HomeMy WebLinkAbout1998-41 - Approval of Redevelopment Project I-Phase FBILL NO.~~~
ORDINANCE NO.~~`~
ORDINANCE ACCEPTLVG THE RECObi:'~>ENDATION OF THE TAX INCREMENT
FINANCING COIVLnIISSION OF RIVERSIDE, ILiISSOL'RI ("CO~IISSION")
REGARDING THE L-38S LEVEE REDEVELOPMENT PLAN (THE "PLAN");
APPROVING THE INCLI;SION OF THE REDEVELOPivIENT PROJECT I-PHASE F
WITHIN THE PLA1V; .~PRO`ZNG THE DESIGNATION OF THE REDEVELQPMENT
PROJECT I-PHASE F AREA; AND APPROVING THE ADOPTION OF TAX
INCREMENT FINANCING FOR THE REDEVELOPI~IE!?T PROJECT I-PHASE F AREA
WHEREAS, the Commissior, was created pursuant to Ordinance No. 95-b4, adopted by
the Board of Aldermer_ of Riverside, Missouri (the "Board of Aidermer.") on September 12,
1995;
u-'PIEREAS, the Real Property Tax Increment Allocation Redevelopment Act, Sections
99,800 to 99.845 of the Revised Starutes of Missouri, 1994, as amended (the "Act"), requires
the Cemmissior. to: (a) hold hearings with respect to proposed redevelopment areas,
redevelopment plars and reaevelopment projects; (b) vote on the approval of the same; and (c)
make its recommendations on the same to the Board of Aldermen;
V~IIIEREAS, the Commission, by Resolution No. 96-06-Oi, passed on June 27, 1996,
classified the Redevelopment Area (as defined in the Plan) as a 'blighted area" and designated
it as a redevelopment area under the Act; approved the Plan, the Redevelopment Project I and
the Redevelopment Pro,;~ect I Area; adopted tax increment financing for the Redevelopment
Project I Area; and expressed its recommendation to the Hoard of Aldermen with respect to the
same; and
WHEREAS, the Board of Aldermen, by Ordinance No. 96-72, passed on July 16, 1996,
classified the Redevelopment Area as a "blighted area" and designated it as a redevelopment area
under the Act; approved the Plan, the Rcdevelopment Project I and the Redevelopment Project
I Area; and adopted taz increment financing for the Redevelopment Project I Area; which
designation provides for the approval of individual projects on aproject-by-project basis; and
WHEREAS, the Commission received and reviewed a Tax Increment Financing
Application from Conoco, Inc. retarding the construction or- a 30,000 BBL tank project (the
"Redevelopment Project I-Phase F") within the Redevelopment Area, and on a tract of property
more particularly described on attached Exhibit A (the "Redevelopment Project I-Phase F Area`')
(a copy of the Application is attached as Exhi'oit B); and
WHEREAS, the Commission, by Resolution No. 98-04-02, passed on April 15, 1998,
reaffirmed the classified of t;~te Redevelopment Project I-Phase F Area as a "blighted area" and
its designation as a redeveioprnent area under the Act; approved the Redevelopmenr Project I-
Phase Fand the Redevelopment Project I-Phase F Area; adopted tax increment financing for the
Redevelopment Project I-Phase F Area; and expressed its recommendation to the Board of
Aldermen with respect to the same; and
NOW, THEREFORE., be it ordained b~° the Board of Aldermen of Riverside, tifissouri:
Section 1. The recommendations of u'te Commission set forth in its Resolution No.
98-04-02 are hereby accepted.
Section 2• The Board of Aldermen fords that;
a. the existing conditions of the Redeveiopment Project I-Phase F Area, as
described in Exhibit A, are a fair depiction of the Redevelopment Project
I-Phase F Area and cause the Redevelopment Project I-Phase F Area to
be a ''blighted area" as det~ned in t"e Act;
b, the Redevelopment Project I-Phase F .Area has not been subject to growth
and development through investment by private enterprise and would not
reasonably be anticipated to be developed without the adoption of the
Plan;
the Plan, as amended, conforms to the comprehensive plan for
development of u'~e City of Riverside, l~lissauri as a whole;
d. the estimated dates, which shall not be more than. 23 years from the
adoption of the respective ordinances approving the Redevelopment
Projccts, of completion of the Redevelopment Projects and retirement of
obligations incurred to finance redevelopment project costs have been
stated ir, the Plan; at?d
e. there are currently no businesses or residences within the Redevelopment
Project I-Phase F Area.
Section 3, I'ne Board of Aldermen approves the designation of the Redevelopment
Project I-Phase F Area as a redevelopment project area under the Act.
Section 4. The Board of Aldermen has previously approved the Plar..
Section S. The Board of Aldermen approves and designates the Redevelopment
Project I-Phase F and the R_edevelopmert Project I-Phase F Area as a redevelopment project and
redevelopment project area, respectively, under the .Act,
Section 6, The Board of Aldermen adopts tax increment financing for the
Redevelopment Project I-Phase F Area and provides that;
(i) after the total equalized assessed valuation of the taxable real property in the
Redevelopment Project I-Phase F Area exceeds the certified total initial equalized
assessed valuation of the taxable real property in such Redevelopment Project I-
Phase FArea, the ad valorem taxes and payments in lieu of taxes, if any, arising
from the levies upon taxable real property in such Redevelopment Project I-Phase
F Area by taxing districts and tax rates determi.^.ed in the manner provided in
subsection 2 of the Section 99,855 of the Act each year after the effective date
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of this ordinance unto the Redevelopment Project Costs pursuant to the Plan have
been paid, shall be divided as follows:
(a) That portion. of taxes levied upon each taxable lot, block, tracr, or parcel
of real properly which is attributable to the initial equalized assessed value
of each such taxable lot, block, tract, or parcel of real properly in the
Redevelopment Project I-Phase F Area shall '~e allocated to, and when
collected shall be paid by the county collector to, the respective affected
taxing districts in the manner required by ]aw in the absence of the
adoption of taz increment allocation fir_ancing:
(b) Payments in lieu of taxes attributable to the increase in the current
equalized assessed valuation of each tazabie lot, block, tract, or parcel of
real property in the Redevelopment Project I-Phase F Area over and above
the initial equalized assessed value of each such unit of property in the
Redevelopment Project I-Phase F Area shall be allocated to, and when
collected shall be paid to, the municipal treasurer who shall deposit such
payment in lieu of -axes into a special fund called the ''Special Allocation
Fund" of fr_e municipality for the purpose of paying redevelopment costs
and obligations incurred in the payment thereof. Payments in lieu of taxes
which are due and owing shalt constitute a lien against the real estate of
the redevelopm^nt project from which they are derived. The municipality
may, in the ordinance, pledge the funds in the special allocation fund for
the payment of such costs and obligations and provide for the collection
of payments in lieu of taxes, the lien of which may be foreclosed in the
same manner as a special assessment lien as provided in Section 88,861
RSiV1o, No part of the current equalized assessed valuation of each lot,
block, tract, or parcel of property in the Redevelopment Proiect 1-Phase
F Area attributable to a;,y increase above tl°,e total initiaa equalized
assessed value of such properties shay: be used in calculatittg the genera(
state school aid formula provided for in Section 163.031 R5M0., untfl
such three as all redevetopmetu costs have been paid as provided for in
this section and Section 99.850.
(ii) in addition to the payments in lieu of taxes described in Section 99,845.1(2} of
the Act, [he total additional reverntes from taxes generated by economic activities
in a Redevelopment Project Area, as described in Section 99,845.3 of the Act,
shall be allocated as set forth in Section 99,845,3 of the Act.
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Passed this ~~
day of ~,
ATTEST:
/ ~~
~~
CITY CLLRK - - /
1995,
i
i
AY
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RESOLUTION NO. 98-0~-0?
RESOLUTION OF THE TAX INCREMENT FINANCING CONLVIISSION OF
RIVERSIDE, ~IISSOURI ("C01~ivIISSION") APPROVING THE INCLUSION OF THE
REDEVELOPMENT PROJECT I-PHASE F WITHIN THE L-385 LEVEE
REDEVELOPMENT PLAN ("PLAN"); APPROVING THE DESIGNATION OF THE
REDEVELOPMENT PROJECT I-PHASE F AREA; APPROVING THE ADOPTION OF
TAX INCREMENT FINA~~ICING FOR THE REDEVELOPMENT PROJECT I-PHASE F
AREA; AMID EXPRESSING ITS RECONINIENDATIONS TO THE CITY COUNCIL OF
RIVERSIDE, MISSOURI WITH RESPECT TO THE SA1~1E
WHEREAS, the Commission was created pursuant to Ordinance No. 95-64, adopted by
the Board of Aldermen of Riverside, Missouri (the "Board of Aldermen") on September 12,
1995;
WHEREAS, the Real Property Tax Increment Allocation Redevelopment Act, Sections
99.800 to 99.865 of the Revised Statutes of Missouri, 1994, as amended (the "Act"), requires
the Commission to: (a) hold hearings with respect to proposed redevelopment areas,
redevelopment plans and redevelopment projects; (b) vote on the approval of the same; and (c)
make its recommendations on the same to the Board of Aldermen;
WHEREAS, the Commission, by Resolution No. 96-06-01, passed on June 27, 1996,
classified the Redevelopment Area (as defined in the Plan) as a "blighted area" and designated
it as a redevelopment area under the Act; approved the Plan, the Redevelopment Project I and
the Redevelopment Project I Area; adopted tax increment financing for the Redevelopment
Project I Area; and expressed its recommendation to the Board of Aldermen with respect to the
same; and
WHEREAS, the Board of Aldermen, by Ordinance No. 96-72, passed on July 16, 1996,
classified the Redevelopment Area as a "blighted area" and designated it as a redevelopment area
under the Act; approved the Plan, the Redevelopment Project I and the Redevelopment Project
I Area; and adopted tax increment financing for the Redevelopment Project I Area; which
designation provides for the approval of individual projects on aproject-by-project basis; and
WHEREAS, the Commission has received and reviewed a Tax Increment Financing
Application from Conoco, Inc. regarding the construction of a 30,000 BBL tank project (the
"Redevelopment Project I-Phase F") within the Redevelopment Area, and on a tract of property
more particularly described on attached Exhibit A (the "Redevelopment Project I-Phase E
Area"). (A copy of the Application is attached as Exhibit B.)
NOW, THEREFORE, BE IT RESOLVED by the Tax Increment Financing
Commission of Riverside, Missouri;
The Commission has previously found that:
a. the existing conditions of the Redevelopment Project I-Phase F Area, as
described in Exhibit A, are a fair depiction of the Redevelopment Project
I-Phase F Area and cause the Redevelopment Project I-Phase F Area to
be a "blighted area" as defined in the Act;
b. the Redevelopment Project I-Phase F Area has not been subject to growth
and development through investment by private enterprise and would not
reasonably be anticipated to be developed without the adoption of the
Plan;
c. the Plan, as amended, conforms to the comprehensive plan for
development of the City of Riverside, Missouri as a whole;
d. the estimated dates, which shall not be more than 23 years from the
adoption of the respective ordinances approving the Redevelopment
Projects, of completion of the Redevelopment Projects and retirement of
obligations incurred to finance redevelopment project costs have been
stated in the Plan; and
e. there are currently no businesses or residences within the Redevelopment
Project I-Phase F Area.
2. The Commission approves the designation of the Redevelopment Project I-Phase
F Area as a redevelopment project area under the Act.
3. The Commission has previously approved the Plan.
4. The Commission approves the inclusion of the Redevelopment Project I-Phase F
within the Plan and expects to adopt additional specific redevelopment project(s)
and redevelopment project area(s) within the Redevelopment Area on a project-
by-project basis.
5. The Commission recommends to the Board of Aldermen that the Board of
Aldermen pass one or more ordinances:
a. Finding the Redevelopment Project I-Phase F Area to be blighted and
designating the Redevelopment Project I-Phase F Area as a redevelopment
project area under the Act.
b. Approving the inclusion of the Redevelopment Project I-Phase F within
the Plan.
c. Approving tax increment financing for the Redevelopment Project I-Phase
F Area and providing that:
(i) after the total equalized assessed valuation of the taxable real
property in the Redevelopment Project I-Phase F Area exceeds the
certified total initial equalized assessed valuation of the taxable real
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property in such Redevelopment Project I-Phase F Area, the ad
valorem taxes and payments in lieu of taxes, if any, arising from
the levies upon taxable real property in such Redevelopment
Project I-Phase F Area by taxing districts and tax rates determined
in the manner provided in subsection 2 of the Section 99,855 of
the Act each year after the effective date of this ordinance until the
Redevelopment Project Costs pursuant to the Plan have been paid,
shall be divided as follows:
(a) That portion of taxes levied upon each taxable lot, block,
tract, or parcel of real property which is attributable to the
initial equalized assessed value of each such taxable lot,
block, tract, or parcel of real property in the
Redevelopmeni Project I-Phase F Area shall be allocated
to, and when collected shall be paid by the county collector
to, the respective affected taxing districts in the manner
required by law in the absence of the adoption of tax
increment allocation financing;
(b) Payments in lieu of taxes attributable to the increase in the
current equalized assessed valuation of each taxable lot,
block, tract, or parcel of real property in the
Redevelopment Project I-Phase F Area over and above the
initial equalized assessed value of each such unit of
property in the Redevelopment Project I-Phase F Area shall
be allocated to, and when collected shall be paid to, the
municipal treasurer who shall deposit such payment in
lieu of taxes into a special fund called the "Special
Allocation Fund" of the municipality for the purpose of
paying redevelopment costs and obligations incurred in the
payment thereof. Payments in lieu of taxes which are due
and owing shall constitute a lien against the real estate of
the redevelopment project from which they are derived.
The municipality may, in the ordinance, pledge the funds
in the special allocation fund for the payment of such costs
and obligations and provide for the collection of payments
in lieu of taxes, the lien of which may be foreclosed in the
same manner as a special assessment lien as provided in
Section 88.861 RSMo. No part of the current equalized
assessed valuation of each lot, block, tract, or parcel of
property in the Redevelopment Project I-Phase F Area
attributable to any increase above the total initial equalized
assessed value of such properties shall be used in
calculating the general state school aid formula provided
for in Section 163.031 RSMO., until such time as all
-3-
redevelopment costs have been paid as provided for in this
section and Section 99.850.
(ii) in addition to the payments in lieu of taxes described in Section
99.845.1(2) of the Act, the total additional revenues from taxes
generated by economic activities in a Redevelopment Project Area,
as described in Section 99.845.3 of the Act, shall be allocated as
set forth in Section 99.845.3 of the Act.
Passed this ~-5~ day of ~iLc,~, 1998.
_, /
Name: ~~~ er
Title: ~'~li ~a r~ 7"if= ' miss %~.,
ATTEST:
Secretary
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Exhibit B
APPLICATION FOR TAX INCREMENT FINANCING ("TIF")
APPLICANT: Conoco, Inc.
ADDRESS: 3125 CB, 1000 South Pine Street, Ponca City, OK 74602-1267
PHONE: (580) 767-3875
FAX #: (580) 767-5238
CONTACT PERSON: David Osburn
PROJECT NAME: Riverside 30,000 BBL tank project
Application Format: On a separate sheet of paper please answer the following questions.
Please type each question prior to the applicable response.
(1) In no more than three pages provide relevant information on the Applicant's background
and development experience. Include resumes of key individuals assigned to the project.
Conoco, Inc. is a major integrated energy company based in Houston, Texas with 16,000
employees who work in 30 countries. Conoco is a wholly owned subsidiary of Dupont.
The "downstream" part of the business refines crude oil and other feedstocks into
petroleum products, trades in crude oil and products, and distributes and markets
petroleum products.
The engineering, development, and project management for this project is being
performed by the Mid-Continent Business Unit's (MCBU) Regional Engineering Office
(REO). The MCBU is a business unit of Conoco that performs "downstream" activities
in the midwest United States. The REO provides engineering support for projects in the
MCBU.
(2) Identify the Applicant's consultants involved or proposed to be involved in the project
noting relevant experience on similar projects (i.e., civil engineer, land use planner,
Applicant's legal counsel, Applicant's financial advisor).
The engineering and design for this project is being performed in house.
(3) Describe the proposed project, including the size and scope and phasing of the proposed
project. Specifically outline residential development, if any, to be included in the project.
The project includes installation of a 30,000 BBL petroleum product tank at the Riverside
Products Terminal in Riverside, MO. Piping and related equipment will be installed to
allow the tank to be filled from a Texaco pipeline manifold at the site. Piping and related
equipment will be installed to allow pumping of the tank's stored product to a truck loading
rack at the site.
(4) Define the boundaries of the proposed TIF area by address and locator number(s).
Include a map of the proposed TIF area.
The site address is 6699 NW Riverpark Drive, Riverside, MO 64150. See the
attached drawing that details the legal description.
(5) Identify the property which is currently in the control of the Applicant via ownership or
option. If under option note the option expiration date.
See the answer to question #4. The property is jointly owned by Conoco, Inc. and
Texaco.
(6) Is the property currently zoned for the proposed use? If not, what zoning change will be
required?
Yes.
(7) Will the proposed project result in the relocation of residential, commercial or industrial
facilities? If so, discuss the nature of any anticipated relocations.
No.
(8) State the need and justification for TIF assistance. Explain how the applicant intends to
demonstrate compliance with the "but for" test. Substantiate that other alternative
methods of financing have been thoroughly explored.
There is no need for TIF financing.
(9) Discuss the condition(s) that would qualify the proposed TIF District as a "blighted
area" or "conservation area," as defined under Mo. Rev. Stat. 99.805.
See redevelopment plan.
(10) Identify sources, amounts, and status of all debt financing and/or equity funding available
to complete the project. Does the applicant anticipate the debt to be privately financed
by the construction lender or developer or publicly sold? Please prepare information in
the following table format.
Contact Contact
Source Amount Term Status Person Telephone
Funding is being provided internally.
(11) Provide an outline of the costs associated with the development of the proposed project(s)
and related parcel or parcels located within the TIF area. Identify in the outline those costs
you would propose to fund with TIF financing and the proposed payback time frame.
This project is estimated to cost approximately $700,000.
(12) In one page or less, discuss and document information used to describe the market
feasibility of each element of the proposed project. If a formal feasibility or comparable
studies have been prepared, attach such reports as an appendix to this application.
The additional storage capacity provided by this project will allow for increased volumes
of gasoline to be sold at the terminal. Without this project the terminal could lose business
to competitors.
(13) On the attached TIF Revenue Worksheet estimate the incremental property taxes and
economic activity taxes to be generated by the project.
See attached worksheet.
(14) Provide an estimate of the market value of all fixtures and equipment to be used by all
owners or tenants of the proposed project which will be taxed as personal property.
See attached worksheet.
(15) Identify any proposed tenants of the project. Have leases been negotiated or signed?
What type of lease is contemplated?
Not Applicable
(16) Who will own the developed property?
Conoco, Inc. and Texaco will own the property.
(17) Briefly describe the "economic and quality of life" benefits of the proposed project to the
City.
The economic benefits will be increased revenue.
(18) Attach a letter from a financial institution indicating that the applicant has sufficient financial
resources to obtain the private financing for the project.
Not Applicable
TIF REVENUE WORKSHEET
PROJECT SCHEDULE:
Preliminary Construction Start Date:
Preliminary Construction Completion Date
Phasing Anticipated:
Date Occupied or Opened:
SALES TAX REVENUE:
Estimated Annual Sales 5 y . C C~?~ O ~r~
Total Annual Sales from New Development .. .
PROPERTY TAX REVENUE:
Market Value of New Construction
Commercial
Residential
Market Value of Land (Based on Optional Prices)
Total Market Value of New Development
II~(~~,
51~1~~
/Il~i~
Commercial Assessed Value -Rate of Market Value
Assessed Value of Land and New Construction (a)
Assessed Value of Existing Property (b)
Net Assessed Value for TIF Capture (a-b)
Tax Rate Basis Per $ of Assessed Valuation
Tax Basis (Assessed Value =Tax Rate Basis)
Property Tax Rate Per 5100 of Assessed Valuation
Annual Property Tax Captured by TIF from New Development
(Tax Basis x Property Tax Rate/$100)
$ ~O~ oGo
$ NIA
$ ~C'~ OoU
.32
$ I~cC~ CoG~
$ ti/A
$ l ~G ~ CGC~
$ 100.00
$ I~C~cCC~
~ ~.~c'
$ 11~2cL~
U: \6 1 416 1 44 1 \00002\ W O RKS HEE
July 3, 1996 - 10:37am