 2012 data has been adjusted to reflect audited financial statements.
79
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Balance Sheet
For the Year Ended September 30, 2013
Project: 7 Highway & 40 Highway, Project C
Assets 2013 2012
Cash and Investments 68,699.57$ 20,430.68$
Due from Other Governments 142,565.69$ 76,361.60$
Prepaid items -$ -$
Total Assets 211,265.26$ 96,792.28$
Liabilities and Fund Balance
Liabilities:
Accounts Payable 68,699.57$ 20,429.25$
Deferred Inflow 65,955.54$ 50,065.49$
Due to Developer 50,361.43$ -$
Due to Other Funds 1,130.13$ 320.21$
Inferfund Payable -$ -$
Total Liabilities 186,146.67$ 70,814.95$
Fund Balance (deficit):
Reserved for Prepaid Items -$ -$
Unreserved
Undesignated -$ -$
TIF Projects Fund 25,118.59$ 25,977.33$
Total Fund Balance (Deficit) 25,118.59 25,977.33
Total Liabilities and Fund Balance 211,265.26$ 96,792.28$
1st year
The FY 2012 data has been adjusted to reflect audited financial statements.
80
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Balance Sheet
For the Year Ended September 30, 2013
Project: Adams Farm - Projects A, B, C
Assets 2013 2012
Cash and Investments 7,003,152.72$ 5,562,004.45$
Due from Other Governments 476,456.28 1,646,573.90
Prepaid items - -
Total Assets 7,479,609.00 7,208,578.35
Liabilities and Fund Balance
Liabilities:
Accounts Payable - 7,053.75
Deferred Inflow 52,305.68 1,222,302.67
Due to Other Funds 889.92 762.69
Due to Developer - -
Inferfund Payable - -
Total Liabilities 53,195.60 1,230,119.11
Fund Balance (deficit):
Reserved for Prepaid Items
Unreserved
Undesignated
TIF Projects Fund 7,426,413.40 5,978,459.24
Total Fund Balance (Deficit) 7,426,413.40 5,978,459.24
Total Liabilities and Fund Balance 7,479,609.00$ 7,208,578.35$
Note:The FY 2012 data has been adjusted to reflect audited financial statements.
81
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Balance Sheet
For the Year Ended September 30, 2013
Project: Copperleaf Village Shopping Center
Assets 2013 2012
Cash and Investments 10,946.98$ 2,575.96$
Due from Other Governments 37,403.02 37,899.03
Prepaid items - -
Total Assets 48,350.00 40,474.99
Liabilities and Fund Balance
Liabilities:
Accounts Payable - 2,575.96
Deferred Inflow 35,790.67 35,717.85
Due to Developer 948.83 -
Due to Other Funds 4.76 5.38
Inferfund Payable - -
Total Liabilities 36,744.26 38,299.19
Fund Balance (deficit):
Reserved for Prepaid Items
Unreserved
Undesignated
TIF Projects Fund 11,605.74 2,175.80
Total Fund Balance (Deficit) 11,605.74 2,175.80
Total Liabilities and Fund Balance 48,350.00$ 40,474.99$
Note:The FY 2012 data has been adjusted to reflect audited financial statements.
82
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Balance Sheet
For the Year Ended September 30, 2013
Project: Fall Creek
Assets 2013 2012
Cash and Investments 28,940.04$ 18,838.84$
Due from other governments 25,956.25 283,903.00
Deposits with Trustee - -
Total Assets 54,896.29 302,741.84
Liabilities and Fund Balance
Liabilities:
Accounts Payable - -
Deferred Inflow 2,569.06 264,628.40
Total Liabilities 2,569.06 264,628.40
Fund Balance (deficit):
Reserved for Prepaid Items - -
Unreserved
Undesignated - -
TIF Projects Fund 52,327.23 38,113.44
Total Fund Balance (Deficit) 52,327.23 38,113.44
Total Liabilities and Fund Balance 54,896.29$ 302,741.84$
Note:The FY 2012 data has been adjusted to reflect audited financial statements.
83
Blue Springs, Missouri Tax Increment Financing
TIF Projects Fund
Balance Sheet
For the Year Ended September 30, 2013
Project: Woods Chapel, Project 1
Assets 2012 2012
Cash and Investments 107,446.65$ 71,537.48$
Due from Other Governments 803.96 41,887.10
Prepaid items - -
Total Assets 108,250.61 113,424.58
Liabilities and Fund Balance
Liabilities:
Accounts Payable - -
Deferred Inflow 114.85 41,887.10
Due to Developer 799.94 -
Due to Other Funds 4.02 -
Inferfund Payable - -
Total Liabilities 918.81 41,887.10
Fund Balance (deficit):
Reserved for Prepaid Items - -
Unreserved
Undesignated - -
TIF Projects Fund 107,331.80 71,537.48
Total Fund Balance (Deficit) 107,331.80 71,537.48
Total Liabilities and Fund Balance 108,250.61$ 113,424.58$
84