Tax Increment Financing (TIF) Commission

MEMORANDUM To: Springfield Tax Increment Financing Advisory Commission From: Matt D. Schaefer, AICP, Senior Planner Date: September 12, 2024 Subject: September 19, 2024, Springfield Tax Increment Financing Advisory Commission Meeting Thank you for volunteering to serve on the Springfield Tax Increment Financing Advisory Commission (TIF Commission). As a reminder, the TIF Commission will be meeting on Thursday, September 19, 2024, at 11:00 AM in the Councilman Denny Whayne Conference Room located on the 4th floor of the Busch Municipal Building, 840 North Boonville Avenue. The purpose of the meeting is to conduct a public hearing to consider the First Amendment to the Commercial Street Tax Increment Financing Redevelopment Plan. City staff is working with Prosperiti Partners, LLC (Developer) on a proposal to utilize partial real property tax abatement pursuant to Chapter 353, RSMo to facilitate redevelopment within the Commercial- Pacific Street Redevelopment Area, which was recently approved by the City Council by Special Ordinance 27975. As shown in the map below, portions of the Redevelopment Area currently overlap with the boundaries of the Commercial Street TIF. To utilize tax abatement, these overlapping areas must be removed from the TIF. The First Amendment proposes to remove the portions of the Commercial-Pacific Street Redevelopment Area that overlap with the Commercial Street TIF. To offset the resulting loss of future TIF revenue, the Developer will pay $212,560.21 to buy out the remaining PILOTs. This payment shall be made to the City and deposited into the TIF Special Allocation Fund before the Amendment may receive final approval. 1 Enclosed Materials for Your Review: • Meeting Agenda • TIF Commission Roster • Minutes from prior TIF Commission meeting • First Amendment to the Commercial Street TIF Redevelopment Plan • Original TIF Redevelopment Plan (approved in 2008) • Redevelopment Plan for the Commercial-Pacific Street Redevelopment Area (link) • Developer’s proposal to buyout remaining TIF PILOTs • Tables and exhibits detailing Developer’s proposed buyout of the remaining PILOTs • Proposed resolution recommending approval of the First Amendment to the Commercial Street TIF Redevelopment Plan Please plan on approximately one hour for the meeting. If you have any questions about the meeting or the enclosed information, please feel free to contact me at 417-864-1100 or via email at mschaefer@springfieldmo.gov. Also, please let me know as soon as possible if you will be unable to attend the meeting. Enclosures 2  AGENDA SPRINGFIELD TAX INCREMENT FINANCING ADVISORY COMMISSION Thursday, September 19, 2024, at 11:00 AM Councilman Denny Whayne Conference Room (4th Floor), Busch Municipal Building, 840 North Boonville Avenue, Springfield, Missouri 1. Call to Order 2. Approval of Minutes from Prior Meetings 3. Election of Officers 4. New Business a. Public Hearing i. Resolution 2024-01: A resolution recommending approval of the First Amendment to the Commercial Street Tax Increment Financing (TIF) Redevelopment Plan to remove certain properties from the Redevelopment Area and recommending acceptance of a deposit of $212,506.21 into the Commercial Street TIF Special Allocation Fund in connection with approval of said first amendment to offset the subsequent reduction of future payments in lieu of taxes (PILOTs) into the Special Allocation Fund. b. Consideration of and vote on Resolution 2024-01. 5. Other Business 6. Adjourn  EXHIBIT LIST SPRINGFIELD TAX INCREMENT FINANCING ADVISORY COMMISSION MEETING September 19, 2024 1. Minutes from the February 2, 2022, Springfield Tax Increment Financing Advisory Commission Meeting 2. Roster of the Springfield Tax Increment Financing Advisory Commission 3. First Amendment to the Commercial Street Tax Increment Financing Redevelopment Plan, July 10, 2024 4. Commercial Street Tax Increment Financing Redevelopment Plan (approved in 2008) 5. Redevelopment Plan for the Commercial-Pacific Street Redevelopment Area (Chapter 353) 6. Memo: Developer’s proposal to buyout remaining TIF PILOTs 7. Escrow Letter Regarding TIF Amendment Deposit 8. Table: 2023 Real Property Taxes and PILOTs for properties to be removed in connection with the First Amendment to the Commercial Street TIF Redevelopment Plan 9. Table: Real Property Tax Levies, 2008-2023 10. Table: Proposed buyout of remaining PILOTs in connection with the First Amendment to the Commercial Street TIF Redevelopment Plan 11. Resolution 2024-01: A resolution recommending approval of the First Amendment to the Commercial Street Tax Increment Financing (TIF) Redevelopment Plan and recommending acceptance of a deposit of $212,506.21 into the Commercial Street TIF Special Allocation Fund in connection with approval of said first amendment.  Tax Increment Financing Advisory Commission February 2, 2022, 5:00 p.m. 4 Floor Conference Room, Busch Municipal Building th TIF COMMISSION PRESENT: Rob Rector, and Todd Wojciechowski TIF COMMISSION ON ZOOM: Regina Greer Cooper, Brian Fogle, Ron Hawley, Aaron Jones, Marshall Kinne, and Matt Pearce TIF COMMISSION ABSENT: Bob Dixon, Richard Ollis, and John Russell OTHERS PRESENT: Cory Collins, David Martin, and Mike Schilling STAFF PRESENT: Sarah Kerner; Matt Schaefer and Judy White. STAFF ON ZOOM: Jill Burris PUBLIC: Linda Simkins __________________________________________________________________________ Welcome and Introductions Brody Corners TIF Redevelopment Plan Public Hearing TIF Commission Chairman Rob Rector opened the Public Hearing. a) Submission of Exhibits to the Commission Brian Fogle made a motion to accept the Submission of Exhibits. Richard Ollis seconded the motion. Motion carried. b) Staff presentation of Blight Study, Redevelopment Plan and Redevelopment Project Sarah Kerner, Economic Development Director gave an overview of the Tax Increment Financing requirements. Sarah also presented the Blight Study and the Redevelopment Plan for Brody Corners. This project is commercial use development to house retail, quick service restaurant, office, and service industry. Benefits would be blight remediation, job creation, shopping amenity, dining opportunity and office space. The location proposed is 28 acres and formerly housed a mobile home community. Twenty-five acres was annexed in June 2021 and rezoned to highway commercial for the proposed development. Goals of the redevelopment project is to cleanup general waste on the site, closure of multiple failed sewage lagoons, removal of outdated and non-functioning prior site improvements and construction of on-site public improvements to provide construction ready pad site. Site does not currently have utilities. The objectives of the plan are to enhance the tax base for the City and other taxing jurisdictions, encourage private investment, increase employment opportunities, stimulate construction development and general tax revenues and to remediate the blight conditions. Staff does recommend the finding of blight that the condition of the property does prevent adequate housing accommodations between the wastewater treatment facility and inadequate utilities could not support housing without redevelopment. The property cannot be redeveloped as-is. Missouri DNR has been unsuccessful in achieving compliance regarding the closure of the lagoons and the general condition of the site continues to attract dumping. LCRA has reviewed the project and recommends the finding of blight. Comprehensive Plan identifies this area as an activity center in the Growth Management Land Use Plan. This area is intended to have high intensity housing and business development. The plan for the property meets the criteria and staff recommends finding that the TIF Plan does comply with the Comprehensive Plan. The deal points of the TIF are that this is a pay-as-you-go project with no financial risk to the City or other taxing jurisdiction regarding funds up front. Developer will get reimbursed as revenues are generated by the development activity. The development reimbursement is limited to public improvements and TIF formation costs. The reimbursable cost is $3.4M which is 12% of the plan development costs and that falls under the percentage of our local policy’s recommendations. The pay back period is set for twenty-three years with a mandatory surplus of 25%, that allows only 75% of increase property taxes will be captured by the TIF and 25% will automatically flow- through to all the taxing jurisdiction that receive property tax. Once the TIF expires or the developer is fully reimbursed, all new taxes will flow-through as normal. The developer will establish a Community Improvement District that accelerates repayment of the TIF obligations and the TIF Redevelopment Agreement will establish design guidelines, permitted uses and details of the reimbursement. The following questions were asked: Regarding the “But For” who has the listing and has there been any activity over the last few years of interest by anybody in the development purchase and is there a history of that? Sarah responded that the property is owned by the developer. Cory Collins also responded that the developer has owned the property for a year and prior to that by a developer who wasn’t able to develop it and lost the property in a foreclosure sale and the party who foreclosed held a second and then purchased the first and the current owner purchased it from that developer after the foreclosure. How long has the mobile home park been shut down or the area empty? Cory Collins responded that it was vacant prior to them taking possession of the property and may have been since 2010 to 2012. What is the additional percentage of sales tax generated by the CID? Sarah responded that it can be up to one percent and that is what this project is anticipating. What is happening with the sewage lagoon if this project does not happen? The Department of Natural Resource received judgment against the prior owner in 2018 and has been unsuccessful in enforcing the judgment. The judgment did not move to the current owner and another judgement would have to be issue to the new owner to satisfy the judgement. No discussion has occurred as the current owner is wanting to redevelopment the property and which would take care of the issues. Staff recommendations on required findings are that the Redevelopment Area is a blighted area and the “But For” Test has been met and that the Redevelopment Area has not and would not reasonably be anticipated to be developed without the adoption of tax increment financing and the plan does conform to the City’s Comprehensive Plan. Also, staff believes the Redevelopment Project is estimated to be completed  within twenty-three years and reasonably to do. Based on developer’s projections show completion in nineteen years pay back. There are no gambling establishment included in the plan and due to the property being vacant there will not be relocation considerations, but a plan has been included if necessary. Staff recommends approval of the project and recommendation of moving forward to City Council. c) Presentation from Developer - Cory L. Collins, Husch Blackwell Cory Collins stated that his client purchased the property in the current condition for redevelopment. Also, that the developer is anxious to move forward and has completed as must groundwork as possible leading up to this process. Hopefully once everything has been approved, he anticipates starting cleanup and development right away. Regina Greer Cooper asked what was it that made the developer want to proceed with a project at this location? Cory Collins responded that he represents the developer and he made multiple suggestions to walk away from this property, but the developer felt that this is a good location for growth in this area. They feel it is worth saving and making this better for the community. Ron Hawley asked if the developer has any pre-leases/commitments for the property? What are the projections based on? Cory responded that the projections are based on experience of the developer. The tax revenues are projected to believe the end users and there have been several parties interested in the location. There is a large convenience store to be located here if everything continues to move forward. Are the potential leases based on current lease values per square foot or anticipating the normal currently lease rates in Springfield? Cory stated that the lease rates as a measure have not been used but they are using the values of the revenue streams on sales tax generated in the lots and the assessed value of the improvements which would create the pilots and half of the new sales tax would accomplish the projections. Sarah noted that there is no residential in the plan. d) Public Comments Mike Schilling, City Council stated that he is concern about good citizenship of the developer because the property continues to be open to dumping for at least the past year and there is no impediment put in place. Cory responded that the property was purchased, and this process was immediately started. There was discussion on how to secure the property and looking at gates does not secure the property without fencing the entire property. The Fire Department expressed concern that gating the property would limit access. d) TIF Commission Questions and Discussion Have all the requirements/timelines been satisfied? Sarah stated that all requirements are in compliance. Rob Rector, Chairman stated that the TIF Commission received a Resolution recommending approval of the TIF Plan, approval of the Redevelopment Area, designation of Blight within the Redevelopment Area, approval of the Redevelopment Project and the approval of the Developer of Records to City Council. Brian Fogle made a motion to approve the Resolution as presented. Ron Hawley seconded the motion.  Roll call vote was taken by Judy White: Regina Greer Cooper Aye Bob Dixon Absent Brian Fogle Aye Ron Hawley Aye Aaron Jones Aye Marshall Kinne Aye Richard Ollis Absent Matt Pearce Aye Rob Rector Aye John Russell Absent Todd Wojciechowski Aye Motion approved unanimously. Adjournment The meeting was adjourned at 5:46 p.m.  Springfield Tax Increment Financing Advisory Commission Roster for September 19, 2024 Meeting Appointing Body Commissioner Representation Term Brian Fogle at Large 5/31/2025 Jim Schmidt Library 5/31/2025 Callie Carroll City Council 5/31/2027 City of Springfield Marshall Kinne at Large 5/31/2027 Debra Yeager at Large 5/31/2027 Aaron Rains at Large 5/31/2027 Travis Shaw Springfield R-12 5/31/2027 Springfield R-12 School District Cara Stassel Springfield R-12 5/31/2026 Other Taxing Districts Rob Rector Other Taxing Districts 5/31/2027 John Russell Greene County 5/31/2026 Greene County Bob Dixon Greene County 5/31/2027 FIRST AMENDMENT TO THE COMMERCIAL STREET TAX INCREMENT FINANCING REDEVELOPMENT PLAN Springfield, Missouri July 10, 2024  Capitalized terms shall have the meaning set forth in the Commercial Street Tax Increment Financing Redevelopment Plan (the “Original Redevelopment Plan”). BACKGROUND The Original Redevelopment Plan was adopted by the Springfield City Council on April 7, 2008 through the adoption of Special Ordinance 25373. The Redevelopment Area originally contained approximately 56 acres of real property generally bounded by the BNSF Railroad to the north, East and West Pacific Street to the south, North Clay Avenue and North Ozark Avenue to east, and North Douglas Avenue to the west. SUMMARY OF THE FIRST AMENDMENT This First Amendment amends the Original Redevelopment Plan by removing from the Redevelopment Area and the Redevelopment Project Area the property legally described on Exhibit C hereto (the “Removed Property”). The Removed Property includes approximately 4.91 acres of land and the improvements located thereon. REVISIONS TO THE PLAN Figure 1 in Appendix 1 in the Original Redevelopment Plan is hereby deleted and replaced with the map contained in Exhibit A hereto. The Plan is hereby amended by removal from the Redevelopment Area and the Redevelopment Project Area of the Removed Property, as shown on Exhibit B hereto and legally described on Exhibit C hereto. Appendix 2 in the Original Redevelopment Plan is hereby deleted and replaced with the legal description contained in Exhibit D hereto. The remaining initial equalized assessed valuation for real property within the Redevelopment Area and the Redevelopment Project Area, after removal of the Removed Property, is $3,552,275 as shown on Exhibit E hereto. There were no sales taxes produced within the boundaries of the Removed Property during 2007, the calendar year prior to the adoption of the redevelopment project under the Original Redevelopment Plan. 2  EXHIBIT A To First Amendment to the Commercial Street Tax Increment Financing Redevelopment Plan Map of Redevelopment Area and the Redevelopment Project Area (after removal of the Removed Property) A-1  EXHIBIT B To First Amendment to the Commercial Street Tax Increment Financing Redevelopment Plan Map of Removed Property Tract 2 Tract 1 B-1  EXHIBIT C To First Amendment to the Commercial Street Tax Increment Financing Redevelopment Plan Legal Description of Removed Property Tract 1: C-1 Tract 2 C-2  EXHIBIT D To First Amendment to the Commercial Street Tax Increment Financing Redevelopment Plan Legal Description of Redevelopment Area Boundary and Redevelopment Project Area Boundary (after removal of the Removed Property) D-1 D-2  EXHIBIT E To First Amendment to the Commercial Street Tax Increment Financing Redevelopment Plan Calculation of Remaining Initial Equalized Assessed Value of Redevelopment Area (after removal of the Removed Property) Initial Equalized Assessed Value of Removed Property: 2007 Equalized Parcel ID Number Assessed Valuation 1312327001 $45,510 1312327027 $2,215 1312327029 $1,940 1312324001 $0 1312324002 $0 1312324005 $0 1312324023 $0 1312324024 $0 1312327024 $0 1312324017 $27,480 1312324018 $58,050 1312324019 $22,650 1312324022 $0 1312324026 $0 Total $157,845 Total Original Certified Initial Equalized Assessed Value: $3,710,120 Less Initial Equalized Assessed Value of Removed Property: $157,845 Initial Equalized Assessed Value of Remaining Redevelopment Area: $3,552,275 E-1 COMMERCIAL STREET TAX INCREMENT FINANCING REDEVELOPMENT PLAN December 2007 City of Springfield, MO  TABLE OF CONTENTS Page SECTION 1 Introduction ................................................................. 1-1 Background ........................................................................................ 1-1 Concept of Tax Increment Financing ...................................................... 1-1 The Area ............................................................................................ 1-2 Purpose of Commercial Street TIF Redevelopment Plan ............................ 1-3 SECTION 2 Redevelopment Area Basis for Designation & Summary of the Redevelopment Proposal .................................... 2-1 Basis for Redevelopment Area Designation ............................................. 2-1 Summary of the Redevelopment Program .............................................. 2-1 SECTION 3 Analysis of Blighted Area Factors ................................. 3-1 Introduction ....................................................................................... 3-1 Definition of Blighted Area .......................................................... 3-1 Location ................................................................................... 3-2 Redevelopment Proposal ............................................................ 3-4 Existing Land Use, Zoning, and Topography .................................. 3-6 Findings of Blight ................................................................................ 3-8 Defective or Inadequate Street Layout ......................................... 3-8 Unsanitary or Unsafe Conditions................................................ 3-12 Existence of Conditions Which Endanger Life or Property by Fire or Other Causes ..................................... 3-15 Retards the Provision of Housing Accommodations ...................... 3-17 Economic or Social Liability....................................................... 3-19 Conclusion.............................................................................. 3-23 SECTION 4 Redevelopment Plan ..................................................... 4-1 Program Objectives ............................................................................. 4-1 General Land Use Plan for Redevelopment Area ...................................... 4-1 Description of Redevelopment Strategy .................................................. 4-2 Estimated Redevelopment Project Costs and Public Improvement Project Costs ............................................... 4-3 Community Improvement District Costs as Redevelopment Project Costs ..................................................... 4-9 Duration of TIF Redevelopment Plan ...................................................... 4-9 Anticipated Sources of Funds to Pay Project Costs ................................... 4-9 Anticipated Type and Term of the Sources of Funds and the Types and Terms of the Obligations to be Issued......................... 4-12 i Section/Sub-section Title Page Evidence of Commitment to Finance Redevelopment Project Costs and Developers’ Affidavit ...................................... 4-12 Equalized Assessed Valuation and Sales Tax Revenues And Cost-Benefit Analysis ........................................................ 4-13 Estimated Dates for Completion of the Redevelopment Projects and Retirement of Obligations....................................... 4-13 Use of Eminent Domain ...................................................................... 4-13 Anticipated Program Schedule and Priorities for Public Improvements ...... 4-14 Relocation Plan and Assistance ........................................................... 4-15 Public Involvement Process ................................................................ 4-15 SECTION 5 Findings ........................................................................ 5-1 Blighted Area ...................................................................................... 5-1 Lack of Growth and Development .......................................................... 5-1 Conformance with the Comprehensive Plan ............................................ 5-1 Estimated Dates of Completion ............................................................. 5-1 Relocation Assistance .......................................................................... 5-2 Cost-Benefit Analysis ........................................................................... 5-2 APPENDICES ............................................................................ A Appendix 1: Supporting Maps and Exhibits Figure 1 – Proposed Redevelopment and Redevelopments Project Area Figure 2 – Aerial Photo of Proposed Redevelopments and Redevelopment Project Area Figure 3 – Existing Land Use Figure 4 – Existing Zoning Figure 5 – General Land Use Plan Appendix 2: Redevelopment Area Boundary and Redevelopment Projects Boundaries Legal Description Appendix 3: Developer’s Commitment Letters and Affidavits Appendix 4: City Affidavit Appendix 5: Cost-Benefit Analysis: Parcels and Their Equalized Assessed Valuation in the Commercial Street Redevelopment Area Appendix 6: Summary of Projected Revenues to Support Redevelopment Plan ii Appendix 7: Relocation Policy Appendix 8: Letter of Conformance with Comprehensive Plan Appendix 9: Summary of Public Meetings iii 1. INTRODUCTION This section provides an overview of the Commercial Street area and includes a short background of the area, the concept of Tax Increment Financing, the area to be addressed in this redevelopment plan, and the general purpose of the Commercial Street TIF Redevelopment Plan. Background The Commercial Street area had prominence in North Springfield in the late 19th century and the early part of the twentieth century and was supported by the activity generated by the railroads. Significant retail and service facilities were located on Commercial Street at that time and provided an important shopping and activity area for the residents in North Springfield. As the influence of the railroads diminished and Springfield grew to the south, Commercial Street began to decline. Over the past 30-plus years Commercial Street has been in a constant period of transition, buildings that were once active with retail and other uses became vacant or under utilized. The physical conditions of the buildings began to deteriorate along with their under utilized uses. A National Register Historic District was designated on Commercial Street in 1980. This designation along with a matching rehabilitation grant program developed by the City of Springfield resulted in some revitalization; however, this revitalization was sporadic and was not sustained over the years. Recent revitalization efforts have shown some promise, but overall revitalization of Commercial Street still lacks a focus and a comprehensive strategy. The City of Springfield prepared Commercial Street Historic District, Strategy for Success, which was accepted by Springfield City Council in February 2006. A specific recommendation in the Strategy was to look at the use of Tax Increment Financing as a possible tool for revitalization. In addition, the VISION 20/20 Comprehensive Plan indicated that the same tools used in the revitalization of downtown Springfield should be made available to Commercial Street. This Redevelopment Plan attempts to address the recommendations contained in both the Strategy for Success and VISION 20/20. Concept of Tax Increment Financing The State of Missouri has provided a number of tools that a municipality can use to initiate private and public development and redevelopment in declining areas or in areas that have seen deficient growth and development. One important tool is the Real Property Tax Increment Allocation Redevelopment Act (R.S. MO. Section 99.800 et seq) also known as Tax Increment Financing (TIF). This legislation provides for the establishment of tax increment financing districts referred to in the TIF Act as “redevelopment areas.” An area proposed for designation as a TIF redevelopment area must meet certain criteria as set forth in the TIF Act. These criteria are established in 1-1 accordance with one of three types of redevelopment areas that may be designated. The types of redevelopment areas are: 1. Blighted area, 2. Conservation area, or 3. Economic Development area. The concept of TIF is relatively simple. Incremental revenue is created when there is an increase in tax revenues in the “redevelopment area” above the annual revenue that the redevelopment area generated in the year prior to its designation. New development is encouraged to occur through the ability to use the incremental revenue created by new development and increased property values to finance certain costs of developing an area. Bonds or other financial obligations may be issued to capture the revenue at the inception of the project to pay these costs; however, it is proposed that the Commercial Street Tax Increment Financing District projects be undertaken only when sufficient funds are available from the increment to pay for these projects. In other words, the Commercial Street TIF District is proposed to be a “pay as you go” district; no bonds will be issued as part of this TIF district. During the period in which the incremental revenue is dedicated to the purposes specified in the redevelopment plan (up to 23 years), all taxing districts that levy ad valorem taxes in the redevelopment area continue to receive the taxes based upon the property values and tax rates that existed prior to the adoption of the TIF. Those local jurisdictions that levy economic activity taxes (generally sales and utility taxes) also continue to collect the amount of these taxes that existed prior to establishment of the TIF district plus 50% of the new economic activity taxes generated in the TIF district. Local jurisdictions will continue to receive 100% of any new revenues that are generated by the Merchants and Manufacturers Replacement Tax and 100% of any new personal property taxes. The initial step in forming a TIF district and establishing the redevelopment area is to analyze the area being considered for designation. This is necessary to determine whether the area can meet the criteria specified in the TIF Act for designation as a blighted, conservation, or an economic development area. Once the governing body of a city has determined that the area will qualify, it may approve a redevelopment plan. The Redevelopment Plan identifies objectives, policies, redevelopment project(s), activities and costs necessary to accomplish redevelopment and revitalization of the area. Funding and financing aspects of the Plan are also outlined and Plan schedules and dates for implementation are addressed. The Area The Commercial Street Redevelopment Area (Area) is comprised of approximately 10 blocks totaling approximately 56 acres. The entire Commercial Street Historic District is included in the Area. The boundaries of the Area are shown on Figure 1 – Proposed Redevelopment and 1-2 Redevelopment Project Area located in Appendix 1 and described in Appendix 2 – Redevelopment Area Boundary Legal Description. The Area consists of 359 parcels, as well as abutting public rights-of-way. An aerial photo of the Area is included in Figure 2 – Aerial Photo of Proposed Redevelopment and Redevelopment project Area in Appendix 1. The Redevelopment Area has a mix of land uses that includes a variety of retail/commercial uses in the historic district along with loft apartments on upper floors, some additional residential uses in the eastern portion of the Area, industrial uses, vacant parcels and vacant buildings. Existing land uses in the Redevelopment Area are shown in Figure 3 – Existing Land Use in Appendix 1. A map showing existing zoning is contained in Appendix 1 as Figure 4 – Existing Zoning. Purpose of Commercial Street TIF Redevelopment Plan The Commercial Street Redevelopment Area and the Redevelopment Project Area are contiguous as shown in Figure 1 in Appendix 1. The overall Redevelopment Area and the Redevelopment Project Area must meet certain criteria set forth in the TIF Act. One of the purposes of this Plan is to document the qualifications of the Area with respect to designation under the terms and conditions of the TIF Act. The Plan also serves as the basis for establishing the general redevelopment program and TIF financing parameters that will assist the City and property owners/redevelopers in implementing the redevelopment program. The primary purpose of this Plan is to establish a process by which public improvements within the area will occur and to establish a process and reason for redevelopment to occur. This process will enable the City to carry out the comprehensive redevelopment envisioned by this Plan. Without the assistance provided through the TIF, the Area is not likely to experience significant and sustained growth and development through investment by the private sector. 1-3 2. REDEVELOPMENT AREA - BASIS FOR DESIGNATION & SUMMARY OF THE REDEVELOPMENT PROPOSAL The basis for designation of the area as a TIF Redevelopment Area is summarized in this section and a summary of the redevelopment program is provided. Basis for Redevelopment Area Designation In order to establish a TIF Redevelopment Area, certain criteria set forth in the TIF Act must be met. These criteria are established in accordance with one of three types of redevelopment areas that may be designated. As discussed in the previous section, these types of redevelopment areas are: Blighted Area, Conservations Area, or Economic Development Area. Based on field investigation and analysis of past and current data undertaken for this Plan, the Commercial Street Redevelopment Area was found to exhibit the requirements necessary for designation under the TIF Act as a Blighted Area. The analysis of existing conditions and evidence of the factors present in the Area are described in detail in Section 3, Analysis of Blighted Area Factors. The Blighted Area qualification factors present in the Area are summarized below: Defective or Inadequate Street Layout Unsanitary or Unsafe Conditions Existence of Conditions Which Endanger Life or Property by Fire or Other Causes Retards the Provision of Housing Accommodations Economic or Social Liability Factors found in the Redevelopment Area lead to the conclusion that without the use of tax increment financing, as set forth in this Plan, the Area would not be subject to growth and development by private enterprise in a manner consistent with the development goals and objectives for the Area. Summary of the Redevelopment Program The Redevelopment Program set forth in this Plan represents a private sector and public sector approach to revitalization and redevelopment of the Commercial Street Redevelopment Area. The philosophy behind the approach is based on public investment in key public projects within the Commercial Street Redevelopment Area providing the incentive for private investment in redevelopment and revitalization of properties within the Area. In addition, one major private sector project is proposed, using non-TIF funding, based on the public projects set forth in the Plan. An increased increment in property and sales taxes is projected based on the City’s 2-1 commitment to public improvements and the subsequent private investment that will be generated. The City of Springfield has demonstrated a desire to institute a comprehensive revitalization and redevelopment program on Commercial Street. Over the past 25 years, the City has developed plans and programs aimed at revitalization and redevelopment in the Commercial Street Area. Some of these plans and programs include: 1982 Commercial Street Historic District Redevelopment Plan 1980-1986 CDBG Grant Program for Redevelopment and Façade Renovation 1986-Present Small Business Development Loan Program 2000 VISION 20/20 Comprehensive Plan – Center City Element 2004 VISION 20/20 Strategic Plan (Center City Section) 2000-2005 Transportation Enhancement Grants for Streetscape Improvements 2006 Commercial Street Historic District, A Strategy for Success While some redevelopment and revitalization occurred as a result of each of the above plans or programs, there has been no sustained redevelopment in the Area. Redevelopment has been sporadic and short-lived. The Redevelopment Program and corresponding Redevelopment Projects are intended to alleviate those conditions that qualify the Area as a “Blighted Area” in order to facilitate the economic revitalization of the Area. It is envisioned that the Redevelopment Program and Redevelopment Projects will be accomplished over time and that the City will serve as the “Master Developer,” coordinating the Redevelopment Program. Some of the activities may be redevelopment activities associated with a single building or local business or may include use of TIF funds to build public improvement projects, for programs to assist local businesses and property owners through development and implementation of grant or loan programs, or other programs aimed at assisting redevelopment and revitalization activities throughout the Area. Financing of the Private Sector Redevelopment project identified in the Redevelopment Plan will not include any funds generated through the TIF. Public improvement projects and programs will be funded as money is made available through incremental increases in the property and sales taxes on an annual basis. Implementation priority and schedule for the public improvement projects and programs will be determined on an annual basis dependent on revenues generated and cost of particular projects and programs. Property owners, Businesses, and Residents in the Area will have an opportunity to recommend projects on an annual basis to the TIF Commission and City Council. 2-2 Any property acquisition associated with this TIF Redevelopment Plan will be accomplished with a willing seller. The City of Springfield shall not use eminent domain in implementing any project or program set forth in this TIF Plan. 2-3 3. ANALYSIS OF BLIGHTED AREA FACTORS This section sets forth the factors identified in the TIF Act that were found to be present in the Area that meet the definition of a “Blighted Area” according to Section 99.805 of the TIF Act. Existing conditions were identified and analyzed to determine if the proposed Redevelopment Area met the qualifying criteria established for a “Blighted Area.” Information gathered for this analysis was derived from several sources. Staff from the Springfield Planning and Development Department conducted Field investigations in August, September, and October 2007. Observable exterior conditions were identified during these field investigations. Information was compiled from the Greene County Assessor’s records and reviewed by City Planning and Development Department staff. Zoning, existing land use, proposed projects, and other information was also reviewed by city staff. This Blight Study examines the findings within the proposed Redevelopment Area of the Commercial Street TIF Redevelopment District. Specifically, this section of the TIF Plan seeks to qualify the proposed Commercial Street Redevelopment District as a “Blighted Area” as defined under Missouri Revised Statute. By making those findings, the TIF Commission and Springfield City Council may allow the use of tax increment financing as an investment tool for the Redevelopment Area. Definition of Blighted Area The definition of a blighted area, as outlined in 99.805 (1) RSMo. is as follows: Blighted Area: “An area which, by reason of the predominance of defective or inadequate street layout, unsanitary or unsafe conditions, deterioration of site improvements, improper subdivision or platting, or the existence of conditions which endanger life or property by fire and other causes, or any combination of such factors, retards the provision of housing accommodations or, constitutes an economic or social liability or, menace to the public health, safety, morals, or welfare in its present condition and use.” 3-1 The TIF statute requires that only one (1) criterion of blight need be met in order for an area to qualify for TIF assistance. This Blight Study will document evidence of multiple blighting factors in the Commercial Street Redevelopment Area. Research and on-site reconnaissance, including property photos taken during August and September of 2007, were performed to ascertain the absence or presence of blighted conditions. This Blight Study concludes with the finding that the proposed Redevelopment Area does meet the statutory requirement to be declared a “blighted area” under the provisions of Section 99.805 (1), RSMo. EXISTING CONDITIONS IN THE REDEVELOPMENT AREA A. Location As illustrated in Figure 1, Project Location Map, Commercial Street Redevelopment, the Redevelopment Area is generally bounded by BNSF Railroad to the north, Sherman and Clay to the east, Pacific and Blaine to the south, and Douglas to the west, within the City of Springfield , Greene County, Missouri. The Redevelopment Area encompasses 10 lineal blocks of Commercial Street and those streets between Douglas, Pacific, Blaine, Sherman and Clay Streets. 3-2  Blight Re port— Com mercial Stree t Area, Sp ringf ield Missou ri Figure 1 Project Location Map Figure 1 Project Location Map Page 3 B. Redevelopment Proposal The Commercial Street Redevelopment TIF Plan will consist of one redevelopment area as outlined in figure 1. The project proposes a mixed-use redevelopment area with live music and other forms of entertainment on either end of the district, blended with residential urban loft development in the center of the district with complimentary and supportive business activity. To facilitate and support the redevelopment the TIF will include, but not be limited to, the financing of public infrastructure projects, parking, street and streetscape development, lighting, voluntary building acquisitions, public facilities, and other projects outlined in detail in the redevelopment plan. 3-4  Blight Re port— Com mercial Stree t Area, Sp ringf ield Missou ri Figure 2 Conceptual Site Plan Page 5 C. Existing Land Use, Zoning, and Topography Existing Land Use: As illustrated in Figure 3-13, Existing Land Use, the existing land uses are as follows: Numerous business, office, retail, and residential structures, some occupied, but most either vacant or underutilized, in various levels of blight located throughout the boundaries of the redevelopment area. Several dilapidated service facilities with storage yards that are overgrown in weeds and equipment. Transportation system has generally been improved in the historic six- block district through a streetscape program, however there is still considerable deterioration to the streets and sidewalks at the east and west ends. There is no public ingress or egress access to the rear of buildings located on the north side of Commercial Street between Campbell and Benton Avenue, making redevelopment difficult. Zoning: The land is currently zoned as follows: Center City- The six block historic district is zoned Center City. Highway Commercial-The properties at the west end of the redevelopment area and at the southeast end of the redevelopment area are zoned Highway Commercial. Heavy Manufacturing-The properties located at the northeast end of the proposed redevelopment area and adjacent to much of the railroad properties are zoned Heavy Manufacturing. Topography: All of the property located within the redevelopment area is relatively flat and developed in a typical downtown urban style. The topography will not present redevelopment challenges. 3-6  Figure 3 Existing Zoning D ocument Title Page 7  FINDINGS OF BLIGHT This section examines those existing factors within the proposed Redevelopment Area, which are evidence of blight as outlined in Mo. Rev. Stat., 99.805 (1) A. Defective or Inadequate Street Layout Defective or inadequate street layout conditions that exist throughout the Redevelopment Area include the following elements: No ingress or egress access exists to the rear of buildings located on the north side of Commercial Street. BNSF Railway owns the property up to and abutting the buildings. The lack of accessibility creates safety and service concerns and markedly increases the cost of redevelopment of the structures. Much of the Redevelopment Area has street conditions that are deteriorated including broken and buckled sidewalks and curb and guttering. Six blocks of the streets and sidewalks in the proposed redevelopment area need to be improved to be of the same quality as those that have been reconstructed through the existing streetscape program. Defective asphalt conditions exist on Blaine Street and in portions of the Redevelopment Area that have not been repaired and re-constructed through the streetscape program. Blaine Street is undersized, in a general state of disrepair, has poor visual access at intersections and has significant weed and lighting issues. Alley ways are in disrepair with deteriorated asphalt, potholes, weeds, and unsightly building conditions. Many businesses use the alleys to store trash dumpsters, creating odors. There are ten alleys within the district. Seven of those provide the only pedestrian linkage from parking lots to the commercial district. Many of the sidewalks, curb and guttering and driveways are deteriorated and the concrete and asphalt is crumbling and buckling. The lack of adequate street layout to the rear of buildings on the north side of Commercial Street and the issues that creates as described above, and the inadequate layout of Blaine Street coupled with the appearance of deterioration of the existing streets and sidewalks has 3-8 inhibited growth and improvement over the years and, therefore warrants a finding that the Redevelopment Area is served by defective or inadequate street layout. 3-9  Figure 4 Defective or Inadequate Street Layout Property on north side of Commercial Street buildings Blaine Street with two vehicles at the corner of Boonville and Pacific Crumbling, buckling sidewalks without curb and guttering  Figure 4 Continued Blaine Street - view looking east towards Campbell Alley with deteriorated asphalt, weeds, and buildings in need of exterior renovation Defective or Inadequate Street Layout Weeds along alley show general lack Close-up of asphalt deterioration in Close-up of cracked of maintenance an alley and buckling driveway B. Unsanitary or Unsafe Conditions Throughout the Redevelopment Area, unsanitary and unsafe conditions exist that create adverse health and safety concerns. Although similar conditions exist throughout the district the building survey was limited to Commercial Street. Most of the buildings are 100 years old or older and are in need of a major rehabilitation. Suspect conditions include, roofs, stairways, lack of appropriate exits, wiring, mechanical systems, brick tuck-pointing, rotting windows and doors, lack of fire suppression systems, and buildings with common walls. To date only a few of the buildings have undergone a major rehabilitation. Using these parameters as a measure the following results were noted: 61 buildings are in need of major rehabilitation. Because of deferred maintenance these structures will not meet exiting building code requirements and are inhabitable. 27 buildings are in need of minor rehabilitation to protect structural integrity 28 buildings are vacant on the first floor and many are in disrepair and have trash and litter contained within. At least 7 buildings are being used for material storage, some with combustible materials constituting both a health and fire hazard. Many of the buildings are in need of sealing and tuck-pointing and there is potential for falling bricks and structural failure. The lack of accessibility for emergency responders or the north and rear side of Commercial Street constitutes an unsafe condition. Further, the records maintained by the City of Springfield Building and Development Services indicate that there have been 49 cases opened involving dangerous building issues during the last 10 years in the proposed district. These conditions warrant a finding of unsanitary or unsafe conditions within the Redevelopment Area. Figure 5, Unsanitary or Unsafe Conditions, illustrates the above conditions. 3-12  Figure 5 Unsanitary or Unsafe Conditions This dangerous building was at risk of falling down and required a support system to stabilize the structure until it could be repaired. Inadequate roof systems lead to Structural damage to the Close-up of a dangerous building significant water damage. foundation and missing bricks are with major deterioration a sign of major deterioration Example of structural damage to Many buildings have boarded Storage of flammable materials building foundation windows like the one pictured piled inside buildings is a fire hazard  Figure 5 Continued Unsanitary or Unsafe Conditions Current condition of a fire damaged structure at Blaine and Boonville within the Redevelopment Area Buildings with boarded windows Example of one of the vacant storefronts in the provide a negative message to Redevelopment Area. Several unoccupied structures are potential developers full of trash, litter, debris, or combustible material. considering investment. C. Existence of Conditions Which Endanger Life or Property by Fire or Other Causes The existence of conditions which endanger life or property by fire or other causes include the following elements: Material storage constitutes a fire hazard that imposes a risk not only on the individual building, but also on all buildings in that general area. Trash, litter and building rubble in the buildings constitutes a fire, health and safety risk. Structural disrepair imposes a danger of falling bricks, and building failure. The water delivery system is inadequate to fight a major fire and to provide water service in an amount sufficient for fire suppression systems within the buildings. Many of the lines are in excess of 50 years old, are undersized, and recent testing indicates the lines cannot deliver water in adequate quantities to meet today’s fire code requirements. These conditions warrant a finding of the existence of conditions, which endanger life or property by fire or other causes within the Redevelopment Area. Figures 6, Existence of Conditions Which Endanger Life or Property by Fire or Other Causes, depict the above conditions. 3-15  Figure 6 Existence of Conditions Which Endanger Life or Property by Fire or Other Causes Vacant structure with unauthorized material stored inside Falling brick Discarded T.V. is one sign of the trash and litter problems particularly behind buildings D. Retards the Provision of Housing Accommodations As illustrated in Figure 7, page following, conditions that retard the provision of housing accommodations include those criteria previously described in sections A through C of this Blight Study as follows: Defective or inadequate parking facilities; Unsanitary or unsafe conditions; Existence of conditions which endanger life or property by fire or other causes These conditions warrant a finding that the Redevelopment Area retards the provision of housing accommodations. 3-17  Figure 7 Retards the Provision of Housing Accommodations Firewood piled next to building is a health and safety Hazard and provides habitat for rodents Lack of stairs from second story door Inadequate street layout on Blaine in need of repair E. Economic or Social Liability Economic liability refers to the principle that the potential economic benefits cannot be fully achieved without some form of redevelopment in order to commit the land and buildings to their highest and best economic use. The social liability results from the presence of health and safety risks associated with the current uses of the land while in its blighted condition. Figures 8, Economic or Social Liability, illustrates these principles. There is a high concentration of brownfield property within the Redevelopment Area. A brownfields as defined by EPA is “...real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant or contaminant”. The City of Springfield Brownfields Program is conducting Phase II subsurface investigations on three brownfields sites within the Redevelopment Boundary due to the potential of petroleum based contamination. Ten former gas stations have been identified within the boundary through a survey of the 1933, 1950, and 1957 Sanborn Fire Insurance Maps. Due to other historical uses including dry cleaning facilities, printing, oil storage, auto repair, and others, and the location directly adjacent to an active rail yard that has been in use since the late 1800’s, the vast majority of property within the redevelopment area meets the definition of a brownfield. There is a need to perform assessments on these properties and facilitate needed environmental cleanup. Through economic incentives to invest and redevelop existing property within the boundary many of these brownfields sites can be eliminated. The presence of a significant number of buildings vacant or with boarded up windows retards the existing values of all of the buildings in the area and provides a negative message to developers who might consider investment in redevelopment activity. These conditions warrant a finding of economic/social liability within the redevelopment area. The intent of the Redevelopment Area is to minimize the adverse impacts of both the economic and social liabilities 3-19 and instill positive community change. To achieve this, several funding tools will be needed, the primary tool being the use of TIF financing. Such financing enables the Redevelopment Area to transform itself from a condition of economic/social liability to one of economic/social asset. 3-20  Figure 8 Economic or Social Liability This property is currently vacant and has approximately 18,000 square feet of unused space. This property is one of many underutilized properties in the area that have not reached their economic potential. Other examples of vacant boarded buildings in the district  Figure 8 Continued Economic or Social Liability This vacant, overgrown, underutilized property was formerly a Sonic but is now generating no economic or social benefit. This brownfield site is being assessed for environmental conditions associated with its use as a gas station for over 30 years. The environmental consultant here is performing a Phase II subsurface soil investigation.  CONCLUSION This Blight Study has documented evidence of the existence of the following factors within the proposed Commercial Street Redevelopment Area: Findings of Blight 1. Defective or inadequate street layout; 2. Unsanitary or unsafe conditions; 3. Existence of conditions which endanger life or property by fire or other causes; 4. Retards the provision of housing accommodations; 5. Economic or social liability. Based on the combination of these factors, it is the conclusion of this Blight Study that the Commercial Street Redevelopment Area warrants a finding that the project constitutes a “blighted area” as provided under RSMo. 99.805 (1), and therefore qualifies for TIF assistance 3-23 5. FINDINGS Section 99.810 of the TIF Act requires the City of Springfield to make various findings before the adoption of this Redevelopment Plan. The foregoing sections of this report provide supporting material for the findings. A Blighted Area As documented in Section III of this plan, the Redevelopment Area meets the requirements for designation as a “Blighted Area” by virtue of the predominance of the following: Defective or inadequate street layout Unsanitary or unsafe conditions Existence of conditions which endanger life or property by fire or other causes Retards the provision of housing accommodations Economic or social liability Lack of Growth and Development Based on the information collected and analyzed in preparation of the Redevelopment Plan, it is found that the Redevelopment Area has not been subject to sustained growth and development. It is further found that it would not reasonably be anticipated to be developed commensurate with its potential without the implementation of this Redevelopment Plan. Conformance with the Comprehensive Plan The Redevelopment Plan conforms to the Springfield Comprehensive Plan for development of the community. The Redevelopment Plan fulfills one of the City’s economic development objectives within the City’s Comprehensive Plan to focus reinvestment in Center City by pursuing a reinvestment strategy and program that capitalizes on the historic character and unique opportunities that are present on Commercial Street. A letter from the Springfield Director of Planning and Development addresses the conformance question and is shown in Appendix 8. Estimated Dates of Completion It is hereby found that the estimated date for completion of the Redevelopment Plan and Projects does not exceed a period of more than 23 years from the date of anticipated adoption of the Ordinance approving the Redevelopment Plan. Neither does this schedule provide for the adoption of an Ordinance approving a Project(s) later than 10 years from the date of adoption of the Ordinance approving this Redevelopment Plan. 5-1 Relocation Assistance It is hereby found that a policy for relocation assistance for businesses and residences has been provided for in this Plan through inclusion by reference to the City of Springfield Relocation Policy adopted on January 29, 2007 by Ordinance Number 5648, which complies with the provisions of Sections 523.200 to 523.215, RSMo., (as amended). A copy of the Relocation Policy is provided in Appendix 7. This Redevelopment Plan complies with the provisions of Section 99.810(4) RSMo., which requires that a relocation plan be developed for the assistance of every resident and business that is to be displaced in conjunction with the implementation of the Redevelopment Plan. Cost-Benefit Analysis A cost-benefit analysis has been prepared that shows the economic impact of the Redevelopment Plan on each taxing district that is at least partially within the boundaries of the Redevelopment Area. The analysis shows the impact on the economy if the Redevelopment Plan is not implemented and is implemented. The cost-benefit analysis includes a fiscal impact study on every affected political subdivision as well as sufficient information for the TIF Commission to evaluate whether the Redevelopment Plan and associated projects is financially feasible. Gambling Establishments This plan does not include the initial development or redevelopment of any gambling establishment. Department of Economic Development Report By the last day of February of each year, the TIF Commission shall report to the Director of Economic Development the name, address, phone number and primary line of business of any businesses that relocates to the Redevelopment Area. 5-2  APPENDICES APPENDIX 1: Supporting Maps and Exhibits APPENDIX 2: Legal Description of Redevelopment Area and Redevelopment Project Area APPENDIX 3: Developer Commitment Letters and Affidavits APPENDIX 4: City Affidavit APPENDIX 5: Cost-Benefit Analysis: Parcels and Their Equalized Assessed Valuation in the Commercial Street Redevelopment Area APPENDIX 6: Summary of Projected Revenues to Support Redevelopment Plan APPENDIX 7: Relocation Plan APPENDIX 8: Letter of Conformance with Comprehensive Plan APPENDIX 9: Summary of Public Meetings  APPENDIX 1 SUPPORTING MAPS AND EXHIBITS Figure 1: Proposed Redevelopment Area and Redevelopment Project Area Figure 2: Aerial Photo of Proposed Redevelopment Area and Redevelopment Project Area Figure 3: Existing Land Use Figure 4: Existing Zoning Figure 5: General Land Use  Figure 1 Proposed Redevelopment Area and Redevelopment Project Area LYON ATLANTIC Commercial Street Tax Increment Financing Redevelopment Plan Springfield, Missouri MAIN November 1, 2007 CHASE BNSFMainRR COMMERCIA L 0 200 « 400 800 Feet BLAINE Scale: 1:4,500 WASHINGTON PACIFIC SUMMIT Legend CLAY ROBBERSON JEFFERSON MAIN LYON BENTON CAMPBELL GRANT COURT BOONVILLE TIF Boundary LOCUST Parcels LOCUST Department of Planning and Development DIVISION HOVEY  Figure 2 Aerial Photo of Proposed Redevelopment Area and Redevelopment LYON Project Area ATLANTIC Commercial Street Tax Increment Financing Redevelopment Plan Springfield, Missouri MAIN November 1, 2007 CHASE BNSFMainRR COMMERCIA L 0 200 « 400 800 Feet BLAINE Scale: 1:4,500 WASHINGTON PACIFIC SUMMIT CLAY ROBBERSON JEFFERSON MAIN LYON BENTON CAMPBELL GRANT COURT Legend BOONVILLE LOCUST TIF Boundary LOCUST Department of Planning and Development DIVISION HOVEY Landuse Legend Heavy Commercial Public Buildings, Offices, and Social Services Figure 3 Single-family Office Hospitals Landuse of Proposed Duplex Extractive Churches and Membership Organization Redevelopment Area Multi-family Warehousing, Storage, and Wholesale Parks and Recreation and Redevelopment Mobile Home Park Transprotation, Communications, and Utilties Agricultural and Forestry Project Area LYON Group Quarters Manufacturing Vacant Based on 2001 Survey Light Commercial Educational and Cultural Right of Way ATLANTIC Commercial Street Tax Increment Financing Redevelopment Plan Springfield, Missouri MAIN November 1, 2007 CHASE BNSFMainRR COMMERCIA L 0 200 « 400 800 Feet BLAINE Scale: 1:4,500 WASHINGTON PACIFIC SUMMIT CLAY ROBBERSON Legend JEFFERSON MAIN LYON BENTON CAMPBELL GRANT COURT TIF Boundary BOONVILLE LOCUST Parcels LOCUST Department of Planning and Development DIVISION HOVEY  Figure 4 Zoning Legend R-SF O-2 CC Existing Zoning of R-TH GI RI Proposed Redevelopment Area and Redevelopment LYON R-LD PD LI Project Area R-MD LB GM R-HD GR HM ATLANTIC R-MHC HC IC Commercial Street O-1 CS Tax Increment Financing Redevelopment Plan Springfield, Missouri MAIN November 1, 2007 CHASE BNSFMainRR COMMERCIA L 0 200 « 400 800 Feet BLAINE Scale: 1:4,500 WASHINGTON PACIFIC SUMMIT CLAY ROBBERSON Legend JEFFERSON MAIN LYON BENTON CAMPBELL GRANT COURT TIF Boundary BOONVILLE LOCUST Parcels LOCUST Department of Planning and Development DIVISION HOVEY  Existing Land Uses Generalized Future Land Use of Proposed Redevelopment Area and Redevelopment Project Area Note: Existing and future land use represents only property within the proposed TIF boundary. Parcels represent current 2007 land use and callout boxes below represent proposed future land use as described in the Commercial Street Historic District Strategy for Success. WEST END Parcels CENTRAL HIGHER INTENSITY USES Live Music MODERATE INTENSITY EAST END Restaurants USES HIGHER INTENSITY USES Pubs Gen Business/Retail Live Music Bars Restaurants Restaurants Art Art Pubs Specialty Food Antique/Flea Market Bars Salon/Personal Specialty Food Art Music Related Salon/Personal Music Related Gen Business/Retail Live Music  APPENDIX 2 LEGAL DESCRIPTION for REDEVLOPMENT AREA BOUNDARY and REDEVELOPMENT PROJECT AREA BOUNDARY  REDEVELOPMENT AREA BOUNDARY DESCRIPTION COMMERCIAL STREET TAX INCREMENT FINANCING PLAN A PART OF SECTIONS 11 AND 12, IN TOWNSHIP 29 NORTH, RANGE 22 WEST, IN THE CITY OF SPRINGFIELD, GREENE COUNTY, MISSOURI, MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF LOT 5 OF DELANEY, GOFF’S, AND BOUSLOG’S ADDITION, A SUBDIVISION IN THE CITY OF SPRINGFIELD, GREENE COUNTY, MISSOURI, SAID CORNER BEING AT THE SOUTHEAST CORNER OF THE INTERSECTION OF DOUGLAS AVENUE AND COMMERCIAL STREET; THENCE EAST, ALONG THE SOUTH RIGHT-OF-WAY LINE OF COMMERCIAL STREET, TO THE POINT OF INTERSECTION WITH THE SOUTHERLY EXTENSION OF THE WEST LINE OF THE EAST 5.00 FEET OF LOT 3 OF COMMERCIAL STREET ADDITION, A SUBDIVISION IN THE CITY OF SPRINGFIELD, GREENE COUNTY, MISSOURI; THENCE NORTH ALONG SAID WEST LINE, TO THE NORTH LINE OF SAID LOT 3, BEING ON THE SOUTH RIGHT-OF-WAY LINE OF THE BURLINGTON NORTHERN-SANTA FE RAILROAD; THENCE NORTHEASTERLY, ALONG SAID SOUTH RIGHT-OF-WAY LINE OF THE RAILROAD, TO A POINT 587.89 FEET EAST OF THE WEST LINE OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 12; THENCE SOUTH TO A POINT ON THE NORTH RIGHT-OF-WAY LINE OF COMMERCIAL STREET, 597.86 FEET EAST OF SAID WEST LINE OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER; THENCE EAST, ALONG SAID NORTH RIGHT-OF-WAY LINE TO THE POINT OF INTERSECTION WITH THE NORTHERLY EXTENSION OF THE EAST RIGHT-OF- WAY LINE OF CLAY AVENUE; THENCE SOUTH, ALONG SAID EAST RIGHT-OF-WAY LINE, TO THE NORTHWEST CORNER OF LOT 36 OF FRISCO ADDITION, A SUBDIVISION IN THE CITY OF SPRINGFIELD, GREENE COUNTY, MISSOURI; THENCE SOUTHWEST, ALONG THE SOUTH RIGHT-OF-WAY LINE OF A 20 FEET WIDE ALLEY AS SHOWN ON THE FINAL PLAT OF SAID FRISCO ADDITION, TO THE NORTHWEST CORNER OF LOT 9 OF SAID FRISCO ADDITION; THENCE CONTINUING SOUTHWEST, ALONG THE SOUTH RIGHT-OF-WAY LINE OF AN ALLEY AS SHOWN ON THE FINAL PLAT OF NORTH SPRINGFIELD, A SUBDIVISION IN THE CITY OF SPRINGFIELD, GREENE COUNTY, MISSOURI, TO A POINT 20 FEET WEST OF THE NORTHWEST CORNER OF LOT 56 OF BLOCK 27 OF SAID NORTH SPRINGFIELD; THENCE SOUTH, ALONG A LINE 20 FEET WEST OF AND PARALLEL WITH THE WEST LINE OF LOTS 45 THROUGH 56 OF SAID BLOCK 27, AND ALONG ITS SOUTHERLY EXTENSION, TO THE SOUTH RIGHT-OF-WAY LINE OF PACIFIC STREET; THENCE WEST, ALONG SAID SOUTH RIGHT-OF-WAY LINE, TO THE NORTHEAST CORNER OF LOT 2 OF JENKINS ADDITION, A SUBDIVISION IN THE CITY OF SPRINGFIELD, GREENE COUNTY, MISSOURI; THENCE CONTINUING WEST, ALONG THE SOUTH RIGHT-OF-WAY LINE OF A 16 FEET WIDE ALLEY AS SHOWN ON THE FINAL PLAT OF SAID JENKIN’S ADDITION, TO THE NORTHWEST CORNER OF LOT 3 OF SAID JENKIN’S ADDITION, BEING ON THE EAST RIGHT-OF-WAY LINE OF GRANT AVENUE; THENCE SOUTH, ALONG SAID EAST RIGHT-OF- WAY LINE, TO THE POINT OF INTERSECTION WITH THE EASTERLY EXTENSION OF THE NORTH LINE OF LOTS 33 AND 34 OF DELANEY, GOFF’S, AND BOUSLOG’S ADDITION; THENCE WEST, ALONG SAID NORTH LINE, TO THE EAST RIGHT-OF-WAY LINE OF DOUGLAS AVENUE; THENCE NORTH, ALONG SAID EAST RIGHT-OF-WAY LINE, TO THE POINT OF BEGINNING.  APPENDIX 3 DEVELOPER COMMITMENT LETTERS and AFFADAVITS APPENDIX 4 City Affidavit  APPENDIX 5 Cost –Benefit Analysis: Parcels and their Equalized Assessed Valuation in the Commercial Street Redevelopment Area  Cost-Benefit Analysis Commercial Street Redevelopment Area Springfield, Missouri Prepared For: City of Springfield, Missouri December 5, 2007 ST. LOUIS, MISSOURI Peckham Guyton Albers & Viets, Inc. Architecture Graphics Saint Louis Place 314 231-7318 Member Planning Interiors 200 North Broadway 314 231-7433 FAX American Institute Urban Consulting Suite 1000 of Architects St. Louis, Missouri 63102 TECHNICAL MEMORANDUM To: Mayor Thomas Carlson Date: December 5, 2007 Springfield City Council Springfield TIF Commission From: Brad Lybrook Re: Cost-Benefit Analysis Cc: Project Name: Commercial Street Cost-Benefit Analysis Project No: 80698 I. INTRODUCTION The incremental tax revenue projections in this analysis are based on a concept proposed by the City for the creation of a building rehabilita- This Memorandum and the accompanying tables comprise the Cost- tion program. These programs will have the effect of stimulating fur- Benefit Analysis for a proposed Redevelopment Project (the “Project“) ther private investment that will result in the conversion of mostly va- for the Commercial Street Redevelopment Area (the “Area”) under cant buildings into new retail, office, and residential uses. The Project consideration in the City of Springfield (the “City”). The purpose of this concept is described in greater detail in Table 1. analysis is to meet the statutory requirement of R.S. MO 99.810 for the preparation of a cost-benefit analysis. This document is not intended These projections are for a Project that is not yet constructed and are to provide evidence of the financial feasibility of the proposed project. based on tenants which have not yet been identified and/or for which lease agreements have not yet been executed. The projected tax revenue to be generated by the Project is based on a series of as- III. TAX REVENUE PROJECTION TABLES sumptions that must be considered when interpreting the results of this analysis. The user of this analysis is cautioned to study the assump- The attached revenue tables comprise the substance of this analysis tions noted on each of the attached spreadsheets, in addition to the and are identified in the “List of Tables” located in Appendix A. The assumptions stated in the following paragraphs. Baseline Tables establish the basic assumptions about the proposed Projects and identify the Base Equalized Assessed Value and Base II. AVAILABILITY OF INCREMENTAL TAX REVENUES Sales Taxes. The Tax Increment Financing Revenue Projection ta- bles detail the projection of tax revenues and the potential revenues The availability of the projected incremental tax revenues for both the that could be generated as a result of the adoption of tax increment affected taxing districts and for deposit into the Special Allocation financing. The Fiscal Impact Analysis tables for the Build Alternative Fund is impacted by several events. First, the availability of the in- show the distribution of taxes to the affected taxing districts over the cremental tax revenues is predicated upon implementation of an life of the Project. Tax revenue projections and the fiscal impact on the administrative system for the identification and collection of these affected taxing districts are also provided for the No Build Alternative. revenues by the County and the various offices charged with admini- stration of these taxes. This system must be in place as of the initia- For purposes of this analysis, it is assumed that the Area will be in tion of the Project. existence for 23 years. For the purposes of this analysis, it is as- sumed that the Redevelopment Area will be approved in the 1st quar- Second, there is a time lag between the taxable event and the pay- ter of 2008 and the 23 year period would run until 1st quarter of 2031. ment and administrative processing of the tax payments to the vari- It should be noted, the TIF Act provides that a redevelopment project ous taxing districts and to the Special Allocation Fund. This time lag shall be adopted not later than ten years from the adoption of the ordi- is greatest for real property taxes, which are typically paid in full by nance approving the Redevelopment Plan. the end of the tax year and are available for deposit in the Special Allocation Fund two to three months after the first of the following IV. ASSUMPTIONS USED TO PROJECT BUILD SCENARIO year. Payment due dates for EATS (Economic Activity Taxes) vary depending on the tax and, in some cases, the size of the business. As noted earlier, absent an existing development with a performance Typically, EATS are available for deposit in the Special Allocation history, assumptions must be utilized with regards to the Project Fund three to four months after the time they are generated. scope, scale, uses, future performance and future tax liability. These assumptions are identified in the following paragraphs. Memorandum • Page 2 A. REDEVELOPMENT PROJECT ASSUMPTIONS Pension Fund. Because future tax rates are unknown, and tax rates are subject to “rollback”, the 2007 tax rate is used throughout 1. Size and Components of Project these projections. The Project Concept is displayed in Table 1. As indicated 3. Projected Market Value and Assessed Value previously, actual redevelopment activity will impact these revenue projections. See Table 4 attached. The assumptions used in this analysis to project future market values are based on information from the 2. Build-out and Absorption Schedule Greene County Assessor’s real estate data. At the time the build- ings are built, the Assessor will appraise the actual project as con- For the purposes of these projections, it is assumed that the Pro- structed. Since the Project has not yet been built, the Greene ject will take 10 years to reach full build-out. Table 7 displays the County Assessor cannot determine the future appraised value for percentage annual absorption. purposes of levying real property taxes. Note that future appeals of the County Assessor’s appraisal may also impact the amount of B. REAL PROPERTY TAXES (PILOTS) real property taxes (PILOTS) generated by the Project. 4. Growth in Market Value 1. Base Equalized Assessed Value (EAV) The market value is assumed to grow 3.0% upon full build-out at Data from the Greene County Assessor is used to estimate the reassessment (odd numbered years). Base EAV. The Assessor will certify the Base EAV at the time the Project is adopted by the City. The annual assessed value must C. SALES TAXES (ECONOMIC ACTIVITY TAXES OR EATS) exceed the Base EAV in order for payments in lieu of taxes, (i.e. incremental real property taxes) to be generated. For this analy- 1. Base Sales Taxes sis, the estimated Base EAV of the entire Area is $3,712,330. The Base Sales Taxes are estimates by PGAV based on the ex- 2. Tax Rates isting uses within the Area. The base sales taxes are shown on Table 5. The applicable 2007 real property tax rates are displayed in Table 2. The total rate applicable on commercial properties located in the Area is $4.6619/$100 of assessed value. This does not in- clude the Merchant’s and Manufacturer’s Replacement tax (Com- mercial Surcharge) of $1.04/$100 of assessed valuation, the State of Missouri’s $0.030/$100 of assessed value for the Blind Memorandum • Page 3 2. Sales Taxes Applied 4. Sales Growth The sales taxes that will apply to the generation of tax increment Growth in sales volume is assumed to be 1.5% annually after financing revenues are as follows: achieving sales stabilization. City General Sales Tax 1.000% 5. Utility Taxes City Capital Improvements Sales Tax 0.250% City Transportation Sales Tax 0.125% Utility taxes are also an economic activity tax eligible for capture County General Sales Tax 0.500% by TIF. This is typically a small amount of incremental revenue. County Law Enforcement Sales Tax 0.250% The administration, determination, and collection of utility tax County Parks Sales Tax 0.375% revenues from the various utility providers is extremely difficult. County 9-11 Sales Tax 0.125% For the purposes of this report, incremental utility tax revenues Community Improvement District 0.500% are not included in the projected revenues that will be available It is assumed that the City will implement a Community Improve- for the project. ment District (CID) sales tax of 0.5% which will be in place at the commencement of the Project. Other state and local taxing au- D. COMMUNITY IMPROVEMENT DISTRICT thorities may, in their sole discretion, voluntarily contribute addi- tional sales tax revenues or other revenues not otherwise cap- It is assumed that the City will implement a Community Improve- tured under the TIF Act to the repayment of Project costs. Such ment District (CID) sales tax of 0.5%. voluntary contributions are not contemplated herein. V. ASSUMPTIONS USED TO PROJECT NO BUILD SCENARIO 3. Projected Sales Volumes The No Build Scenario assumes that conditions within the proposed The sales volume assumptions are displayed in Table 6. Note that Redevelopment Area remain substantially as they exist today. The because some tenants or even the types of tenants have not yet market value of real property in the Area is assumed to grow 3.0% at been identified, the sales projections are based on generic uses reassessment (odd numbered years). It is assumed that sales will and assumptions and take into consideration that some portion of increase 1.5% annually for existing commercial uses. the space may be leased to commercial service uses that do not generate sales taxes. The 1% administrative fee imposed by the State of Missouri and the “early pay” discount to retailers of 2% is subtracted from these projections. Memorandum • Page 4 VI. IMPACT ANALYSIS provided as predictions or assurances that a certain level of perform- ance will be achieved or that certain events will occur. The actual For ease of reference, Table 15 compiles the results of the Build results will vary from the projections described herein and the varia- Alternative analysis and Table 20 compiles the results of the No tions may be material. Because the future is uncertain, there is risk Build Alternative by affected taxing district. associated with achieving the results projected. PGAV assumes no responsibility for any degree of risk involved. VII. GENERAL ASSUMPTIONS AND CONDITIONS This report and the information included herein are intended for the These projections are intended to be interpreted and used based on purposes of providing a preliminary concept of the performance of this the assumptions used for their preparation. Projections formulated in potential project for use by the City, and should not be used for other this document are based on currently available information and the purposes. Neither this document nor its contents may be referred to assumptions as stated. PGAV believes that the assumptions used in or quoted, in whole or in part, for any purpose including, but not limited this analysis constitute a reasonable basis for its preparation. to, any official statement for a bond issue and consummation of a bond sale, any registration statement, prospectus, loan, or other This Memorandum and the financial projections contained herein are agreement or document, without prior review and written approval by based on assumptions, projections, and information provided by the PGAV regarding any representation therein with respect to PGAV’s County and various other sources considered reliable. PGAV neither organization and work product. verified nor audited the information that was provided by the other sources. Information provided by others is assumed to be reliable, but PGAV assumes no responsibility for its accuracy or certainty. In addition to the impact on these projections of actual implementation activities, external factors may influence these assumptions and pro- jections as well. Changes in the national, regional, and local economic and real estate market conditions and trends may impact the real es- tate market and redevelopment activity. Changes or modifications may also be caused by economic, environmental, legislative, or physi- cal events or conditions. PGAV assumes no liability should market conditions change or the schedule is not met. The tax revenue projections contained in this report represent pro- spective information, opinions, and estimates regarding a develop- ment project that is not yet constructed. These projections are not Memorandum • Page 5  APPENDIX Revenue Tables  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF List of Tables Build Alternative Baseline Tables Table 1 Redevelopment Project Concept Table 2 2007 Property Tax Rates Per $100 of Assessed Valuation Table 3 Most Recent Equalized Assessed Valuation (EAV) & Taxpayer Information (2007) Table 4 Projected Valuation Upon Redevelopment Table 5 Estimated Base Economic Activity Taxes (Base Year 2006) Table 6 Projected Sales Upon Redevelopment Tax Revenue Projection Tables Table 7 Projected TIF Revenues Available for Project Table 8 Projected Real Property Tax Increment (PILOTS) Table 9 Projected Economic Activity Tax Revenues (EATS) Tax Impact Tables Table 10 Distribution of Projected New "Bottom Half" Economic Activity Tax Revenues (EATS Tax Revenues Not Captured During TIF) Table 11 Distribution of Projected New EATS & Base Table 12 Distribution of Real Property Tax Revenues from Base Equalized Assessed Value Table 13 Distribution of Projected Merchants and Manufacturer's Replacement Tax (Commercial Surcharge) Table 14 Distribution of Projected Average Annual Personal Property Taxes Table 15 Fiscal Impact of New Redevelopment on Affected Taxing Districts No Build Alternative Tax Impact Tables Table 16 Distribution of Projected Economic Activity Tax Revenues Table 17 Distribution of Real Property Tax Revenues Table 18 Distribution of Projected Merchants and Manufacturer's Replacement Tax (Commercial Surcharge) Table 19 Distribution of Projected Average Annual Personal Property Taxes Table 20 Fiscal Impact of No Build Scenario on Affected Taxing Districts Charts #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Baseline Tables These tables include the project concept and form the basis for the revenue projections. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 1 Project Concept1 Commercial Street Redevelopment Area Springfield, MO Use Size Units Condo Lofts 60,000 Sq. Ft. Apartments 60,000 Sq. Ft. First Floor Retail 250,000 Sq. Ft. First Floor Office 40,000 Sq. Ft. Second Floor Office 60,000 Sq. Ft. Second Floor Retail 20,000 Sq. Ft. 490,000 1 Project Concept provided by the City of Springfield. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 2 2007 Property Tax Information Proposed Commercial Street Redevelopment Project Area Springfield, MO Taxing District Tax Levy City of Springfield 0.60720 Springfield-Greene County Library 0.24140 Ozarks Technical College 0.14120 Greene County 0.10740 Road & Bridge 0.10740 Sheltered Workshop 0.04620 Senior Services 0.04920 Springfield R-12 3.36187 Total for TIF 4.6619 State of Missouri 0.0300 Merchants and Manufacturer's Replacement Tax (Commercial Surcharge) 1.0400 Total Not Applicable for TIF 1.0700 Total Tax Rate $5.7319 #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 3 2007 Equalized Assessed Value Proposed Commercial Street Redevelopment Project Area Springfield, MO Parcel Identification Number 2007 Equalized Assessed Value 1311411013 $105,800 1311411015 $190 1311411016 $57,950 1311411018 $31,490 1311411019 $9,600 1311411020 $45,500 1311412001 $16,160 1311412004 $23,140 1311412018 $33,540 1311412019 $68,380 1311412021 $7,090 1311412022 $19,810 1311414005 $15,710 1311414006 $18,310 1311414007 $11,650 1311414027 $0 1311415003 $123,780 1311415013 $14,620 1311417016 $45,020 1311428003 $25,180 1311428004 $17,760 1311428005 $17,920 1311428006 $15,740 1311428007 $10,590 1311428008 $14,270 1311428009 $49,540 1311428010 $29,120 1311428019 $24,670 1311428020 $40,610 1311428022 $29,080 1311428023 $23,840 1311429005 $45,600 1311429006 $7,620 1311429007 $3,460 1312309001 $25,120 1312309002 $67,840 1312309003 $41,240 1312309004 $55,440 #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 3 2007 Equalized Assessed Value Proposed Commercial Street Redevelopment Project Area Springfield, MO Parcel Identification Number 2007 Equalized Assessed Value 1312309005 $58,300 1312309006 $16,420 1312309007 $50,690 1312309008 $22,560 1312309012 $0 1312309015 $23,750 1312309016 $26,840 1312309020 $87,880 1312309024 $67,620 1312309028 $40,900 1312309029 $20,130 1312309030 $27,080 1312309031 $55,760 1312309032 $28,190 1312310003 $30,110 1312310004 $20,330 1312310005 $25,440 1312310006 $64,630 1312310007 $10,530 1312310008 $10,590 1312310009 $58,400 1312310010 $0 1312310017 $0 1312310019 $0 1312310020 $0 1312317001 $29,730 1312317007 $20,640 1312317008 $33,650 1312317012 $24,470 1312317013 $37,730 1312317014 $25,060 1312317019 $24,130 1312317020 $4,190 1312317025 $0 1312317026 $61,260 1312317027 $61,310 1312317028 $4,160 1312317029 $28,290 #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 3 2007 Equalized Assessed Value Proposed Commercial Street Redevelopment Project Area Springfield, MO Parcel Identification Number 2007 Equalized Assessed Value 1312317030 $19,360 1312318001 $0 1312318008 $0 1312318009 $33,630 1312318023 $34,300 1312319001 $22,660 1312319002 $35,200 1312319004 $11,870 1312319005 $25,890 1312319006 $17,570 1312319007 $20,570 1312319008 $20,630 1312319011 $21,090 1312319012 $16,270 1312319013 $37,890 1312319015 $19,200 1312319019 $64,990 1312319020 $0 1312319025 $57,050 1312319026 $22,880 1312319027 $8,390 1312319028 $24,290 1312319029 $33,950 1312324001 $0 1312324002 $0 1312324005 $0 1312324008 $22,620 1312324017 $27,480 1312324018 $58,050 1312324019 $22,650 1312324022 $0 1312324023 $0 1312324024 $0 1312324026 $0 1312325001 $23,680 1312325002 $43,520 1312325011 $20,290 1312325015 $84,190 #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 3 2007 Equalized Assessed Value Proposed Commercial Street Redevelopment Project Area Springfield, MO Parcel Identification Number 2007 Equalized Assessed Value 1312326009 $25,920 1312326010 $19,200 1312326011 $0 1312327001 $45,510 1312327027 $2,980 1312327028 $5,630 1312332001 $4,580 1312332002 $7,400 1312332003 $7,280 1312332004 $3,740 1312327004 $18,180 1312327005 $28,920 1312327006 $68,860 1312327007 $31,260 1312327010 $0 1312327023 $24,930 1312327024 $0 1312332005 $11,930 1312333001 $12,640 1312407001 $2,510 1312407005 $5,910 1312407006 $12,670 1312407007 $11,710 1312407024 $8,460 1312408010 $68,670 1312408011 $104,350 1312409001 $3,840 1312409016 $31,940 $3,712,330 #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 4 Projected Valuation Upon Redevelopment Proposed Commercial Street Redevelopment Project Area Springfield, MO Projected Size (Square Market Value Projected Total Assessment Use Assessed Feet) per Unit Market Value ($) Rate Value ($) New Construction Condo Lofts 60,000 120 7,200,000 19% 1,368,000 Apartments 60,000 70 4,200,000 19% 798,000 First Floor Retail 250,000 60 15,000,000 32% 4,800,000 First Floor Office 40,000 75 3,000,000 32% 960,000 Second Floor Office 60,000 75 4,500,000 32% 1,440,000 Second Floor Retail 20,000 75 1,500,000 132% 1,980,000 Total After Redevelopment 35,400,000 11,346,000 #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 5 Estimated Base Economic Activity Taxes (Base Year 2007) Proposed Commercial Street Redevelopment Project Area Springfield, MO Estimated Taxable Base Sales Volume 1 $3,563,636 Sales Taxes Tax Rate Base Taxes ($) Local Sales Taxes Captured by TIF City General Sales Tax 1.000% 35,636 City Capital Improvements Sales Tax 0.250% 8,909 City Transportation Sales Tax 0.125% 4,455 County General Sales Tax 0.500% 17,818 County Law Enforcement Sales Tax 0.250% 8,909 County Parks Sales Tax 0.375% 13,364 County 9-11 Sales Tax2 0.125% 0 Community Improvement District 2 0.500% 0 Total Base Sales Taxes 3.125% 89,091 1 Estimated sales information provided by the City. 2 The 9-11 sales tax will not go into effect until January 1, 2008 and is not included in the base EATS. The CID sales tax will go into effect some time in 2008 and is also not included in base EATS. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 6 Projected Sales Upon Redevelopment Proposed Commercial Street Redevelopment Project Area Springfield, MO Assumed Sales Use Size (Sq. Ft.) Total Sales Per Square Foot New Construction Condo Lofts 60,000 0 0 Apartments 60,000 0 0 First Floor Retail 250,000 65 15,762,500 First Floor Office 40,000 0 0 Second Floor Office 60,000 0 0 Second Floor Retail 20,000 50 970,000 Estimated New Sales 490,000 $16,732,500 Existing Sales* $3,563,636 Total Sales After Redevelopment $20,296,136 *Sales of existing businesses are estimates only #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Revenue Projections These tables are estimates of the annual revenues that will be deposited into the Special Allocation Fund. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 7 1,2 Summary of Projected Revenues to Support Project Commercial Street Redevelopment Project Area Springfield, MO Projected Revenues by Year in Dollars Revenue Sources Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Proj. Yr. 1 2 3 4 5 6 7 8 9 10 11 PILOTS (Real Property Taxes) (100%) 35,587 71,174 106,762 142,349 177,936 213,523 249,110 284,697 320,285 355,872 355,872 EATS (Top 50%) 34,826 60,186 85,546 110,907 136,267 161,627 186,987 212,347 237,708 263,068 266,872 Total TIF Revenues $70,413 $131,361 $192,308 $253,255 $314,203 $375,150 $436,098 $497,045 $557,992 $618,940 $622,744 Projected Revenues by Year in Dollars Revenue Sources Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Proj. Yr. 12 13 14 15 16 17 18 19 20 21 22 23 PILOTS (Real Property Taxes) (100%) 366,450 366,450 377,241 377,241 388,247 388,247 399,473 399,473 410,924 410,924 422,604 422,604 EATS (Top 50%) 271,543 276,284 281,097 285,982 290,939 295,972 301,080 306,264 311,526 316,867 322,288 327,791 Total TIF Revenues $637,994 $642,735 $658,338 $663,222 $679,186 $684,219 $700,553 $705,737 $722,450 $727,791 $744,892 $750,394 1 These projections are based on a series of assumptions and should be used only to provide an indication of how the project may perform. 2 These projections represent revenues generated by year-end, not time of receipt and allocation to the Special Allocation Fund. Tax revenues generated over the course of the year must exceed the Base before distribution as TIF revenues to the Special Allocation Fund. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 8 Summary of Projected Incremental Real Property Tax Revenues (PILOTS)1 Commercial Street Redevelopment Project Area Springfield, MO Calendar Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Project Year 1 2 3 4 5 6 7 8 9 10 11 Redevelopment Project Absorption (% of Square Feet) 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 100% Market Value from Redevelopment 2 3,540,000 7,080,000 10,620,000 14,160,000 17,700,000 21,240,000 24,780,000 28,320,000 31,860,000 35,400,000 35,400,000 Assessed Value from Redevelopment 3 4,475,697 5,239,064 6,002,431 6,765,798 7,529,165 8,292,532 9,055,899 9,819,266 10,582,633 11,346,000 11,346,000 Base Assessed Value for 2007 (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) Incremental EAV 763,367 1,526,734 2,290,101 3,053,468 3,816,835 4,580,202 5,343,569 6,106,936 6,870,303 7,633,670 7,633,670 Per $100 of EAV & Multiply by 2007 Tax Rate for TIF 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 Sub-Total Projected Incremental Real Property Taxes 35,587 71,174 106,762 142,349 177,936 213,523 249,110 284,697 320,285 355,872 355,872 Calendar Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Project Year 12 13 14 15 16 17 18 19 20 21 22 23 Market Value from Redevelopment 2 36,108,000 36,108,000 36,830,160 36,830,160 37,566,763 37,566,763 38,318,098 38,318,098 39,084,460 39,084,460 39,866,150 39,866,150 Assessed Value from Redevelopment 11,572,920 11,572,920 11,804,378 11,804,378 12,040,466 12,040,466 12,281,275 12,281,275 12,526,901 12,526,901 12,777,439 12,777,439 Base Assessed Value for 2007 (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) (3,712,330) Incremental EAV 7,860,590 7,860,590 8,092,048 8,092,048 8,328,136 8,328,136 8,568,945 8,568,945 8,814,571 8,814,571 9,065,109 9,065,109 Per $100 of EAV & Multiply by 2007 Tax Rate for TIF 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 4.6619 Sub-Total Projected Incremental Real Property Taxes 366,450 366,450 377,241 377,241 388,247 388,247 399,473 399,473 410,924 410,924 422,604 422,604 1 These projections are based on a series of assumptions and should be used only to provide an indication of how the project may perform. 2 Market value is projected to increase 2% every assessment (odd) year after full build-out. 3 Assessed Value from Redevelopment also includes the assessed value from the existing uses which have not yet undergone redevelopment. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 9 Summary of Projected Economic Activity Tax Revenues (EATS)1 Commercial Street Redevelopment Project Area Springfield, MO Sheet 1 of 2 Calendar Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Project Year 1 2 3 4 5 6 7 8 9 10 11 Redevelopment Project Absorption (% of Square Feet) 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 100% Projected Taxable Sales Volume 2 Tax Rate 5,236,886 6,910,136 8,583,386 10,256,636 11,929,886 13,603,136 15,276,386 16,949,636 18,622,886 20,296,136 20,547,124 Projected Sales Tax Revenues City General Sales Tax 1.000% 50,798 67,028 83,259 99,489 115,720 131,950 148,181 164,411 180,642 196,873 199,307 City Capital Improvements Sales Tax 0.250% 12,699 16,757 20,815 24,872 28,930 32,988 37,045 41,103 45,160 49,218 49,827 City Transportation Sales Tax 0.125% 6,350 8,379 10,407 12,436 14,465 16,494 18,523 20,551 22,580 24,609 24,913 County General Sales Tax 0.500% 25,399 33,514 41,629 49,745 57,860 65,975 74,090 82,206 90,321 98,436 99,654 County Law Enforcement Sales Tax 0.250% 12,699 16,757 20,815 24,872 28,930 32,988 37,045 41,103 45,160 49,218 49,827 County Parks Sales Tax 0.375% 19,049 25,136 31,222 37,309 43,395 49,481 55,568 61,654 67,741 73,827 74,740 County 9-11 Sales Tax 0.125% 6,350 8,379 10,407 12,436 14,465 16,494 18,523 20,551 22,580 24,609 24,913 Community Improvement District 0.500% 25,399 33,514 41,629 49,745 57,860 65,975 74,090 82,206 90,321 98,436 99,654 Total Projected Sales Tax Revenues 3.125% 158,743 209,464 260,184 310,904 361,625 412,345 463,065 513,786 564,506 615,227 622,835 Base Sales Taxes City General Sales Tax 1.000% 35,636 35,636 35,636 35,636 35,636 35,636 35,636 35,636 35,636 35,636 35,636 City Capital Improvements Sales Tax 0.250% 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 City Transportation Sales Tax 0.125% 4,455 4,455 4,455 4,455 4,455 4,455 4,455 4,455 4,455 4,455 4,455 County General Sales Tax 0.500% 17,818 17,818 17,818 17,818 17,818 17,818 17,818 17,818 17,818 17,818 17,818 County Law Enforcement Sales Tax 0.250% 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 County Parks Sales Tax 0.375% 13,364 13,364 13,364 13,364 13,364 13,364 13,364 13,364 13,364 13,364 13,364 County 9-11 Sales Tax 0.125% 0 0 0 0 0 0 0 0 0 0 0 Community Improvement District 0.500% 0 0 0 0 0 0 0 0 0 0 0 Total Base Sales Taxes 3.125% 89,091 89,091 89,091 89,091 89,091 89,091 89,091 89,091 89,091 89,091 89,091 Total Incremental Sales Taxes City General Sales Tax 1.000% 15,161 31,392 47,622 63,853 80,084 96,314 112,545 128,775 145,006 161,236 163,671 City Capital Improvements Sales Tax 0.250% 3,790 7,848 11,906 15,963 20,021 24,079 28,136 32,194 36,251 40,309 40,918 City Transportation Sales Tax 0.125% 1,895 3,924 5,953 7,982 10,010 12,039 14,068 16,097 18,126 20,155 20,459 County General Sales Tax 0.500% 7,581 15,696 23,811 31,927 40,042 48,157 56,272 64,388 72,503 80,618 81,835 County Law Enforcement Sales Tax 0.250% 3,790 7,848 11,906 15,963 20,021 24,079 28,136 32,194 36,251 40,309 40,918 County Parks Sales Tax 0.375% 5,686 11,772 17,858 23,945 30,031 36,118 42,204 48,291 54,377 60,464 61,377 County 9-11 Sales Tax 0.125% 6,350 8,379 10,407 12,436 14,465 16,494 18,523 20,551 22,580 24,609 24,913 Community Improvement District 0.500% 25,399 33,514 41,629 49,745 57,860 65,975 74,090 82,206 90,321 98,436 99,654 100% of Incremental Sales Taxes 3.125% 69,652 120,373 171,093 221,813 272,534 323,254 373,975 424,695 475,415 526,136 533,744 50% of Incremental Sales Taxes City General Sales Tax 1.000% 7,581 15,696 23,811 31,927 40,042 48,157 56,272 64,388 72,503 80,618 81,835 City Capital Improvements Sales Tax 0.250% 1,895 3,924 5,953 7,982 10,010 12,039 14,068 16,097 18,126 20,155 20,459 City Transportation Sales Tax 0.125% 948 1,962 2,976 3,991 5,005 6,020 7,034 8,048 9,063 10,077 10,229 County General Sales Tax 0.500% 3,790 7,848 11,906 15,963 20,021 24,079 28,136 32,194 36,251 40,309 40,918 County Law Enforcement Sales Tax 0.250% 1,895 3,924 5,953 7,982 10,010 12,039 14,068 16,097 18,126 20,155 20,459 County Parks Sales Tax 0.375% 2,843 5,886 8,929 11,972 15,016 18,059 21,102 24,145 27,189 30,232 30,688 County 9-11 Sales Tax 0.125% 3,175 4,189 5,204 6,218 7,232 8,247 9,261 10,276 11,290 12,305 12,457 Community Improvement District 0.500% 12,699 16,757 20,815 24,872 28,930 32,988 37,045 41,103 45,160 49,218 49,827 50% of Incremental Sales Taxes 3.125% 34,826 60,186 85,546 110,907 136,267 161,627 186,987 212,347 237,708 263,068 266,872 1 These projections are based on a series of assumptions and should be used only to provide an indication of how the project may perform. 2 Sales are projected to grow 1.5% annually after build-out in year 2017. A 1% administrative fee and a 2% early payment discount have been subtracted from the projected sales taxes. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 9 Summary of Projected Economic Activity Tax Revenues (EATS)1 Commercial Street Redevelopment Project Area Springfield, MO Sheet 2 of 2 Calendar Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Project Year 12 13 14 15 16 17 18 19 20 21 22 23 Projected Taxable Sales Volume 2 Tax Rate 20,855,331 21,168,161 21,485,683 21,807,968 22,135,088 22,467,114 22,804,121 23,146,183 23,493,375 23,845,776 24,203,463 24,566,515 Projected Sales Tax Revenues City General Sales Tax 1.000% 202,297 205,331 208,411 211,537 214,710 217,931 221,200 224,518 227,886 231,304 234,774 238,295 City Capital Improvements Sales Tax 0.250% 50,574 51,333 52,103 52,884 53,678 54,483 55,300 56,129 56,971 57,826 58,693 59,574 City Transportation Sales Tax 0.125% 25,287 25,666 26,051 26,442 26,839 27,241 27,650 28,065 28,486 28,913 29,347 29,787 County General Sales Tax 0.500% 101,148 102,666 104,206 105,769 107,355 108,966 110,600 112,259 113,943 115,652 117,387 119,148 County Law Enforcement Sales Tax 0.250% 50,574 51,333 52,103 52,884 53,678 54,483 55,300 56,129 56,971 57,826 58,693 59,574 County Parks Sales Tax 0.375% 75,861 76,999 78,154 79,326 80,516 81,724 82,950 84,194 85,457 86,739 88,040 89,361 County 9-11 Sales Tax 0.125% 25,287 25,666 26,051 26,442 26,839 27,241 27,650 28,065 28,486 28,913 29,347 29,787 Community Improvement District 0.500% 101,148 102,666 104,206 105,769 107,355 108,966 110,600 112,259 113,943 115,652 117,387 119,148 Total Projected Sales Tax Revenues 3.125% 632,177 641,660 651,285 661,054 670,970 681,034 691,250 701,619 712,143 722,825 733,667 744,672 Base Sales Taxes City General Sales Tax 1.000% 35,636 35,636 35,636 35,636 35,636 35,636 35,636 35,636 35,636 35,636 35,636 35,636 City Capital Improvements Sales Tax 0.250% 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 City Transportation Sales Tax 0.125% 4,455 4,455 4,455 4,455 4,455 4,455 4,455 4,455 4,455 4,455 4,455 4,455 County General Sales Tax 0.500% 17,818 17,818 17,818 17,818 17,818 17,818 17,818 17,818 17,818 17,818 17,818 17,818 County Law Enforcement Sales Tax 0.250% 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 8,909 County Parks Sales Tax 0.375% 13,364 13,364 13,364 13,364 13,364 13,364 13,364 13,364 13,364 13,364 13,364 13,364 County 9-11 Sales Tax 0.125% 0 0 0 0 0 0 0 0 0 0 0 0 Community Improvement District 0.500% 0 0 0 0 0 0 0 0 0 0 0 0 Total Base Sales Taxes 3.125% 89,091 89,091 89,091 89,091 89,091 89,091 89,091 89,091 89,091 89,091 89,091 89,091 Total Incremental Sales Taxes City General Sales Tax 1.000% 166,660 169,695 172,775 175,901 179,074 182,295 185,564 188,882 192,249 195,668 199,137 202,659 City Capital Improvements Sales Tax 0.250% 41,665 42,424 43,194 43,975 44,768 45,574 46,391 47,220 48,062 48,917 49,784 50,665 City Transportation Sales Tax 0.125% 20,833 21,212 21,597 21,988 22,384 22,787 23,195 23,610 24,031 24,458 24,892 25,332 County General Sales Tax 0.500% 83,330 84,847 86,387 87,950 89,537 91,147 92,782 94,441 96,125 97,834 99,569 101,329 County Law Enforcement Sales Tax 0.250% 41,665 42,424 43,194 43,975 44,768 45,574 46,391 47,220 48,062 48,917 49,784 50,665 County Parks Sales Tax 0.375% 62,498 63,636 64,791 65,963 67,153 68,360 69,586 70,831 72,094 73,375 74,676 75,997 County 9-11 Sales Tax 0.125% 25,287 25,666 26,051 26,442 26,839 27,241 27,650 28,065 28,486 28,913 29,347 29,787 Community Improvement District 0.500% 101,148 102,666 104,206 105,769 107,355 108,966 110,600 112,259 113,943 115,652 117,387 119,148 100% of Incremental Sales Taxes 3.125% 543,086 552,569 562,194 571,963 581,879 591,943 602,159 612,528 623,052 633,734 644,577 655,582 50% of Incremental Sales Taxes City General Sales Tax 1.000% 83,330 84,847 86,387 87,950 89,537 91,147 92,782 94,441 96,125 97,834 99,569 101,329 City Capital Improvements Sales Tax 0.250% 20,833 21,212 21,597 21,988 22,384 22,787 23,195 23,610 24,031 24,458 24,892 25,332 City Transportation Sales Tax 0.125% 10,416 10,606 10,798 10,994 11,192 11,393 11,598 11,805 12,016 12,229 12,446 12,666 County General Sales Tax 0.500% 41,665 42,424 43,194 43,975 44,768 45,574 46,391 47,220 48,062 48,917 49,784 50,665 County Law Enforcement Sales Tax 0.250% 20,833 21,212 21,597 21,988 22,384 22,787 23,195 23,610 24,031 24,458 24,892 25,332 County Parks Sales Tax 0.375% 31,249 31,818 32,395 32,981 33,576 34,180 34,793 35,415 36,047 36,688 37,338 37,999 County 9-11 Sales Tax 0.125% 12,644 12,833 13,026 13,221 13,419 13,621 13,825 14,032 14,243 14,457 14,673 14,893 Community Improvement District 0.500% 50,574 51,333 52,103 52,884 53,678 54,483 55,300 56,129 56,971 57,826 58,693 59,574 50% of Incremental Sales Taxes 3.125% 271,543 276,284 281,097 285,982 290,939 295,972 301,080 306,264 311,526 316,867 322,288 327,791 1 These projections are based on a series of assumptions and should be used only to provide an indication of how the project may perform. 2 Sales are projected to grow 1.5% annually after build-out in year 2017. A 1% administrative fee and a 2% early payment discount have been subtracted from the projected sales taxes. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Tax Impact Tables These tables are estimates of the amount of tax revenues that will accrue to the taxing districts during the term of the TIF. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 10 1 Distribution of Projected New "Bottom Half" Economic Activity Tax Revenues (EATS Tax Revenues Not Captured During TIF) Commercial Street Redevelopment Area City of Springfield Revenue Sources 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1 2 3 4 5 6 7 8 9 10 11 City General Sales Tax 7,581 15,696 23,811 31,927 40,042 48,157 56,272 64,388 72,503 80,618 81,835 City Capital Improvements Sales Tax 1,895 3,924 5,953 7,982 10,010 12,039 14,068 16,097 18,126 20,155 20,459 City Transportation Sales Tax 948 1,962 2,976 3,991 5,005 6,020 7,034 8,048 9,063 10,077 10,229 County General Sales Tax 3,790 7,848 11,906 15,963 20,021 24,079 28,136 32,194 36,251 40,309 40,918 County Law Enforcement Sales Tax 1,895 3,924 5,953 7,982 10,010 12,039 14,068 16,097 18,126 20,155 20,459 County Parks Sales Tax 2,843 5,886 8,929 11,972 15,016 18,059 21,102 24,145 27,189 30,232 30,688 County 9-11 Sales Tax 3,175 4,189 5,204 6,218 7,232 8,247 9,261 10,276 11,290 12,305 12,457 Community Improvement District 12,699 16,757 20,815 24,872 28,930 32,988 37,045 41,103 45,160 49,218 49,827 Total Revenue 34,826 60,186 85,546 110,907 136,267 161,627 186,987 212,347 237,708 263,068 266,872 Revenue Sources 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 12 13 14 15 16 17 18 19 20 21 22 23 City General Sales Tax 83,330 84,847 86,387 87,950 89,537 91,147 92,782 94,441 96,125 97,834 99,569 101,329 City Capital Improvements Sales Tax 20,833 21,212 21,597 21,988 22,384 22,787 23,195 23,610 24,031 24,458 24,892 25,332 City Transportation Sales Tax 10,416 10,606 10,798 10,994 11,192 11,393 11,598 11,805 12,016 12,229 12,446 12,666 County General Sales Tax 41,665 42,424 43,194 43,975 44,768 45,574 46,391 47,220 48,062 48,917 49,784 50,665 County Law Enforcement Sales Tax 20,833 21,212 21,597 21,988 22,384 22,787 23,195 23,610 24,031 24,458 24,892 25,332 County Parks Sales Tax 31,249 31,818 32,395 32,981 33,576 34,180 34,793 35,415 36,047 36,688 37,338 37,999 County 9-11 Sales Tax 12,644 12,833 13,026 13,221 13,419 13,621 13,825 14,032 14,243 14,457 14,673 14,893 Community Improvement District 50,574 51,333 52,103 52,884 53,678 54,483 55,300 56,129 56,971 57,826 58,693 59,574 Total Revenue 271,543 276,284 281,097 285,982 290,939 295,972 301,080 306,264 311,526 316,867 322,288 327,791 1 These projections represent revenues generated by year-end, not time of receipt and allocation to the taxing districts. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 11 1 Distribution of Projected New "Bottom Half" Economic Activity Tax Revenues & Base Commercial Street Redevelopment Area City of Springfield Revenue Sources 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1 2 3 4 5 6 7 8 9 10 11 City General Sales Tax 43,217 51,332 59,448 67,563 75,678 83,793 91,909 100,024 108,139 116,254 117,472 City Capital Improvements Sales Tax 10,804 12,833 14,862 16,891 18,920 20,948 22,977 25,006 27,035 29,064 29,368 City Transportation Sales Tax 5,402 6,417 7,431 8,445 9,460 10,474 11,489 12,503 13,517 14,532 14,684 County General Sales Tax 21,609 25,666 29,724 33,781 37,839 41,897 45,954 50,012 54,070 58,127 58,736 County Law Enforcement Sales Tax 10,804 12,833 14,862 16,891 18,920 20,948 22,977 25,006 27,035 29,064 29,368 County Parks Sales Tax 16,206 19,250 22,293 25,336 28,379 31,423 34,466 37,509 40,552 43,595 44,052 County 9-11 Sales Tax 3,175 4,189 5,204 6,218 7,232 8,247 9,261 10,276 11,290 12,305 12,457 Community Improvement District 12,699 16,757 20,815 24,872 28,930 32,988 37,045 41,103 45,160 49,218 49,827 Total Revenue 123,917 149,277 174,637 199,998 225,358 250,718 276,078 301,438 326,799 352,159 355,963 Revenue Sources 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 12 13 14 15 16 17 18 19 20 21 22 23 City General Sales Tax 118,967 120,484 122,024 123,587 125,173 126,784 128,418 130,077 131,761 133,470 135,205 136,966 City Capital Improvements Sales Tax 29,742 30,121 30,506 30,897 31,293 31,696 32,105 32,519 32,940 33,368 33,801 34,241 City Transportation Sales Tax 14,871 15,060 15,253 15,448 15,647 15,848 16,052 16,260 16,470 16,684 16,901 17,121 County General Sales Tax 59,483 60,242 61,012 61,793 62,587 63,392 64,209 65,039 65,881 66,735 67,602 68,483 County Law Enforcement Sales Tax 29,742 30,121 30,506 30,897 31,293 31,696 32,105 32,519 32,940 33,368 33,801 34,241 County Parks Sales Tax 44,612 45,181 45,759 46,345 46,940 47,544 48,157 48,779 49,410 50,051 50,702 51,362 County 9-11 Sales Tax 12,644 12,833 13,026 13,221 13,419 13,621 13,825 14,032 14,243 14,457 14,673 14,893 Community Improvement District 50,574 51,333 52,103 52,884 53,678 54,483 55,300 56,129 56,971 57,826 58,693 59,574 Total Revenue 360,634 365,375 370,188 375,072 380,030 385,063 390,170 395,355 400,617 405,958 411,379 416,882 1 These projections represent revenues generated by year-end, not time of receipt and allocation to the taxing districts. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 12 Distribution of Real Property Tax Revenues from Base Equalized Assessed Value - Build Alternative Commercial Street Redevelopment Area City of Springfield Projected Assessed Value by Year in Dollars 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1 2 3 4 5 6 7 8 9 10 11 2007 Base Equalized Assessed Value (Normal Distribution) 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 Taxing Jurisdiction Tax Rate % of Rate Projected Real Property Tax Revenues in Dollars City of Springfield 0.6072 13.02% 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 Springfield-Greene County Library 0.2414 5.18% 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 Ozarks Technical College 0.1412 3.03% 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 Greene County 0.1074 2.30% 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Road & Bridge 0.1074 2.30% 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Sheltered Workshop 0.0462 0.99% 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 Senior Services 0.0492 1.06% 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 Springfield R-12 3.3619 72.11% 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 Total Project Real Property Taxes $4.6619 100.00% $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 Projected Assessed Value by Year in Dollars 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 12 13 14 15 16 17 18 19 20 21 22 23 2007 Base Equalized Assessed Value (Normal Distribution) 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 3,712,330 Taxing Jurisdiction Tax Rate % of Rate Projected Real Property Tax Revenues in Dollars City of Springfield 0.6072 13.02% 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 Springfield-Greene County Library 0.2414 5.18% 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 Ozarks Technical College 0.1412 3.03% 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 Greene County 0.1074 2.30% 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Road & Bridge 0.1074 2.30% 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Sheltered Workshop 0.0462 0.99% 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 Senior Services 0.0492 1.06% 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 Springfield R-12 3.3619 72.11% 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 Total Project Real Property Taxes $4.6619 100.00% $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 $173,000 #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 13 1,2 Distribution of Projected Merchants and Manufacturers Replacement Tax (Commercial Surcharge)- Build Alternative Commercial Street Redevelopment Area City of Springfield Projected Revenues by Year in Dollars Assesed Value and Taxing Jurisdiction Percentages 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1 2 3 4 5 6 7 8 9 10 11 Projected Total Assessed Value After Redevelopment 7,816,794 8,208,928 8,601,062 8,993,196 9,385,330 9,777,464 10,169,598 10,561,732 10,953,866 11,346,000 11,346,000 Commercial Surcharge 81,295 85,373 89,451 93,529 97,607 101,686 105,764 109,842 113,920 117,998 117,998 Taxing Jurisdictions Percent Factor3 City of Springfield 0.131983 10,730 11,268 11,806 12,344 12,883 13,421 13,959 14,497 15,036 15,574 15,574 Springfield-Greene County Library 0.049583 4,031 4,233 4,435 4,637 4,840 5,042 5,244 5,446 5,649 5,851 5,851 Ozarks Technical College 0.000000 0 0 0 0 0 0 0 0 0 0 0 Greene County 0.069418 5,643 5,926 6,210 6,493 6,776 7,059 7,342 7,625 7,908 8,191 8,191 Road & Bridge 0.069418 5,643 5,926 6,210 6,493 6,776 7,059 7,342 7,625 7,908 8,191 8,191 Sheltered Workshop 0.009917 806 847 887 928 968 1,008 1,049 1,089 1,130 1,170 1,170 Senior Services 0.000000 0 0 0 0 0 0 0 0 0 0 0 Springfield R-12 0.635962 51,700 54,294 56,887 59,481 62,075 64,668 67,262 69,855 72,449 75,042 75,042 State of Missouri 0.005950 484 508 532 556 581 605 629 654 678 702 702 Total M&M Tax to Taxing Districts in Area 0.966281 $78,553 $82,494 $86,435 $90,376 $94,316 $98,257 $102,198 $106,138 $110,079 $114,020 $114,020 Total M&M to Other Taxing Districts 0.033719 $2,741 $2,879 $3,016 $3,154 $3,291 $3,429 $3,566 $3,704 $3,841 $3,979 $3,979 Projected Revenues by Year in Dollars Assessed Value and Taxing Jurisdiction Percentages 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 12 13 14 15 16 17 18 19 20 21 22 23 Projected Total Assessed Value After Redevelopment 11,572,920 11,572,920 11,804,378 11,804,378 12,040,466 12,040,466 12,281,275 12,281,275 12,526,901 12,526,901 12,777,439 12,777,439 Commercial Surcharge 120,358 120,358 122,766 122,766 125,221 125,221 127,725 127,725 130,280 130,280 132,885 132,885 Taxing Jurisdictions Percent Factor3 City of Springfield 0.131983 15,885 15,885 16,203 16,203 16,527 16,527 16,858 16,858 17,195 17,195 17,539 17,539 Springfield-Greene County Library 0.049583 5,968 5,968 6,087 6,087 6,209 6,209 6,333 6,333 6,460 6,460 6,589 6,589 Ozarks Technical College 0.000000 0 0 0 0 0 0 0 0 0 0 0 0 Greene County 0.069418 8,355 8,355 8,522 8,522 8,693 8,693 8,866 8,866 9,044 9,044 9,225 9,225 Road & Bridge 0.069418 8,355 8,355 8,522 8,522 8,693 8,693 8,866 8,866 9,044 9,044 9,225 9,225 Sheltered Workshop 0.009917 1,194 1,194 1,217 1,217 1,242 1,242 1,267 1,267 1,292 1,292 1,318 1,318 Senior Services 0.000000 0 0 0 0 0 0 0 0 0 0 0 0 Springfield R-12 0.635962 76,543 76,543 78,074 78,074 79,636 79,636 81,228 81,228 82,853 82,853 84,510 84,510 State of Missouri 0.005950 716 716 730 730 745 745 760 760 775 775 791 791 Total M&M Tax to Taxing Districts in Area 0.966281 $116,300 $116,300 $118,626 $118,626 $120,999 $120,999 $123,418 $123,418 $125,887 $125,887 $128,405 $128,405 Total M&M to Other Taxing Districts 0.033719 $4,058 $4,058 $4,140 $4,140 $4,222 $4,222 $4,307 $4,307 $4,393 $4,393 $4,481 $4,481 1 The commercial surcharge is levied against the value of commercial property only, even in a mixed-used project. 2 Based on the 2007 Commercial Surcharge Distribution provided by the Greene County Clerk. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 14 Distribution of Projected Average Annual Personal Property Taxes From Redevelopment Project - Build Alternative1 Commercial Street Redevelopment Area City of Springfield Average Annual Avg. Annual PP Average Annual PP Tax Tax AV /Unit PP AV Use Size Generated2 Condo Lofts 60,000 1.00 60,000 2,797 Apartments 60,000 1.00 60,000 2,797 First Floor Retail 250,000 2.00 500,000 23,309 First Floor Office 40,000 2.00 80,000 3,729 Second Floor Office 60,000 2.00 120,000 5,594 Second Floor Retail 20,000 2.00 40,000 1,865 40,092 Tax Rate Average PP Tax Taxing District per $100 Collected of AV Annually2 City of Springfield 0.6072 5,222 Springfield-Greene County Library 0.2414 2,076 Ozarks Technical College 0.1412 1,214 Greene County 0.1074 924 Road & Bridge 0.1074 924 Sheltered Workshop 0.0462 397 Senior Services 0.0492 423 Springfield R-12 3.36187 28,912 4.6619 40,092 1 Existing personal property assessed value unknown. It is assumed that the Redevelopment Project will not result in the displacement of existing personal property assessed value within the Redevelopment Area. 2 Average Personal Property Tax collected upon full build-out. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 15 Fiscal Impact of New Redevelopment Project on Affected Taxing Districts Commercial Street Redevelopment Area City of Springfield Sheet 1 of 2 Projected Revenues by Program Year in Dollars 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Affected Taxing District 1 2 3 4 5 6 7 8 9 10 11 City of Springfield Real Estate Taxes 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 Commercial Surcharge 10,730 11,268 11,806 12,344 12,883 13,421 13,959 14,497 15,036 15,574 15,574 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 5,222 5,222 City General Sales Tax 43,217 51,332 59,448 67,563 75,678 83,793 91,909 100,024 108,139 116,254 117,472 City Capital Improvements Sales Tax 10,804 12,833 14,862 16,891 18,920 20,948 22,977 25,006 27,035 29,064 29,368 City Transportation Sales Tax 5,402 6,417 7,431 8,445 9,460 10,474 11,489 12,503 13,517 14,532 14,684 Total 92,653 104,350 116,046 127,743 139,440 151,137 162,833 174,530 186,227 203,146 204,819 Springfield-Greene County Library Real Estate Taxes 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 Commercial Surcharge 4,031 4,233 4,435 4,637 4,840 5,042 5,244 5,446 5,649 5,851 5,851 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 2,076 2,076 Total 13,031 13,233 13,435 13,637 13,840 14,042 14,244 14,446 14,649 16,927 16,927 Ozarks Technical College Real Estate Taxes 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 Commercial Surcharge 0 0 0 0 0 0 0 0 0 0 0 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 1,214 1,214 Total 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 6,414 6,414 Greene County Real Estate Taxes 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Commercial Surcharge 5,643 5,926 6,210 6,493 6,776 7,059 7,342 7,625 7,908 8,191 8,191 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 924 924 County General Sales Tax 21,609 25,666 29,724 33,781 37,839 41,897 45,954 50,012 54,070 58,127 58,736 County Law Enforcement Sales Tax 10,804 12,833 14,862 16,891 18,920 20,948 22,977 25,006 27,035 29,064 29,368 County Parks Sales Tax 16,206 19,250 22,293 25,336 28,379 31,423 34,466 37,509 40,552 43,595 44,052 County 9-11 Sales Tax 3,175 4,189 5,204 6,218 7,232 8,247 9,261 10,276 11,290 12,305 12,457 Total 61,437 71,865 82,292 92,719 103,146 113,573 124,000 134,428 144,855 156,206 157,727 Road & Bridge Real Estate Taxes 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Commercial Surcharge 5,643 5,926 6,210 6,493 6,776 7,059 7,342 7,625 7,908 8,191 8,191 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 924 924 Total 9,643 9,926 10,210 10,493 10,776 11,059 11,342 11,625 11,908 13,115 13,115 Sheltered Workshop Real Estate Taxes 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 Commercial Surcharge 806 847 887 928 968 1,008 1,049 1,089 1,130 1,170 1,170 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 397 397 Total 2,506 2,547 2,587 2,628 2,668 2,708 2,749 2,789 2,830 3,268 3,268 Senior Services Real Estate Taxes 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 Commercial Surcharge 0 0 0 0 0 0 0 0 0 0 0 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 423 423 Total 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 2,223 2,223 Springfield R-12 Real Estate Taxes 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 Commercial Surcharge 51,700 54,294 56,887 59,481 62,075 64,668 67,262 69,855 72,449 75,042 75,042 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 28,912 28,912 Total 176,500 179,094 181,687 184,281 186,875 189,468 192,062 194,655 197,249 228,755 228,755 State of Missouri Sales Tax 222,830 294,026 365,223 436,420 507,617 578,813 650,010 721,207 792,404 863,601 874,280 Real Estate Tax 2,345 2,463 2,580 2,698 2,816 2,933 3,051 3,169 3,286 3,404 3,404 Commercial Surcharge 484 508 532 556 581 605 629 654 678 702 702 Total 225,658 296,997 368,336 439,674 511,013 582,352 653,690 725,029 796,368 867,706 878,386 #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 15 Fiscal Impact of New Redevelopment Project on Affected Taxing Districts Commercial Street Redevelopment Area City of Springfield Sheet 2 of 2 Projected Revenues by Program Year in Dollars 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Affected Taxing District 12 13 14 15 16 17 18 19 20 21 22 23 City of Springfield Real Estate Taxes 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 22,500 Commercial Surcharge 15,885 15,885 16,203 16,203 16,527 16,527 16,858 16,858 17,195 17,195 17,539 17,539 Personal Property (Average Annual) 5,222 5,222 5,222 5,222 5,222 5,222 5,222 5,222 5,222 5,222 5,222 5,222 City General Sales Tax 118,967 120,484 122,024 123,587 125,173 126,784 128,418 130,077 131,761 133,470 135,205 136,966 City Capital Improvements Sales Tax 29,742 30,121 30,506 30,897 31,293 31,696 32,105 32,519 32,940 33,368 33,801 34,241 City Transportation Sales Tax 14,871 15,060 15,253 15,448 15,647 15,848 16,052 16,260 16,470 16,684 16,901 17,121 Total 207,186 209,272 211,708 213,857 216,362 218,577 221,154 223,436 226,088 228,438 231,167 233,588 Springfield-Greene County Library Real Estate Taxes 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 Commercial Surcharge 5,968 5,968 6,087 6,087 6,209 6,209 6,333 6,333 6,460 6,460 6,589 6,589 Personal Property (Average Annual) 2,076 2,076 2,076 2,076 2,076 2,076 2,076 2,076 2,076 2,076 2,076 2,076 Total 17,044 17,044 17,163 17,163 17,285 17,285 17,409 17,409 17,536 17,536 17,665 17,665 Ozarks Technical College Real Estate Taxes 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 5,200 Commercial Surcharge 0 0 0 0 0 0 0 0 0 0 0 0 Personal Property (Average Annual) 1,214 1,214 1,214 1,214 1,214 1,214 1,214 1,214 1,214 1,214 1,214 1,214 Total 6,414 6,414 6,414 6,414 6,414 6,414 6,414 6,414 6,414 6,414 6,414 6,414 Greene County Real Estate Taxes 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Commercial Surcharge 8,355 8,355 8,522 8,522 8,693 8,693 8,866 8,866 9,044 9,044 9,225 9,225 Personal Property (Average Annual) 924 924 924 924 924 924 924 924 924 924 924 924 County General Sales Tax 59,483 60,242 61,012 61,793 62,587 63,392 64,209 65,039 65,881 66,735 67,602 68,483 County Law Enforcement Sales Tax 29,742 30,121 30,506 30,897 31,293 31,696 32,105 32,519 32,940 33,368 33,801 34,241 County Parks Sales Tax 44,612 45,181 45,759 46,345 46,940 47,544 48,157 48,779 49,410 50,051 50,702 51,362 County 9-11 Sales Tax 12,644 12,833 13,026 13,221 13,419 13,621 13,825 14,032 14,243 14,457 14,673 14,893 Total 159,760 161,656 163,748 165,702 167,856 169,869 172,086 174,159 176,441 178,578 180,927 183,128 Road & Bridge Real Estate Taxes 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Commercial Surcharge 8,355 8,355 8,522 8,522 8,693 8,693 8,866 8,866 9,044 9,044 9,225 9,225 Personal Property (Average Annual) 924 924 924 924 924 924 924 924 924 924 924 924 Total 13,279 13,279 13,446 13,446 13,616 13,616 13,790 13,790 13,967 13,967 14,148 14,148 Sheltered Workshop Real Estate Taxes 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 Commercial Surcharge 1,194 1,194 1,217 1,217 1,242 1,242 1,267 1,267 1,292 1,292 1,318 1,318 Personal Property (Average Annual) 397 397 397 397 397 397 397 397 397 397 397 397 Total 3,291 3,291 3,315 3,315 3,339 3,339 3,364 3,364 3,389 3,389 3,415 3,415 Senior Services Real Estate Taxes 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 Commercial Surcharge 0 0 0 0 0 0 0 0 0 0 0 0 Personal Property (Average Annual) 423 423 423 423 423 423 423 423 423 423 423 423 Total 2,223 2,223 2,223 2,223 2,223 2,223 2,223 2,223 2,223 2,223 2,223 2,223 Springfield R-12 Real Estate Taxes 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 124,800 Commercial Surcharge 76,543 76,543 78,074 78,074 79,636 79,636 81,228 81,228 82,853 82,853 84,510 84,510 Personal Property (Average Annual) 28,912 28,912 28,912 28,912 28,912 28,912 28,912 28,912 28,912 28,912 28,912 28,912 Total 230,255 230,255 231,786 231,786 233,348 233,348 234,940 234,940 236,565 236,565 238,222 238,222 State of Missouri Sales Tax 887,394 900,705 914,216 927,929 941,848 955,976 970,315 984,870 999,643 1,014,638 1,029,857 1,045,305 Real Estate Tax 3,472 3,472 3,541 3,541 3,612 3,612 3,684 3,684 3,758 3,758 3,833 3,833 Commercial Surcharge 716 716 730 730 745 745 760 760 775 775 791 791 Total 891,582 904,893 918,488 932,201 946,205 960,333 974,760 989,314 1,004,176 1,019,171 1,034,481 1,049,929 #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Tax Impact of No-Build Alternative These tables display the impact to the taxing districts if the project is not built as described. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 16 1,2 Distribution of Economic Activity Tax Revenues - No Build Scenario Commercial Street Redevelopment Area City of Springfield Revenue Sources 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1 2 3 4 5 6 7 8 9 10 11 Sales Tax Revenues City General Sales Tax 35,636 36,171 36,713 37,264 37,823 38,390 38,966 39,551 40,144 40,746 41,357 City Capital Improvements Sales Tax 8,909 9,043 9,178 9,316 9,456 9,598 9,742 9,888 10,036 10,187 10,339 City Transportation Sales Tax 4,455 4,521 4,589 4,658 4,728 4,799 4,871 4,944 5,018 5,093 5,170 County General Sales Tax 17,818 18,085 18,357 18,632 18,912 19,195 19,483 19,775 20,072 20,373 20,679 County Law Enforcement Sales Tax 8,909 9,043 9,178 9,316 9,456 9,598 9,742 9,888 10,036 10,187 10,339 County Parks Sales Tax 13,364 13,564 13,768 13,974 14,184 14,396 14,612 14,832 15,054 15,280 15,509 County 9-11 Sales Tax 4,455 4,521 4,589 4,658 4,728 4,799 4,871 4,944 5,018 5,093 5,170 Community Improvement District 17,818 18,085 18,357 18,632 18,912 19,195 19,483 19,775 20,072 20,373 20,679 Total Revenues 111,364 113,034 114,730 116,451 118,197 119,970 121,770 123,596 125,450 127,332 129,242 Revenue Sources 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 12 13 14 15 16 17 18 19 20 21 22 23 Sales Tax Revenues City General Sales Tax 41,978 42,607 43,247 43,895 44,554 45,222 45,900 46,589 47,288 47,997 48,717 49,448 City Capital Improvements Sales Tax 10,494 10,652 10,812 10,974 11,138 11,306 11,475 11,647 11,822 11,999 12,179 12,362 City Transportation Sales Tax 5,247 5,326 5,406 5,487 5,569 5,653 5,738 5,824 5,911 6,000 6,090 6,181 County General Sales Tax 20,989 21,304 21,623 21,948 22,277 22,611 22,950 23,294 23,644 23,999 24,358 24,724 County Law Enforcement Sales Tax 10,494 10,652 10,812 10,974 11,138 11,306 11,475 11,647 11,822 11,999 12,179 12,362 County Parks Sales Tax 15,742 15,978 16,217 16,461 16,708 16,958 17,213 17,471 17,733 17,999 18,269 18,543 County 9-11 Sales Tax 5,247 5,326 5,406 5,487 5,569 5,653 5,738 5,824 5,911 6,000 6,090 6,181 Community Improvement District 20,989 21,304 21,623 21,948 22,277 22,611 22,950 23,294 23,644 23,999 24,358 24,724 Total Revenues 131,181 133,148 135,146 137,173 139,230 141,319 143,439 145,590 147,774 149,991 152,241 154,524 1 These projections assume a 1.5% annual growth in existing sales. 2 These projections represent revenues generated by year-end, not time of receipt and allocation to the taxing districts. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 17 Distribution of Real Property Tax Revenues - No Build Alternative Commercial Street Redevelopment Area City of Springfield Projected Assessed Value by Year in Dollars 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1 2 3 4 5 6 7 8 9 10 11 1 Equalized Assessed Value 3,712,330 3,823,700 3,823,700 3,938,411 3,938,411 4,056,563 4,056,563 4,178,260 4,178,260 4,303,608 4,303,608 Taxing Jurisdiction Tax Rate % of Rate Projected Real Property Tax Revenues in Dollars City of Springfield 0.6072 13.02% 22,500 23,200 23,200 23,900 23,900 24,600 24,600 25,400 25,400 26,100 26,100 Springfield-Greene County Library 0.2414 5.18% 9,000 9,200 9,200 9,500 9,500 9,800 9,800 10,100 10,100 10,400 10,400 Ozarks Technical College 0.1412 3.03% 5,200 5,400 5,400 5,600 5,600 5,700 5,700 5,900 5,900 6,100 6,100 Greene County 0.1074 2.30% 4,000 4,100 4,100 4,200 4,200 4,400 4,400 4,500 4,500 4,600 4,600 Road & Bridge 0.1074 2.30% 4,000 4,100 4,100 4,200 4,200 4,400 4,400 4,500 4,500 4,600 4,600 Sheltered Workshop 0.0462 0.99% 1,700 1,800 1,800 1,800 1,800 1,900 1,900 1,900 1,900 2,000 2,000 Senior Services 0.0492 1.06% 1,800 1,900 1,900 1,900 1,900 2,000 2,000 2,100 2,100 2,100 2,100 Springfield R-12 3.3619 72.11% 124,800 128,500 128,500 132,400 132,400 136,400 136,400 140,500 140,500 144,700 144,700 Total Project Real Property Taxes $4.6619 100.00% $173,000 $178,200 $178,200 $183,500 $183,500 $189,200 $189,200 $194,900 $194,900 $200,600 $200,600 Projected Assessed Value by Year in Dollars 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 12 13 14 15 16 17 18 19 20 21 22 23 1 Equalized Assessed Value 4,432,716 4,432,716 4,565,698 4,565,698 4,702,669 4,702,669 4,843,749 4,843,749 4,989,061 4,989,061 5,138,733 5,138,733 Taxing Jurisdiction Tax Rate % of Rate Projected Real Property Tax Revenues in Dollars City of Springfield 0.6072 13.02% 26,900 26,900 27,700 27,700 28,600 28,600 29,400 29,400 30,300 30,300 31,200 31,200 Springfield-Greene County Library 0.2414 5.18% 10,700 10,700 11,000 11,000 11,400 11,400 11,700 11,700 12,000 12,000 12,400 12,400 Ozarks Technical College 0.1412 3.03% 6,300 6,300 6,400 6,400 6,600 6,600 6,800 6,800 7,000 7,000 7,300 7,300 Greene County 0.1074 2.30% 4,800 4,800 4,900 4,900 5,100 5,100 5,200 5,200 5,400 5,400 5,500 5,500 Road & Bridge 0.1074 2.30% 4,800 4,800 4,900 4,900 5,100 5,100 5,200 5,200 5,400 5,400 5,500 5,500 Sheltered Workshop 0.0462 0.99% 2,000 2,000 2,100 2,100 2,200 2,200 2,200 2,200 2,300 2,300 2,400 2,400 Senior Services 0.0492 1.06% 2,200 2,200 2,200 2,200 2,300 2,300 2,400 2,400 2,500 2,500 2,500 2,500 Springfield R-12 3.3619 72.11% 149,000 149,000 153,500 153,500 158,100 158,100 162,800 162,800 167,700 167,700 172,800 172,800 Total Project Real Property Taxes $4.6619 100.00% $206,700 $206,700 $212,700 $212,700 $219,400 $219,400 $225,700 $225,700 $232,600 $232,600 $239,600 $239,600 1 A 3% annual growth factor due to reassessment has been assigned every reassessment (odd) year. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 18 1,2 Distribution of Projected Merchants and Manufacturers Replacement Tax (Commercial Surcharge)- No Build Alternative Commercial Street Redevelopment Area City of Springfield Projected Revenues by Year in Dollars Assesed Value and Taxing Jurisdiction Percentages 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1 2 3 4 5 6 7 8 9 10 11 Projected Total Assessed Value After Redevelopment 3,712,330 3,823,700 3,823,700 3,938,411 3,938,411 4,056,563 4,056,563 4,178,260 4,178,260 4,303,608 4,303,608 Commercial Surcharge 38,608 39,766 39,766 40,959 40,959 42,188 42,188 43,454 43,454 44,758 44,758 Taxing Jurisdictions Percent Factor3 City of Springfield 0.131983 5,096 5,248 5,248 5,406 5,406 5,568 5,568 5,735 5,735 5,907 5,907 Springfield-Greene County Library 0.049583 1,914 1,972 1,972 2,031 2,031 2,092 2,092 2,155 2,155 2,219 2,219 Ozarks Technical College 0.000000 0 0 0 0 0 0 0 0 0 0 0 Greene County 0.069418 2,680 2,761 2,761 2,843 2,843 2,929 2,929 3,016 3,016 3,107 3,107 Road & Bridge 0.069418 2,680 2,761 2,761 2,843 2,843 2,929 2,929 3,016 3,016 3,107 3,107 Sheltered Workshop 0.009917 383 394 394 406 406 418 418 431 431 444 444 Senior Services 0.000000 0 0 0 0 0 0 0 0 0 0 0 Springfield R-12 0.635962 24,553 25,290 25,290 26,049 26,049 26,830 26,830 27,635 27,635 28,464 28,464 State of Missouri 0.005950 230 237 237 244 244 251 251 259 259 266 266 Total M&M Tax to Taxing Districts in Area 0.966281 $37,306 $38,426 $38,426 $39,578 $39,578 $40,766 $40,766 $41,989 $41,989 $43,248 $43,248 Total M&M to Other Taxing Districts 0.033719 $1,302 $1,341 $1,341 $1,381 $1,381 $1,423 $1,423 $1,465 $1,465 $1,509 $1,509 Projected Revenues by Year in Dollars Assessed Value and Taxing Jurisdiction Percentages 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 12 13 14 15 16 17 18 19 20 21 22 23 Projected Total Assessed Value After Redevelopment 4,432,716 4,432,716 4,565,698 4,565,698 4,702,669 4,702,669 4,843,749 4,843,749 4,989,061 4,989,061 5,138,733 5,138,733 Commercial Surcharge 46,100 46,100 47,483 47,483 48,908 48,908 50,375 50,375 51,886 51,886 53,443 53,443 Taxing Jurisdictions Percent Factor3 City of Springfield 0.131983 6,084 6,084 6,267 6,267 6,455 6,455 6,649 6,649 6,848 6,848 7,054 7,054 Springfield-Greene County Library 0.049583 2,286 2,286 2,354 2,354 2,425 2,425 2,498 2,498 2,573 2,573 2,650 2,650 Ozarks Technical College 0.000000 0 0 0 0 0 0 0 0 0 0 0 0 Greene County 0.069418 3,200 3,200 3,296 3,296 3,395 3,395 3,497 3,497 3,602 3,602 3,710 3,710 Road & Bridge 0.069418 3,200 3,200 3,296 3,296 3,395 3,395 3,497 3,497 3,602 3,602 3,710 3,710 Sheltered Workshop 0.009917 457 457 471 471 485 485 500 500 515 515 530 530 Senior Services 0.000000 0 0 0 0 0 0 0 0 0 0 0 0 Springfield R-12 0.635962 29,318 29,318 30,198 30,198 31,103 31,103 32,037 32,037 32,998 32,998 33,988 33,988 State of Missouri 0.005950 274 274 283 283 291 291 300 300 309 309 318 318 Total M&M Tax to Taxing Districts in Area 0.966281 $44,546 $44,546 $45,882 $45,882 $47,259 $47,259 $48,676 $48,676 $50,137 $50,137 $51,641 $51,641 Total M&M to Other Taxing Districts 0.033719 $1,554 $1,554 $1,601 $1,601 $1,649 $1,649 $1,699 $1,699 $1,750 $1,750 $1,802 $1,802 1 The commercial surcharge is levied against the value of commercial property only, even in a mixed-used project. 2 Based on the 2007 Commercial Surcharge Distribution provided by the Greene County Clerk. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 19 Distribution of Projected Average Annual Personal Property Taxes From Redevelopment Project - Build Alternative 1 Commercial Street Redevelopment Area City of Springfield Tax Rate per Average PP Tax Taxing District $100 of AV Collected City of Springfield 0.6072 0 Springfield-Greene County Library 0.2414 0 Ozarks Technical College 0.1412 0 Greene County 0.1074 0 Road & Bridge 0.1074 0 Sheltered Workshop 0.0462 0 Senior Services 0.0492 0 Springfield R-12 3.36187 0 4.6619 0 1 Existing personal property assessed value unknown. It is assumed that the Redevelopment Project will not result in the displacement of existing personal property assessed value within the Redevelopment Area. #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 20 Fiscal Impact of No Build Scenario on Affected Taxing Districts Commercial Street Redevelopment Area City of Springfield Sheet 1 of 2 Projected Revenues by Program Year in Dollars 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Affected Taxing District 1 2 3 4 5 6 7 8 9 10 11 City of Springfield Real Estate Taxes 22,500 23,200 23,200 23,900 23,900 24,600 24,600 25,400 25,400 26,100 26,100 Commercial Surcharge 5,096 5,248 5,248 5,406 5,406 5,568 5,568 5,735 5,735 5,907 5,907 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 City General Sales Tax 35,636 36,171 36,713 37,264 37,823 38,390 38,966 39,551 40,144 40,746 41,357 City Capital Improvements Sales Tax 8,909 9,043 9,178 9,316 9,456 9,598 9,742 9,888 10,036 10,187 10,339 City Transportation Sales Tax 4,455 4,521 4,589 4,658 4,728 4,799 4,871 4,944 5,018 5,093 5,170 Total 76,596 78,183 78,930 80,544 81,313 82,955 83,747 85,518 86,333 88,033 88,874 Springfield-Greene County Library Real Estate Taxes 9,000 9,200 9,200 9,500 9,500 9,800 9,800 10,100 10,100 10,400 10,400 Commercial Surcharge 1,914 1,972 1,972 2,031 2,031 2,092 2,092 2,155 2,155 2,219 2,219 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 Total 10,914 11,172 11,172 11,531 11,531 11,892 11,892 12,255 12,255 12,619 12,619 Ozarks Technical College Real Estate Taxes 5,200 5,400 5,400 5,600 5,600 5,700 5,700 5,900 5,900 6,100 6,100 Commercial Surcharge 0 0 0 0 0 0 0 0 0 0 0 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 Total 5,200 5,400 5,400 5,600 5,600 5,700 5,700 5,900 5,900 6,100 6,100 Greene County Real Estate Taxes 4,000 4,100 4,100 4,200 4,200 4,400 4,400 4,500 4,500 4,600 4,600 Commercial Surcharge 2,680 2,761 2,761 2,843 2,843 2,929 2,929 3,016 3,016 3,107 3,107 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 County General Sales Tax 17,818 18,085 18,357 18,632 18,912 19,195 19,483 19,775 20,072 20,373 20,679 County Law Enforcement Sales Tax 8,909 9,043 9,178 9,316 9,456 9,598 9,742 9,888 10,036 10,187 10,339 County Parks Sales Tax 13,364 13,564 13,768 13,974 14,184 14,396 14,612 14,832 15,054 15,280 15,509 County 9-11 Sales Tax 4,455 4,521 4,589 4,658 4,728 4,799 4,871 4,944 5,018 5,093 5,170 Total 51,226 52,074 52,752 53,624 54,322 55,317 56,037 56,955 57,697 58,640 59,404 Road & Bridge Real Estate Taxes 4,000 4,100 4,100 4,200 4,200 4,400 4,400 4,500 4,500 4,600 4,600 Commercial Surcharge 2,680 2,761 2,761 2,843 2,843 2,929 2,929 3,016 3,016 3,107 3,107 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 Total 6,680 6,861 6,861 7,043 7,043 7,329 7,329 7,516 7,516 7,707 7,707 Sheltered Workshop Real Estate Taxes 1,700 1,800 1,800 1,800 1,800 1,900 1,900 1,900 1,900 2,000 2,000 Commercial Surcharge 383 394 394 406 406 418 418 431 431 444 444 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 Total 2,083 2,194 2,194 2,206 2,206 2,318 2,318 2,331 2,331 2,444 2,444 Senior Services Real Estate Taxes 1,800 1,900 1,900 1,900 1,900 2,000 2,000 2,100 2,100 2,100 2,100 Commercial Surcharge 0 0 0 0 0 0 0 0 0 0 0 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 Total 1,800 1,900 1,900 1,900 1,900 2,000 2,000 2,100 2,100 2,100 2,100 Springfield R-12 Real Estate Taxes 124,800 128,500 128,500 132,400 132,400 136,400 136,400 140,500 140,500 144,700 144,700 Commercial Surcharge 24,553 25,290 25,290 26,049 26,049 26,830 26,830 27,635 27,635 28,464 28,464 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 Total 149,353 153,790 153,790 158,449 158,449 163,230 163,230 168,135 168,135 173,164 173,164 State of Missouri Sales Tax 151,633 153,907 156,216 158,559 160,937 163,352 165,802 168,289 170,813 173,375 175,976 Real Estate Tax 1,114 1,147 1,147 1,182 1,182 1,217 1,217 1,253 1,253 1,291 1,291 Commercial Surcharge 230 237 237 244 244 251 251 259 259 266 266 Total 152,976 155,291 157,600 159,984 162,363 164,820 167,270 169,801 172,325 174,933 177,533 #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 20 Fiscal Impact of No Build Scenario on Affected Taxing Districts Commercial Street Redevelopment Area City of Springfield Sheet 2 of 2 Projected Revenues by Program Year in Dollars 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Affected Taxing District 12 13 14 15 16 17 18 19 20 21 22 23 City of Springfield Real Estate Taxes 26,900 26,900 27,700 27,700 28,600 28,600 29,400 29,400 30,300 30,300 31,200 31,200 Commercial Surcharge 6,084 6,084 6,267 6,267 6,455 6,455 6,649 6,649 6,848 6,848 7,054 7,054 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 0 City General Sales Tax 41,978 42,607 43,247 43,895 44,554 45,222 45,900 46,589 47,288 47,997 48,717 49,448 City Capital Improvements Sales Tax 10,494 10,652 10,812 10,974 11,138 11,306 11,475 11,647 11,822 11,999 12,179 12,362 City Transportation Sales Tax 5,247 5,326 5,406 5,487 5,569 5,653 5,738 5,824 5,911 6,000 6,090 6,181 Total 90,704 91,570 93,431 94,323 96,316 97,235 99,162 100,108 102,169 103,144 105,239 106,244 Springfield-Greene County Library Real Estate Taxes 10,700 10,700 11,000 11,000 11,400 11,400 11,700 11,700 12,000 12,000 12,400 12,400 Commercial Surcharge 2,286 2,286 2,354 2,354 2,425 2,425 2,498 2,498 2,573 2,573 2,650 2,650 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 0 Total 12,986 12,986 13,354 13,354 13,825 13,825 14,198 14,198 14,573 14,573 15,050 15,050 Ozarks Technical College Real Estate Taxes 6,300 6,300 6,400 6,400 6,600 6,600 6,800 6,800 7,000 7,000 7,300 7,300 Commercial Surcharge 0 0 0 0 0 0 0 0 0 0 0 0 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 0 Total 6,300 6,300 6,400 6,400 6,600 6,600 6,800 6,800 7,000 7,000 7,300 7,300 Greene County Real Estate Taxes 4,800 4,800 4,900 4,900 5,100 5,100 5,200 5,200 5,400 5,400 5,500 5,500 Commercial Surcharge 3,200 3,200 3,296 3,296 3,395 3,395 3,497 3,497 3,602 3,602 3,710 3,710 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 0 County General Sales Tax 20,989 21,304 21,623 21,948 22,277 22,611 22,950 23,294 23,644 23,999 24,358 24,724 County Law Enforcement Sales Tax 10,494 10,652 10,812 10,974 11,138 11,306 11,475 11,647 11,822 11,999 12,179 12,362 County Parks Sales Tax 15,742 15,978 16,217 16,461 16,708 16,958 17,213 17,471 17,733 17,999 18,269 18,543 County 9-11 Sales Tax 5,247 5,326 5,406 5,487 5,569 5,653 5,738 5,824 5,911 6,000 6,090 6,181 Total 60,472 61,260 62,254 63,065 64,187 65,023 66,072 66,933 68,111 68,998 70,106 71,020 Road & Bridge Real Estate Taxes 4,800 4,800 4,900 4,900 5,100 5,100 5,200 5,200 5,400 5,400 5,500 5,500 Commercial Surcharge 3,200 3,200 3,296 3,296 3,395 3,395 3,497 3,497 3,602 3,602 3,710 3,710 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 0 Total 8,000 8,000 8,196 8,196 8,495 8,495 8,697 8,697 9,002 9,002 9,210 9,210 Sheltered Workshop Real Estate Taxes 2,000 2,000 2,100 2,100 2,200 2,200 2,200 2,200 2,300 2,300 2,400 2,400 Commercial Surcharge 457 457 471 471 485 485 500 500 515 515 530 530 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 0 Total 2,457 2,457 2,571 2,571 2,685 2,685 2,700 2,700 2,815 2,815 2,930 2,930 Senior Services Real Estate Taxes 2,200 2,200 2,200 2,200 2,300 2,300 2,400 2,400 2,500 2,500 2,500 2,500 Commercial Surcharge 0 0 0 0 0 0 0 0 0 0 0 0 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 0 Total 2,200 2,200 2,200 2,200 2,300 2,300 2,400 2,400 2,500 2,500 2,500 2,500 Springfield R-12 Real Estate Taxes 149,000 149,000 153,500 153,500 158,100 158,100 162,800 162,800 167,700 167,700 172,800 172,800 Commercial Surcharge 29,318 29,318 30,198 30,198 31,103 31,103 32,037 32,037 32,998 32,998 33,988 33,988 Personal Property (Average Annual) 0 0 0 0 0 0 0 0 0 0 0 0 Total 178,318 178,318 183,698 183,698 189,203 189,203 194,837 194,837 200,698 200,698 206,788 206,788 State of Missouri Sales Tax 178,616 181,295 184,014 186,774 189,576 192,420 195,306 198,236 201,209 204,227 207,291 210,400 Real Estate Tax 1,330 1,330 1,370 1,370 1,411 1,411 1,453 1,453 1,497 1,497 1,542 1,542 Commercial Surcharge 274 274 283 283 291 291 300 300 309 309 318 318 Total 180,220 182,899 185,667 188,427 191,278 194,122 197,059 199,988 203,015 206,033 209,150 212,260 #80770 12/5/07  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Charts These charts graphically display the amounts of tax revenue for each affected taxing district in the Build vs. No Build Scenario. #80770 12/5/07  City of Springfield - Build vs. No Build 250,000 200,000 Tax Revenue ($) 150,000 No Build Scenario Build Scenario 100,000 50,000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Project Year  Springfield/Greene County Library - Build vs. No Build 20,000 18,000 16,000 14,000 Tax Revenue ($) 12,000 10,000 No Build Scenario Build Scenario 8,000 6,000 4,000 2,000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Project Year  Ozark Technical College - Build vs. No Build 8,000 7,000 6,000 Tax Revenue ($) 5,000 4,000 No Build Scenario Build Scenario 3,000 2,000 1,000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Project Year  Greene County - Build vs. No Build 200,000 180,000 160,000 140,000 Tax Revenue ($) 120,000 100,000 No Build Scenario Build Scenario 80,000 60,000 40,000 20,000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Project Year  Road & Bridge - Build vs. No Build 16,000 14,000 12,000 Tax Revenue ($) 10,000 8,000 No Build Scenario Build Scenario 6,000 4,000 2,000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Project Year  Sheltered Workshop - Build vs. No Build 4,000 3,500 3,000 Tax Revenue ($) 2,500 2,000 No Build Scenario Build Scenario 1,500 1,000 500 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Project Year  Senior Services - Build vs. No Build 3,000 2,500 Tax Revenue ($) 2,000 1,500 No Build Scenario Build Scenario 1,000 500 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Project Year  Springfield R-12 - Build vs. No Build 300,000 250,000 Tax Revenue ($) 200,000 150,000 No Build Scenario Build Scenario 100,000 50,000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Project Year  State of Missouri - Build vs. No Build 1,200,000 1,000,000 Tax Revenue ($) 800,000 600,000 No Build Scenario Build Scenario 400,000 200,000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Project Year  APPENDIX 6 Summary of Projected Revenues to Support Redevelopment Plan  COST-BENEFIT ANALYSIS COMMERCIAL STREET TIF Table 7 Summary of Projected Revenues to Support Project 1,2 Commercial Street Redevelopment Project Area Springfield, MO Projected Revenues by Year in Dollars Revenue Sources Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Proj. Yr. 1 2 3 4 5 6 7 8 9 10 11 PILOTS (Real Property Taxes) (100%) 35,587 71,174 106,762 142,349 177,936 213,523 249,110 284,697 320,285 355,872 355,872 EATS (Top 50%) 34,826 60,186 85,546 110,907 136,267 161,627 186,987 212,347 237,708 263,068 266,872 Total TIF Revenues $70,413 $131,361 $192,308 $253,255 $314,203 $375,150 $436,098 $497,045 $557,992 $618,940 $622,744 Projected Revenues by Year in Dollars Revenue Sources Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Proj. Yr. 12 13 14 15 16 17 18 19 20 21 22 23 PILOTS (Real Property Taxes) (100%) 366,450 366,450 377,241 377,241 388,247 388,247 399,473 399,473 410,924 410,924 422,604 422,604 EATS (Top 50%) 271,543 276,284 281,097 285,982 290,939 295,972 301,080 306,264 311,526 316,867 322,288 327,791 Total TIF Revenues $637,994 $642,735 $658,338 $663,222 $679,186 $684,219 $700,553 $705,737 $722,450 $727,791 $744,892 $750,394 1 These projections are based on a series of assumptions and should be used only to provide an indication of how the project may perform. 2 These projections represent revenues generated by year-end, not time of receipt and allocation to the Special Allocation Fund. Tax revenues generated over the course of the year must exceed the Base before distribution as TIF revenues to the Special Allocation Fund. Total Revenues $12,387,018 NPV @ 6% $5,679,463 #80770 12/5/07 APPENDIX 7 Relocation Plan APPENDIX 8 Letter of Conformance with Comprehensive Plan September 13, 2007 To: Members of the Tax Increment Financing Commission From: Ralph Rognstad, Director of Planning and Development Re: Commercial Street TIF District, Conformance with Comprehensive Development Plan The Commercial Street Strategy for Success, and corresponding Tax Increment Financing Redevelopment Plan and Blight Report conforms to the Vision 20/20 Comprehensive Plan for the development of the City as a whole. The Redevelopment Plan fulfills one of the City’s economic development objectives within the City’s Comprehensive Plan to focus reinvestment in Center City by pursuing a reinvestment strategy and program that capitalizes on the historic character and unique opportunities that are present on Commercial Street. Further, the Redevelopment Plan addresses the specific objective of proactively encouraging the redevelopment of deteriorating and obsolete commercial and retail structures. The City Council accepted the Commercial Street Strategy for Success in February of 2006. The Strategy identifies a program for enhancing the historic character of Commercial Street through the encouragement of private reinvestment or redevelopment transforming the street into a mixed-use destination with a unique sense of purpose, focused on urban loft residential living, live music, arts, entertainment and dining, and associated retail activity. Tax Increment Financing is proposed as a tool to implement capital public improvements that will inspire private reinvestment and redevelopment activity. The Commercial Street Strategy, therefore, seeks to implement the City’s vision and objectives for the enhancement of the City’s economic tax base by targeting a portion the Commercial Street Redevelopment Area for rehabilitation and redevelopment. Very truly yours, Ralph Rognstad Jr., AICP N:\ADMIN\Projects-Current\Commercial Street\C Street letter of conformanc Comp Plan.doc  APPENDIX 9 Summary of Public Meetings  COMMERCIAL STREET TIF DISTRICT SUMMARY OF PUBLIC MEETING August 8, 2007 A public meeting was held on Thursday, August 8, 2007, from 5:30 to 7:00 PM, at Cook’s Kettle, 200 West Commercial Street to provide information and receive feedback on a possible Tax Increment Financing (TIF) District on Commercial Street. Approximately 30 to 35 people attended the meeting based on those who signed an attendance sheet and an informal head count. Notices of the meeting were sent to all property owners, merchants, and residents within the potential TIF District boundaries. Format of Meeting The Meeting format consisted of an open house concept with some opening welcoming remarks from the City Manager’s office and a few explanatory comments from city staff. Attendees viewed the information on the ten boards set up at the meeting and discussed their concerns with staff. Attendees were encouraged to provide comments or questions on “post-it” notes and to identify their top priorities and projects for the Street. A summary of the results of the priorities “voting” is discussed and a listing of questions and answers are provided in separate sections. The Open Meeting Boards House format was used to encourage one- Ten separate stations were set up with an on-one discussion and as a means of information board at each station. Boards providing information. contained the following information. Summary of COMMERCIAL ST. STRATEGY FOR SUCCESS Summary of Survey Results – PRIORITY ISSUES Summary of Survey Results – PRIORITY PROJECTS What is Tax Increment Financing? Frequently Asked Questions CHARTS – TIF Property & Sales Taxes Schedule for TIF District Potential TIF District Boundary Map What Are Your Priority ISSUES? What Are Your Priority PROJECTS? Copies of the information contained on the boards are available from the Springfield Planning & Development Department. Call the department at 864-1031 if you would like to pick up a copy of this information.  Results of “Voting” Priority Projects Two boards requested attendees to Frisco Lane – 42 votes indicate their 6 top priority issues and 6 Keeping Farmers Market and First top priority projects on Commercial Friday Artwalk – 22 votes Street. Following are the results: Marketing Strategy/Program – 19 votes Finish Streetscape – 18 votes Priority Issues Public Restroom – 17 votes Negative Public Perception – 25 votes Renovate Commercial Club Building – 12 votes Encourage New Business – 24 votes Blaine Street Improvements – 9 votes Deteriorating Buildings – 21 Votes Parking/Refurbish Parking Lots – 8 votes Vacant Buildings – 19 Votes Public Art – 8 votes Lack of Retail, Dining & Entertainment Green Initiative/Projects – 8 votes Businesses – 17 votes Lack of Streetscape – 16 votes Footbridge Plaza Improvements – 5 votes Deteriorated/Unsightly Buildings - 13 votes Acquire Blighted Buildings… - 5 votes Parking – 13 votes Planters – 3 votes Leadership – 11 votes Construct Gateways at Major Business Retention – 11 votes Entrances – 2 votes Trash – 7 votes Outdoor Staging for Live Music – 2 votes Crime/Community Policing/Public Park Benches – 2 votes Safety – 5 votes Traffic Calming Devices – 1 vote Business Assistance – 1 vote Pocket Parks – 1 vote Look at City Forgivable Loans or Use Buildings to showcase innovative Grants – 1 vote reconstruction project/raise Add a Center Median to Calm public interest & awareness – 1 vote Traffic – 1 vote Archways Across the Street – 0 votes Encourage Streetscape that reflects Special Quality/History and These results will be reviewed with the Personality of results of the mail-out survey and will be Neighborhood – 1 vote an important consideration in identifying Unfinished and Un-maintained projects in the TIF Plan. Landscaping – 0 votes Too much through traffic – 0 votes Projects Eligible for TIF Balance Amount of Retail & Bars – 0 votes Funding Funds available through a Tax Increment Financing District may be used for capital investment and improvements. Projects such as sidewalk construction, parking lot renovation, streetscape improvements are eligible for TIF funds. In addition, TIF funds could pay for property acquisition or a rehabilitation loan fund. Initiatives such as development and implementation of a Marketing Strategy or initiating a Sidewalk Cleaning project are NOT eligible for TIF funding; however, a Community Improvement District (CID) could provide funding for these types of activities. Draft Outline of TIF Plan that is blighted are aware of the “blighting” resolution; however, the rest of the Following is an initial cut at an outline for community is not aware of it or pays it no the Commercial Street TIF Plan. A Draft of mind. A Blight Designation is a formality the TIF Plan will be available for review and that is required by statute in order to have comment at the next community meeting. access to certain economic development I. Introduction tools. II. Definitions III. Tax Increment Financing IV. General Description of Plan and Why would Commercial Street be Projects considered “Blighted?” V. Financing The primary reasons for designating VI. Most Recent Equalized Assessed Commercial Street a “blighted” area are the Valuation number of building vacancies, building VII. Estimated Equalized Assessed conditions, and average income within the Valuation After Redevelopment and Census Tract. These reasons relate to the Revitalization criteria contained in state statutes. VIII. General Land Use & Zoning IX. Provisions for Amendment X. Market Feasibility Will taxes increase as a result of a TIF XI. Required Statutory Findings District? NO. Also, there will be no out-of-pocket Questions and Issues expenses as a result of the TIF. Raised at the Meeting Will Commercial Street be represented A number of questions and concerns were on the TIF Commission? raised by individuals during the one-on-one City Council has the final say on some of conversations. A few of the more pertinent the makeup of the TIF Commission. State issues/questions are listed below along with statutes stipulate a nine (9) member responses. Commission and require representation from several taxing authorities affected by Will eminent domain be used to the TIF District; but the City is allowed five acquire property? (5) appointments to the Commission. Staff NO, the TIF Plan will specifically address the will recommend that at least three (3) of use of eminent domain. The Plan will state those appointments be for representatives that eminent domain will not be used for on Commercial Street. Ideally, the three any property acquisition related to the TIF. would consist of an owner, a merchant, and a resident. The final decision on five of the What is the impact of a “Blighting TIF Commission members rests with City Resolution” on properties and Council. businesses on Commercial Street? Based on experience in other areas of What is the schedule for establishment Springfield that have been “blighted,” the of a TIF District on Commercial Street? resulting impact should be positive. The goal is to have a TIF District decision “Blighting” an area makes the area eligible by City Council by the end of the year – in for economic development tools, such as a December. This means that Planning & TIF District, that are not available in other Zoning Commission and the TIF areas. The VISION 20/20 Plan stated that Commission would hold public hearings on the economic development tools that have the TIF Plan and District in November. been used successfully in downtown Development of a draft plan is scheduled Springfield should be made available to for the remainder of August and early Commercial Street. Some of the economic September. A Community Meeting will be development tools used downtown are a scheduled in mid-September to review and result of “blight” resolutions for the area. comment on the draft. Depending on the Again, based on experience in other areas outcome of the September meeting, of Springfield, the property owners, another meeting could be held in October. merchants, and residents within the area  TIF District Boundaries What is Next Step in TIF A potential TIF District boundary map was available for review at the public meeting. Process? The potential district generally included City staff will focus on drafting the TIF Plan properties on the north and south sides of and accompanying, required documents over Commercial Street and extended from just the next several weeks. Information received west of the Commercial St./Grant Ave. at the first Community Meeting and the Mail- intersection to just east of the Commercial Out Survey will be reviewed and assessed St./Sherman Ave. intersection. The only during the drafting process. A Draft TIF Plan comments received at the meeting related to will be made available for review sometime in extension of the boundaries further west to September. Please contact Mike Kansas Ave. and further east to National Ave. MacPherson, Senior City Planner, if you An additional concern was expressed have any questions or concerns regarding the regarding inclusion of the residential TIF District. Mike can be reached by phone at: properties on the south side of Commercial 864-1198; Street, east of Washington Ave., in the by e-mail at potential district boundary map. mmacpherson@ci.springfield.mo.us; Extension of the district boundaries means and by regular mail at: projects would need to be undertaken in these Springfield Planning & Development areas and could stretch the available TIF Department, 840 Boonville, funds. Removing residential properties from P.O. Box 8368, the TIF district could mean no improvements Springfield, MO 65801-8368 would occur adjacent to these properties. These concerns and comments will be considered as the TIF District Boundary is reviewed and a final recommendation is made. ____________________________ _____________________________________ Springfield Planning & Development Department P.O. Box 8368 Springfield, MO 65801-8368  COMMERCIAL STREET TIF DISTRICT SUMMARY OF 2nd PUBLIC MEETING September 20, 2007 A public meeting was held on Thursday, September 20, 2007, from 5:30 to 7:00 PM, at Cook’s Kettle, 200 West Commercial Street to provide information and receive feedback on a possible Tax Increment Financing (TIF) District on Commercial Street. Approximately 30 to 35 people attended the meeting based on those who signed an attendance sheet and an informal head count. Notices of the meeting were sent to all property owners, merchants, and residents within the potential TIF District boundaries. Format of Meeting Copies of the information contained on the The Meeting format consisted of two boards are available from the Springfield sessions: 1)an open house concept that Planning & Development Department. Call allowed attendees to view various the department at 864-1031 if you would information regarding the proposed TIF (A like to pick up a copy of this information. listing of the information boards is shown in the following section on this page.) 2)a Question and Answer session that allowed for interaction among the attendees and representatives from the City of Springfield. A summary of the Questions and Answers is provided in a separate section. Meeting Boards Nine separate information boards were set up to provide additional information regarding the proposed TIF. Boards contained the following information. Commercial Street Strategy – general background Commercial Street Strategy – implementing the strategy Commercial Street Strategy – elements of success TIF Policies o Eminent domain o Project funding o Commercial St. input on expenditure of funds/implementation of projects TIF Boundary Map Projected Revenues Top Projects Identified in Survey and Community Meeting Recommended TIF Projects and Estimated Cost Schedule Proposed TIF Policies The following Policies will be inserted in the Commercial Street TIF Redevelopment Plan. The intent of the Redevelopment Plan and the policies contained therein are to allow Commercial Street latitude and control over the implementation of the TIF Redevelopment Plan. KEY POLICIES Eminent Domain – Eminent Domain will NOT be used to acquire properties as part of the TIF Redevelopment Plan. Any property acquisition associated with the TIF Plan will be acquired from a willing seller. Projected TIF Revenues Project Funding – Public A revenue stream based upon an improvement projects will be incremental increase in Property Taxes undertaken as funds are available from and 50% of the incremental increase in the TIF District. No Bonds will be Sales Taxes has been estimated from issued to undertake the projects. 2008 through 2030. TIF revenue projections are based on the increase in Timing of Projects –No project will property tax and sales tax over the base be undertaken without a review and year (2007). In other words, the taxing recommendation from Commercial authorities will continue to receive the Street property owners, merchants, revenues they currently receive from and residents. This can be property tax and will receive the revenues accomplished through a public meeting currently received from sales tax plus or review and recommendation from 50% of any increase in sales tax the Commercial Street Community revenues. Improvement District Board (CID Board), if it is in place. Total Estimated TIF Revenues available over a 23 year period is $5,522,716. This represents a Net Present Value based on inflation. This figure, $5,522,716, is a revenue estimate that will be used to determine the feasibility of undertaking various public improvements aimed at encouraging more private investment in buildings, businesses, and residences in the Commercial Street Redevelopment Area. Actual revenues may be more or less than projected. Revenues will need to be reviewed on an annual basis to determine what funds are available for the public improvement projects identified in the TIF. Proposed TIF Projects RENOVATE COMMERCIAL CLUB BUILDING - $250,000 and Estimated Costs BLAINE STREET IMPROVEMENTS ------ - $470,000 The following list of projects was developed with input from property PUBLIC ART ------- $30,000 owners, merchants, and residents on Commercial Street. Input on projects was ACQUIRE BLIGHTED BUILDINGS - obtained through a mail-out survey and $600,000 “voting” on projects at the first FOOTBRIDGE PLAZA IMPROVEMENTS - Community Meeting. --- $150,000 (Stage, lighting, sound system, landscaping, etc.) PUBLIC RADIO STATION/WEB SITE/PODCAST - $30,000 (Promote Commercial Street and Live Music Venues on the Street) IMPROVE ALLEYWAYS ----- $500,000 (Similar to Robberson improvements in downtown) PLANTERS ----- $10,000 GATEWAYS/ENTRYWAYS (3) ----- $220,000 The cost estimates associated with the DIRECTIONAL SIGNAGE ----- $7,000 projects are just that – estimates. Actual cost of each project will be dependent on PARK BENCHES (10) - $5,000 the design and bids obtained to undertake the project. CAB STANDS (4) - $4,000 FRISCO LANE ------------- $1,200,000 Determining the timing of each project will (Pave for traffic, add about 60 parking depend on the funds available. spaces, landscaping, and fencing) Recommendations on timing of projects will be solicited from property owners, STREETSCAPES ------------ $1,350,000 merchants, and residents of the street. (Approximately 6 blocks of streetscapes…plan to use TIF revenues as match (50/50) for grants funds and other local funds) REFURBISH PUBLIC PARKING LOTS --- - $200,000 BUSINESS LOAN/GRANT PROGRAM --- --- $250,000 PUBLIC RESTROOMS ------- $30,000 ACQUIRE BLIGHTED PARKING LOTS --- - $150,000 The above map represents the proposed boundary for the Commercial Street TIF District. Springfield Planning & Development Department P.O. Box 8368 Springfield, MO 65801-8368  Commercial Street TIF Q&A From 2nd Public Meeting September 20, 2007 Following are some of the questions raised at the public meeting along with responses. These do not necessarily include all questions raised at the meeting due to space. Question: What is the Frisco Lane project? Response: Potential access and parking behind the buildings on the north side of the street. Question: Is the $5.5 Million of Projected Revenue taken away from the school district? Response: No. The School District will continue to receive the current tax revenues. The $5.5M represents an estimate of all the property and sales tax increase over a 23 year period above the current amount. The School District would not receive 72% of the incremental increase in property tax but would continue to receive the amount it currently receives from the properties in the TIF District. Currently, it is estimated that R-12 receives slightly over $72,000 annually from the property taxes in the proposed district. R-12 would continue to receive that amount. Question: How long will the TIF run? Response: 23 years – but it doesn’t have to run that long. Question: Who will represent Commercial Street on the TIF Commission? Response: Commercial Street will not have an official representative on the TIF Commission. The Commission is in place and is comprised of representatives from the various taxing entities as well as citizens at large. The City Law Department has indicated that “anyone in the TIF District will have a direct or indirect financial interest and possible gain from the creation of the district and should not serve on the Commission.” Question: Is the CID Board the same representation as the TIF Commission? Response: No – the CID Board would be comprised of representatives appointed from Commercial Street. By State law CID Board must be representative of property owners, registered voters, or merchants in the district Question: Is there a TIF Downtown or somewhere else in town? Response: Not Downtown, but yes there is one other TIF in place – the Jordan Valley Park TIF. Question: If Commercial Street recommends a project would the TIF Commission decide against what was recommended by the people on the street? Response: Can’t speak for the TIF Commission, but don’t know why the TIF Commission would ignore recommendations from a majority of property owners, merchants, and residences (or their representatives). It should be noted that projects must be included in the plan. Any changes to the plan, i.e. new projects, would require public notices, etc. Question: Is TIF a foregone conclusion? Response: No, there will be public hearings on the Commercial Street TIF Redevelopment Plan and City Council will ultimately decide whether to create a Commercial St. TIF District. Question: How did TIF come about? Response: The Commercial Street Strategy for Success report recommended TIF as a financing option for improvements on the street. This report was accepted by City Council. In May, 2007 Council directed staff to prepare a TIF redevelopment plan. Question: Does TIF affect Historic Tax Credits and other financing available to redevelop property? Response: No. These programs will still be available. TIF Revenues will not replace current funding/financing tools. Question: Is it fair to say that if TIF is NOT in place the property values will remain stagnant and taxing districts will not benefit anyway? Response: Yes. That is the theory behind Tax Increment Financing. It is assumed that the increased public investment will attract additional investment to the area and increase both property and sales tax revenues. Question: Who will oversee the projects to make sure they are done correctly? Response: The City is responsible for implementation of the TIF Redevelopment Plan. Question: Will property values increase for sure with TIF? Response: Not for sure, but the hope is that yes, they will increase. Question: Is it true that the TIF Redevelopment Plan would mean that revenues generated by the incremental tax increase within the district would be spent in the District? Response: Yes, although TIF revenues could be spent outside the boundaries of the TIF District only if it could be shown that the project on which the funds are spent benefits the properties in the district.  Redevelopment Plan for the Commercial-Pacific Street Redevelopment Area (see link below) https://www1.springfieldmo.gov/bills_pdfs/ord27975.pdf  Memorandum To: Amanda Ohlensehlen, City of Springfield Matthew Schaefer, City of Springfield From: Spencer Fane LLP, on behalf of Missouri Hotel, LLC; 540 Commercial Partners, LLC; Historic Commercial Developments, LLC; and Titus Williams, LLC (collectively, the “Redevelopment Property Owners”) Re: Commercial Street Tax Increment Financing (TIF) Buyout Agreement – Buyout Payment Proposal Date: May 31, 2024 (Updated June 25, 2024) I. Background The Redevelopment Property Owners (defined above) and the City of Springfield (City) have been working cooperatively to facilitate the private redevelopment of certain real property owned by the Redevelopment Property Owners in and near the Commercial Street Historic District. Earlier this year, the Redevelopment Property Owners prepared and sought approval of the Commercial-Pacific Redevelopment Plan (Redevelopment Plan), which (i) established the Commercial-Pacific Redevelopment Area and (ii) authorized Chapter 353 tax abatement for one project within the Redevelopment Area (the residential townhome project known as Pacific South Townhomes). The Redevelopment Plan expressly reserved evaluation and approval of Chapter 353 tax abatement requests for future projects within the remainder of the Redevelopment Area on an case-by-case basis and only after the remainder of the Redevelopment Area had been excluded from the Commercial Street Tax Increment Financing District (TIF District). Springfield City Council approved the Redevelopment Plan on April 8, 2024 pursuant to Special Ordinance 27975. Per City policy, before further Chapter 353 tax abatement requests may be made for additional projects within the Redevelopment Area, the remainder of the Redevelopment Area (consisting of 14 tax parcels) must be removed from the TIF District. City staff have indicated a willingness to assist with amending the TIF District Plan to remove the remainder of the Redevelopment Area from the TIF District provided that the Redevelopment Property Owners make a lump sum payment to the TIF District (TIF Buyout Payment) in an amount approximately equal to the amount the TIF District would have received had the Redevelopment Area parcels remained a part of the TIF District for the remaining 7 year life of the TIF District. In other words, the intention of this payment is to ensure the TIF District remains whole and is not disadvantaged by the removal of these parcels from the TIF District boundaries.  II. Buyout Calculation With the above objectives in mind, the Redevelopment Property Owners propose to collectively make a TIF Buyout Payment of $212,506.21 to the TIF District as consideration for the City amending the TIF District Plan to exclude the remainder of the Redevelopment Area from the TIF District. This agreement will be documented in a TIF Buyout Agreement, the terms of which will be negotiated between the Redevelopment Property Owners and the City, with input from the TIF District stakeholders. The above TIF Buyout Payment was calculated by taking the collective incremental assessed value of the 14 parcels comprising the remainder of the Redevelopment Area for the 2023 tax year ($558,915) and multiplying that by the average tax levy (5.4316%) for the last 7 tax years (2017-2023)1 to arrive at the average amount contributed by these parcels to the TIF District annually ($30,358.03). This number was then multiplied by 7 (representing the remaining life of the TIF District in years) to arrive at the TIF Buyout Payment amount of $212,506.21. Further and as an accommodation to the process, the TIF Buyout Payment does not take into the time-value of paying the TIF Buyout Payment in a lump-sum, as opposed to incremental payments over the remaining life of the TIF District. The Redevelopment Property Owners will pay the TIF Buyout Payment to the City in a lump sum to be held in escrow by the City pursuant to the Escrow Letter Regarding TIF Amendment Deposit, pending the City Council’s consideration and approval of the First Amendment of Commercial Street Tax Increment Financing Redevelopment Plan. III. Conclusion The Redevelopment Property Owners believe the TIF Buyout Payment presented above is appropriate, and represents a fair and reasonable estimation of the likely benefit to the TIF District were these parcels to remain a part of the TIF District for the remaining life of the TIF District. Further, the buyout has the added benefit of infusing a large, lump sum payment into the TIF District (rather than small, trickling payments over the next 7 years), which will hopefully enable the TIF District to pursue larger and more ambitious projects for the TIF District sooner. Please contact us know if you have any questions or would like additional details. 1 Note: Although assessed values tend to increase over time, levy rates fluctuate year-to-year. For this reason, we believe an average of the prior 7 years’ levy rates was a reasonable estimation of the next 7 years’ levy rates. SPR 18791198.5  ESCROW LETTER REGARDING TIF AMENDMENT DEPOSIT __________ __, 2024 To: Finance Department City of Springfield, Missouri 840 Boonville Ave. Lower Level Springfield, MO 65802 Re: Deposit relating to First Amendment of Commercial Street Tax Increment Financing Redevelopment Plan Missouri Hotel, LLC, a Missouri limited liability company; 540 Commercial Partners, LLC, a Missouri limited liability company; Historic Commercial Developments, LLC, a Missouri limited liability company; and Titus Williams, LLC, a Missouri limited liability company (collectively, the “Developer”) has agreed to make a payment in the amount of $212,506.21 (the “Deposit”) to the special allocation fund (the “Special Allocation Fund”) established for the Commercial Street Tax Increment Financing Redevelopment Plan (the “TIF Plan”) in consideration of the City’s approval of an amendment to the TIF Plan removing certain property from the TIF Plan and the redevelopment area described therein. The First Amendment of Commercial Street Tax Increment Financing Redevelopment Plan (the “Amendment”), approval of which would effect such changes, is on file with the City. In order to guaranty payment of the Deposit amount to the City upon approval of the Amendment, the Developer is enclosing with this letter a check for the amount of the Deposit. The City is hereby instructed to cash said check and hold the Deposit in escrow pending City Council’s final consideration of the Amendment. Upon signature by the Mayor of an ordinance approving the Amendment, the City shall transfer the Deposit into the Special Allocation Fund, for application in accordance with the TIF Plan, as amended. If the City Council shall enter a final vote against approval of the TIF Plan or the Developer shall, in writing, withdraw the Amendment from consideration by City Council, the City shall return the Deposit to the Developer within 10 business days of such action. The City shall not be responsible to pay the Developer interest for the period during which it holds the Deposit. DEVELOPER Missouri Hotel, LLC, a Missouri limited liability 540 Commercial Partners, LLC, a Missouri limited company liability company By: _____________________________ By: _____________________________ Name:___________________________ Name:___________________________ Title:____________________________ Title:____________________________ Historic Commercial Developments, LLC, a Titus Williams, LLC, a Missouri limited liability Missouri limited liability company company By: _____________________________ By: _____________________________ Name:___________________________ Name:___________________________ Title:____________________________ Title:____________________________ 1 Acknowledged and accepted as of __________ ___, 2024. CITY OF SPRINGFIELD, MISSOURI FINANCE DEPARTMENT By: Name: Title: 2 SPR 18812212.2 2023 Real Property Taxes and PILOTs Properties Removed in Connection with the First Amendment to the Commercial Street TIF Redevelopment Plan Owner Name Property Address Redevlopment Assessed Valuation Base AV Increment Tax Levies 2023 Taxes & PILOTs (estimated) 2023 PILOTs Project AV Non-TIF TIF Increment Non-TIF (actual) Residential Commercial Total Base RE Tax Increment (PILOT) Base RE Tax Increment RE Tax Total RE Tax PILOT 540 COMMERCIAL PARTNERS LLC 540 E COMMERCIAL ST 540 E Commercial $ - $ 75,740 $ 75,740 $ 45,510 $ 30,230 $ 6.3746 $ 1.1148 $ 5.2598 $ 2,901.08 $ 337.00 $ 3,238.08 $ 1,590.04 $ 1,590.05 540 COMMERCIAL PARTNERS LLC 536 E COMMERCIAL ST 540 E Commercial $ - $ 3,520 $ 3,520 $ 2,215 $ 1,305 $ 6.3746 $ 1.1148 $ 5.2598 $ 141.20 $ 14.55 $ 155.75 $ 68.64 $ 68.65 540 COMMERCIAL PARTNERS LLC 530 E COMMERCIAL ST 540 E Commercial $ - $ 4,220 $ 4,220 $ 1,940 $ 2,280 $ 6.3746 $ 1.1148 $ 5.2598 $ 123.67 $ 25.42 $ 149.08 $ 119.92 $ 119.75 HISTORIC COMMERCIAL DEVELOPMENTS LLC 438 E COMMERCIAL ST MO Hotel $ - $ 53,440 $ 53,440 $ - $ 53,440 $ 6.3746 $ 1.1148 $ 5.2598 $ - $ 595.75 $ 595.75 $ 2,810.84 $ 2,810.84 HISTORIC COMMERCIAL DEVELOPMENTS LLC 434 E COMMERCIAL ST MO Hotel $ - $ 21,820 $ 21,820 $ - $ 21,820 $ 6.3746 $ 1.1148 $ 5.2598 $ - $ 243.25 $ 243.25 $ 1,147.69 $ 1,147.70 HISTORIC COMMERCIAL DEVELOPMENTS LLC 412 E COMMERCIAL ST MO Hotel $ - $ 81,190 $ 81,190 $ - $ 81,190 $ 6.3746 $ 1.1148 $ 5.2598 $ - $ 905.11 $ 905.11 $ 4,270.43 $ 4,270.44 HISTORIC, COMMERCIAL DEVELOPMENTS LLC 410 E COMMERCIAL ST MO Hotel $ - $ 42,530 $ 42,530 $ - $ 42,530 $ 6.3746 $ 1.1148 $ 5.2598 $ - $ 474.12 $ 474.12 $ 2,236.99 $ 2,236.98 HISTORIC COMMERCIAL DEVELOPMENTS LLC 424 E COMMERCIAL ST MO Hotel $ - $ 41,510 $ 41,510 $ - $ 41,510 $ 6.3746 $ 1.1148 $ 5.2598 $ - $ 462.75 $ 462.75 $ 2,183.34 $ 2,183.36 HISTORIC COMMERCIAL DEVELOPMENTS LLC 500 E COMMERCIAL ST MO Hotel $ - $ 93,760 $ 93,760 $ - $ 93,760 $ 6.3746 $ 1.1148 $ 5.2598 $ - $ 1,045.24 $ 1,045.24 $ 4,931.59 $ 4,931.57 TITUS WILLIAMS LLC 1703 N BENTON AVE Pacific North $ 3,840 $ - $ 3,840 $ 27,480 $ - $ 5.3346 $ 0.0748 $ 5.2598 $ 1,465.95 $ - $ 1,465.95 $ - $ - HISTORIC COMMERCIAL DEVELOPMENT LLC 1717 N BENTON AVE Pacific North $ - $ 90,140 $ 90,140 $ 58,050 $ 32,090 $ 6.3746 $ 1.1148 $ 5.2598 $ 3,700.46 $ 357.74 $ 4,058.19 $ 1,687.87 $ 1,687.87 TITUS WILLIAMS LLC 420 E BLAINE ST Pacific North $ - $ 69,790 $ 69,790 $ 22,650 $ 47,140 $ 6.3746 $ 1.1148 $ 5.2598 $ 1,443.85 $ 525.52 $ 1,969.36 $ 2,479.47 $ 2,479.47 HISTORIC COMMERCIAL DEVELOPMENTS LLC 1706 N JEFFERSON AVE Pacific North $ - $ 12,230 $ 12,230 $ - $ 12,230 $ 6.3746 $ 1.1148 $ 5.2598 $ - $ 136.34 $ 136.34 $ 643.27 $ 643.27 HISTORIC COMMERCIAL DEVELOPMENTS LLC 1720 N JEFFERSON AVE Pacific North $ - $ 99,390 $ 99,390 $ - $ 99,390 $ 6.3746 $ 1.1148 $ 5.2598 $ - $ 1,108.00 $ 1,108.00 $ 5,227.72 $ 5,227.71 $ 3,840 $ 689,280 $ 693,120 $ 157,845 $ 558,915 $ 6.3746 $ 1.1148 $ 5.2598 $ 9,776.20 $ 6,230.78 $ 16,006.98 $ 29,397.81 $ 29,397.66 Real Property Tax Levies 2008-2023 Commercial Street TIF Taxing District 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Greene County General Revenue $ 0.1024 $ 0.1040 $ 0.1075 $ 0.1248 $ 0.1177 $ 0.1218 $ 0.1290 $ 0.1137 $ 0.1160 $ 0.1288 $ 0.1370 $ 0.1206 $ 0.1307 $ 0.1321 $ 0.1262 $ 0.1074 Greene County Road and Bridge $ 0.1025 $ 0.1040 $ 0.1075 $ 0.1248 $ 0.1177 $ 0.1218 $ 0.1290 $ 0.1137 $ 0.1160 $ 0.1288 $ 0.1370 $ 0.1206 $ 0.1307 $ 0.1321 $ 0.1262 $ 0.1074 Springfield-Greene County Library $ 0.2328 $ 0.2405 $ 0.2400 $ 0.2434 $ 0.2413 $ 0.2467 $ 0.2459 $ 0.2471 $ 0.2443 $ 0.2472 $ 0.2469 $ 0.2433 $ 0.2418 $ 0.2412 $ 0.2412 $ 0.2414 Ozarks Technical Community College $ 0.1871 $ 0.1911 $ 0.1875 $ 0.1996 $ 0.1990 $ 0.2023 $ 0.1498 $ 0.1500 $ 0.1494 $ 0.1494 $ 0.1479 $ 0.1408 $ 0.1405 $ 0.1396 $ 0.1396 $ 0.1398 Springfield R-12 School District $ 3.9787 $ 4.0767 $ 4.0740 $ 4.2727 $ 4.1361 $ 4.1058 $ 4.0928 $ 4.1110 $ 4.0693 $ 4.0719 $ 3.9095 $ 3.6999 $ 3.6369 $ 3.6226 $ 3.6223 $ 3.6192 City of Springfield $ 0.6091 $ 0.6200 $ 0.6196 $ 0.6196 $ 0.6129 $ 0.6218 $ 0.6177 $ 0.6177 $ 0.6094 $ 0.6163 $ 0.6144 $ 0.6083 $ 0.6009 $ 0.6016 $ 0.6016 $ 0.6072 County Seniors' Services $ 0.0472 $ 0.0487 $ 0.0486 $ 0.0493 $ 0.0489 $ 0.0500 $ 0.0498 $ 0.0500 $ 0.0494 $ 0.0500 $ 0.0500 $ 0.0496 $ 0.0493 $ 0.0492 $ 0.0492 $ 0.0492 Total (excludes State of MO, Sheltered $ 5.2598 $ 5.3850 $ 5.3847 $ 5.6342 $ 5.4736 $ 5.4702 $ 5.4140 $ 5.4032 $ 5.3538 $ 5.3924 $ 5.2427 $ 4.9831 $ 4.9308 $ 4.9184 $ 4.9063 $ 4.8716 Workshop, and Commercial Surtax) 7-yr (2017-2023) Average $ 5.4316  Proposed Buyout of Remaining PILOTS in Connection with the First Amendment to the Commercial Street TIF Redevelopment Plan Assessed Valuation Year Levy * PILOT (Increment) (1) 2008 $ 4.8716 (2) 2009 $ 4.9063 (3) 2010 $ 4.9184 (4) 2011 $ 4.9308 (5) 2012 $ 4.9831 (6) 2013 $ 5.2427 (7) 2014 $ 5.3924 (8) 2015 $ 5.3538 (9) 2016 $ 5.4032 (10) 2017 $ 5.4140 (11) 2018 $ 5.4702 Average Levy (12) 2019 $ 5.4736 (2017-2023) (13) 2020 $ 5.6342 $5.4316 (14) 2021 $ 5.3847 (15) 2022 $ 5.3850 (16) 2023 $ 5.2598 $ 558,915 $ 29,397.66 (17) 2024 $ 5.4316 $ 558,915 $ 30,358.03 (18) 2025 $ 5.4316 $ 558,915 $ 30,358.03 (19) 2026 $ 5.4316 $ 558,915 $ 30,358.03 (20) 2027 $ 5.4316 $ 558,915 $ 30,358.03 (21) 2028 $ 5.4316 $ 558,915 $ 30,358.03 (22) 2029 $ 5.4316 $ 558,915 $ 30,358.03 (23) 2030 $ 5.4316 $ 558,915 $ 30,358.03 Buyout (2024-2030) $ 212,506.19 * 2017-2023 average levy used to calculate buyout of remaining PILOTs.  RESOLUTION NO. 2024-01 A RESOLUTION RECOMMENDING APPROVAL OF THE FIRST AMENDMENT TO THE COMMERCIAL STREET TAX INCREMENT FINANCING (TIF) REDEVELOPMENT PLAN TO REMOVE CERTAIN PROPERTIES FROM THE REDEVELOPMENT AREA AND RECOMMENDING ACCEPTANCE OF A DEPOSIT OF $212,506.21 INTO THE COMMERCIAL STREET TIF SPECIAL ALLOCATION FUND IN CONNECTION WITH APPROVAL OF SAID FIRST AMENDMENT TO OFFSET THE SUBSEQUENT REDUCTION OF FUTURE PAYMENTS IN LIEU OF TAXES (PILOTS) INTO THE SPECIAL ALLOCATION FUND. WHEREAS, the Tax Increment Financing Commission of the City of Springfield, Missouri (“TIF Commission”) has been duly formed by the City Council of the City Springfield, Missouri (“City Council”) pursuant to Section 99.820.2 of the Revised Statutes of Missouri (“RSMo”); WHEREAS, the Commercial Street Tax Increment Financing Redevelopment Plan (the “Original Redevelopment Plan”) was adopted by the City Council on April 7, 2008 through the adoption of Special Ordinance 25373 (the “Plan Ordinance”); WHEREAS, the Plan Ordinance approved a redevelopment area (the “Redevelopment Area”) for the Original Redevelopment Plan; WHEREAS, certain portions of the Redevelopment Area have not developed since the Plan Ordinance was passed; WHEREAS, a potential developer (the “Developer”) of certain lots (the “Removed Property”) is willing to pursue development of the Removed Property, but only with the implementation of tax abatement which is inconsistent with the Original Redevelopment Plan incentives; WHEREAS, the Developer has proposed the removal of the Removed Property from the Redevelopment Area, as described in the proposed First Amendment to the Commercial Street Tax Increment Financing Redevelopment Plan (the “Amendment”); WHEREAS, in connection with the removal of the removed property, the Developer has agreed to deposit $212,506.21 (the “Deposit”) into the special allocation fund account established for the Original Redevelopment Plan in order to compensate for the loss in payments in lieu of tax anticipated to occur due to the removal of the Removed Property from the Redevelopment Area; WHEREAS, on August 2, 2024, written notice of the scheduled TIF Commission public hearing was mailed to all taxing districts from which taxable property is included in the original Redevelopment Area (“Taxing Districts”), in compliance with Sections 99.825 and 99.830, RSMo; WHEREAS, the Amendment was filed with the City Clerk and has been available for public review since August 2, 2024; WHEREAS, on August 22, 2024, the City published notice in the Springfield News-Leader of the scheduled TIF Commission public hearing to consider the merits of the proposed Amendment, in compliance with Section 99.830, RSMo; WHEREAS, on September 3, 2024, the City mailed written notices of the scheduled TIF Commission public hearing to all persons in whose name the general taxes for the last preceding year 1 were paid on each lot, block, tract, or parcel of land lying within the original Redevelopment Area, in compliance with Section 99.830, RSMo; WHEREAS, on September 12, 2024, the City again published notice in the Springfield News- Leader of the scheduled TIF Commission public hearing to consider the merits of the proposed Amendment, in compliance with Section 99.830, RSMo; WHEREAS, at least four days prior to the meeting, notice of the TIF Commission meeting at which the public hearing will be held for consideration of the Amendment was posted in compliance with the Missouri Sunshine Law, Sections 610.010 to 610.225, RSMo; WHEREAS, a copy of the notice of the public hearing has been submitted to the Director of the Department of Economic Development, in compliance with Sections 99.825 and 99.830, RSMo; WHEREAS, on September 19, 2024, at 11:00 a.m., the TIF Commission opened the public hearing to consider the proposed Amendment and associated actions to implement the Amendment and, after taking evidence and testimony during the hearing, closed the public hearing; WHEREAS, the public hearing conducted by the TIF Commission to consider the Amendment and associated actions was open to the public, a quorum of the Commissioners was present and acted throughout, and the proper notice of such hearing was given in accordance with all applicable laws including Chapter 610, RSMo; and WHEREAS, after considering the evidence and testimony received at the public hearing, the TIF Commission now desires to recommend that the City Council take certain actions to adopt and implement the Amendment. NOW, THEREFORE, be it resolved by the Tax Increment Financing Commission of the City of Springfield, Missouri: 1. Findings. The TIF Commission finds that approval of the Amendment, together with the acceptance of the Deposit, is in the best interests of the City and the Redevelopment Area and will promote the further growth and economic development within the City and the Redevelopment Area. 2. Recommendation. The TIF Commission recommends that the City Council adopt an ordinance which approves the Amendment and which removes the Removed Property from the Redevelopment Area. The TIF Commission further recommends that the City Council accept delivery of the Deposit for application in accordance with the Original Redevelopment Plan. APPROVED BY THE TAX INCREMENT FINANCING COMMISSION OF THE CITY OF SPRINGFIELD, MISSOURI THIS __________ DAY OF SEPTEMBER, 2024. Chairperson By: Printed Name: 2