HomeMy Public PortalAboutORD14988 SUBSTITUTE
BILL NO: 2012-28
SPONSORED BY COUNCILMAN: Schulte
ORDINANCE NO: 1)-I-q y D q�
AN ORDINANCE OF THE CITY OF JEFFERSON CITY, MISSOURI AUTHORIZING THE
CITY TO ENTER INTO A CONTRACT WITH DUNKLIN STREET PROPERTIES, LLC FOR
THE REIMBURSEMENT OF APPROVED AND ELIGIBLE COST INCURRED AS
DEVELOPER OF THE SOUTHSIDE TAX INCREMENT FINANCE AREA.
WHEREAS, the City adopted Ordinance #14607 on November 16, 2009 whereby the
City approved a Redevelopment Area, known as the Dunklin Street
Redevelopment Area; approved the Southside Tax Increment Finance Plan;
approved the Dunklin Street Redevelopment Project; and designated
Dunklin Street Properties, LLC as the Developer for said project; and
WHEREAS, the Developer did complete all requirements and improvements in
accordance with the Redevelopment Plan; and
WHEREAS, the City has certified all eligible cost incurred by the Developer in the
implementation of the Redevelopment Plan; and
WHEREAS, the City has agreed to reimburse the Developer for eligible cost incurred by
the Developer on a pay as you go basis; and
WHEREAS, the City has designated the establishment of segregated funds within the
City budget for the receipt of revenues generated by the Southside Tax
Increment Finance Area, and requires the appropriation of such funds by
the City Council.
NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jefferson City,
Missouri as follows:
Section 1: The Mayor and City Clerk is hereby authorized to enter into the herein
attached Contract with Dunklin Street Properties, LLC for the reimbursement of the eligible
cost incurred by Dunklin Street Properties, LLC in the implementation of the
Redevelopment Plan, and are hereby authorized to execute such documents and
instruments on behalf of the City.
Section 2: The City Council hereby appropriates the amount of twelve thousand
nine hundred twenty five dollars and twenty cents ($12,925.20) from the Special Allocation
Fund; EAT's Account for the payment to Dunklin Street Properties, LLC, in accordance with
the herein attached Contract. Said amount represents the total amount due of thirteen
thousand one hundred fifty five dollars and twenty cents ($13,155.20) for sales tax less
SUBSTITUTE
administrative costs of two hundred thirty dollars ($230.00)
Section 3: The Ordinance shall be in full force and affect from and after its passage
and approval.
PASSED: APPROVED:
I
Presiding O Y s Mayor
ATTESTED: APPROVED AS T7FRM:
City Cl4rk 4ity Counselor
DEVELOPMENT AGREEMENT AND TAX INCREMENT
FINANCING
CONTRACT
BETWEEN
THE
THE CITY OF JEFFERSON CITY, MISSOURI
and
DUNKLIN STREET PROPERTIES9 LLC A MISSOURI
LIMITED LIABILITY Y
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INDEX
PAGE
1. Definitions-------------------------------------------------------------------------------------------- 4
2. Items Incorporated in This Contract----------------------------------------------------------_ 7
3. Legal Description----------------------------------------------------------------------------------- 7
4. Redevelopment Project Area ------------------------------------------------------------------- 7
5. Redevelopment Projects ------------------------------------------------------------------------- 7
6. Completion of Construction and Redevelopment----------------------------------------------7
7. Control of Project------------------------------------------------------------------------------------ 7
8. Certificate of Completion, Compliance, and Cost----------------------------------------------8
9. Payments in Lieu of Taxes-------------------------------------------------------------------------- 8
10. Economic Activity Taxes----------------------------------------------------------------------------- 8
11. Documentation of Economic Activity Taxes-----------------------------------------------------8
(a) Documentation of Economic Activity Taxes----------------------------------------------- 8
(b) Certification by City-------------------------------------------------------------------------------8
(c) Presentation to Taxing Districts--------------------------------------------------------------- 8
(d) Deposit of Funds--------------------------------------------------------------------------------- 8
12. Special Allocation Fund------------------------------------------------------------------------------ 8
11 Disbursements From Special Allocation Fund--------------------------------------------------9
14. Payment of Project Costs - "As Collected" Basis---------------------------------------------- 9
15. Interest on Unpaid Project Cost-------------------------------------------------------------------- 9
16. Other Approved Cost of Developer----------------------------------------------------------------10
17. Approval of Prior Payments of PILOT's to Developer,
Accrued Interest, and Other Cost.---------------------------------------------------------------- 10
18. Approval of Prior Years Economic Activity Taxes--------------------------------------------- 10
19. Payment to Developer upon Execution of this Agreement---------------------------------- 10
20. Sale or Disposition of Project Property----------------------------------------------------------- 10
(a) Continuation of Payments in Lieu of Taxes------------------------------------------------ 10
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21. Full Assessment----------------------------------------------------------------------------------------11
(a) Individual Redevelopment Project Areas--------------------------------------------------- 11
(b) Completion of Redevelopment Plan--------------------------------------------------------- 11
22. Assignment of Developer's Obligations---------------------------------------------------------- 11
23. Breach-Compliance----------------------------------------------------------------------------------- 11
24. Excusable Delays-------------------------------------------------------------------------------------- 11
25. Notice---------------------------------------------------------------------------------------------------- 11
26. Modification- Interpretation---------------------------------------------------------------------- 12
27. Effective Date--------------------------------------------------------------------------------------------- 12
28. Applicability------------------------------------------------------------------------------------------- 12
29. Recording----------------------------------------------------------------------------------------- 12
30. Headings----------------------------------------------------------------------------------------------- 12
31. Applicable Law--------------------------------------------------------------------------------- 12
SignaturePage------------------------------------------------------------------------------------------ 13
Exhibits
A. Copy of Ordinance 14607 and Redevelopment Plan.
B. Certification of Reimbursable Project Cost.
C. Certification of Baseline Economic Activity Taxes and Baseline Assessed Value.
D. Evidence of Prior Payments of PILOT's, Accrued Interest Expense, and Other Cost.
E. Certification of Economic Activity Taxes for calendar years 2010 and 2011.
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CONTRACT
THIS CONTRACT, entered into this day of 2012, by and between the City of Jefferson
City, Missouri, a municipal corporation (the City), and Dunlclin Street Properties, LLC, a Missouri limited liability R1
company, the developer selected by the City (the "Developer")to implement its Plan of redevelopment more fully
described herein;
W ITN ESSETH:
WHEREAS, the Tax Increment Financing Commission of Jefferson City, Missouri (the "Commission") on October
15, 2009, held a public hearing to consider a Redevelopment Plan and subsequently approved recommended to the
City Council for approval a Redevelopment Plan (the "Redevelopment Plan")providing for the construction of a
redevelopment project in Jefferson City, Missouri (the "Redevelopment Project") in an area described in the
Redevelopment Plan and set forth in Exhibit "A", attached hereto and incorporated herein by reference (the
"Redevelopment Area"); and
WHEREAS, the Commission and the City selected Dunlclin Street Properties,LLC as the developer to implement
the Redevelopment Plan; and
WHEREAS,the Redevelopment Plan calls for the development of the Redevelopment Area in what is known as the
Dunlclin Street Redevelopment Project(the Redevelopment Project Area"); and
WHEREAS, the Redevelopment Plan contemplates that the Redevelopment Project Area has been designated by
Ordinance 414607 as a Redevelopment Project Area in conformance with Missouri's Real Property Tax Increment
Allocation Redevelopment Act Sections 99.800 to 99.865 R.S.Mo. as amended (the "Act"); and
WHEREAS, the City Council of Jefferson City, Missouri (the "City"), did on November 16, 2009 passed
Ordinance #14607, which Ordinance approved the aforesaid Redevelopment Plan, declared the Redevelopment
Area and the Proposed Redevelopment Project Area as blighted areas, selected Dunk-En Street Properties, LLC
as the developer to implement the Redevelopment Plan and develop the Redevelopment Project Area and
directed the Developer to implement the Redevelopment Plan; and
NOW, THEREFORE, for and in consideration of the premises, and the mutual covenants herein contained, the
City and Developer agree as follows:
1. Definitions.
(a) "Blighted area," an area which, by reason of the predominance of defective or inadequate street layout,
insanitary or unsafe conditions, deterioration of site improvements, improper subdivision or obsolete plating, 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 a
menace to the public health, safety, morals, or welfare in its present condition and use;
(b) "City," Jefferson City, Missouri;
(c) "City Council," the governing body of Jefferson City, Missouri;
(d) "City Collector," the collector of Jefferson City, Missouri.
(e) "City Treasurer," the treasurer of Jefferson City, Missouri;
(f) "Commnission," the Tax Increment Financing Commission of Jefferson City, Missouri;
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(g) "County Assessor," the assessor of Cole County, Missouri;
(h) "Count�Collector," the collector of Cole County, Missouri;
(i) "Debt Service," amount required for the payment of interest and principal on Obligations as they come due,
for the payment of mandatory or optional redemption payments and for payments to reserve funds required by
the terms of the Obligations to retire or secure the Obligations;
(j) "Developer," Dunklin Street Properties, LLC
(k) "Economic Activity Account," separate segregated account within the Special Allocation Fund into which
Economic Activity Taxes are to be deposited;
(1) "Economic Activity Taxes," fifty percent(50—) of the total additional revenue from taxes which are imposed
by the City or other taxing districts, which are generated by economic activities within the Redevelopment
Project Area, while tax increment financing remains in effect, excluding licenses, fees or specie assessments,
other than payments in lieu of taxes, until the designation is terminated pursuant to subsection 2 of Section
99.850 of the Act;
(m) "Obligations," bonds, loans, debentures,notes, special certificates, or other evidences of indebtedness
issued by the City to carry out a redevelopment project or to fiord outstanding obligations;
(n) "Ordinance," an ordinance enacted by the City of Jefferson City, Missouri
(o) "Payment in Lieu of Taxes," those estimated revenues from real property in the area selected for a
Redevelopment Project, which revenues are to be used to retire Obligations and pay other Reimbursable Project
Costs, which Taxing Districts would have received had the City not adopted Tax Increment Allocation
Financing, and which would result from levies made after the time of the adoption of Tax Increment Allocation
Financing during the time the Current Equalized Value of real property in the Redevelopment Project Area
exceeds the Total Initial Equalized Value of real property in such area until the designation is terminated
pursuant to subsection 2 of Section 99.850 of the Act, which shall not be later than 23 years after the
Redevelopment Project is approved by an ordinance of the City of Jefferson City, Missouri. Payments in lieu of
taxes which are due and owing shall constitute a lien against the real estate of the Redevelopment Project from
which they are derived,the lien of which may be foreclosed in the same manner as a special assessment lien as
provided in Section 88.861 R.S.Mo.;
(p) "Payment in Lieu of Taxes Account," separate segregated account within the Special Allocation Fund into
which payments in lieu of taxes are to be deposited.
(q) "Redevelopment Plan," the comprehensive program of the City for redevelopment intended by the payment
of redevelopment costs to reduce or eliminate those conditions,the existence of which qualified the
Redevelopment Project Area as an Economic Development Area, Conservation Area or Blighted Area, or
combination thereof, and to thereby enhance the tax bases of the taxing districts which extend into the
Redevelopment Area;
(r) "Redevelopment Area," an area designated by the City, in respect to which the City has made a finding that
there exist conditions which cause the area to be classified as a Blighted Area, an Economic Development Area,
a Conservation Area or a combination thereof;
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(s) "Redevelopment Project, "any development project in furtherance of the objectives of the Redevelopment
Plan;
(t) "Redevelopment Project Area," the area selected for a specific redevelopment project;
(u) "Redevelopment Project Costs" include the sum total of all reasonable or necessary costs incurred or
estimated to be incurred, any such costs incidental to a Redevelopment Plan and a Redevelopment Project. Such
costs include, but are not limited to the following:
(1) Costs of studies, surveys, plans and specifications;
(2) Professional service costs, including, but not limited to, architectural, engineering, legal, marketing,
financial planning or special services;
(3) Property assembly costs, including but not limited to, acquisition of land and other property, real or
personal. or rights or interests therein, demolition of buildings, and the clearing and grading of land;
(4) Costs of rehabilitation reconstruction, or repair or remodeling of existing buildings and fixtures;
(5) Cost of constriction of public works or improvements;
(6) Financing costs, including, but not limited to all necessary and incidental expenses related to the
issuance of Obligations, and which may include payment of interest on any Obligations issued
hereunder accruing during the estimated period of construction of any Redevelopment Project for
which such Obligations are issued and for not more than eighteen months thereafter, and including
reasonable reserves related thereto;
(7) All or a portion of a taxing district's capital cost resulting from the Redevelopment Project
necessarily incurred or to be incurred in furtherance of the objectives of the Redevelopment Plan and
Project, to the extent the City, by written agreement, accepts and approves such costs;
(8) Relocation costs to the extent that a city determines that relocation costs shall be paid or are
required to be paid by federal or state law;
(9) Payments in lieu of taxes;
(v) "Reimbursable Project Costs," the portion of the Redevelopment Project Costs which are to be funded with
PILOTS, Economic Activity Taxes or the proceeds of Obligations, and which are incurred by the City, the TIF
Commission or the Developer as a result of preparing, reviewing and adopting the Redevelopment Plan and the
Redevelopment Projects, designation of the Redevelopment Area and the Redevelopment Project Areas;
planning, financing, acquiring and constructing the Redevelopment Projects and any other work authorized by
the Redevelopment Plan, the oversight of the construction of the Redevelopment Projects, the implementation
of the Redevelopment Plan, and the management of the Special Allocation Fund;
(w) "Special Allocation Fund," the Kind into which, as required by the Act, all Payments in Lieu of Taxes and
Economic Activity Taxes are deposited; -
(x) "Taxing Districts," any political subdivision of this state having the power to levy taxes;
(y) "Taxing Districts' Capital Costs," those costs of Taxing Districts for capital improvements that are found by
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the City to be necessary and to directly result from the Redevelopment Project(s); and
(z) "Total Initial Equalized Assessed Value," that amount certified by the County Assessor which equals the
most recently ascertained equalized land assessed value of each taxable lot, block, tract or parcel or real
property within a Redevelopment Project Area immediately after tax increment financing for such areas has
been approved by the City by an Ordinance;
(aa) "Vacant Land," any parcel or combination of parcels of real property not used for industrial, commercial, or
residential buildings.
2. Items Incorporated in This Contract. The provisions of Ordinance#1.4607 ("the Ordinance"), the
provisions of the Redevelopment Plan, a copy of which together with any amendments is on file at the office of
the City, such ordinances adopted by the City which designate Redevelopment Project Areas, and the provisions
of the Act as amended as of and including the date of this Contract, are hereby incorporated herein by reference
and made a part of this Contract and attached with Exhibit A.
3. Legal Description. The Redevelopment Area which is being developed by the Developer is legally described
in Exhibit "A", the Redevelopment Plan, attached hereto and incorporated herein by reference.
4. Redevelopment Project Area. The Redevelopment Area known as the Dunklin Street Redevelopment Area
as defined in the Redevelopment Plan, attached as Exhibit A.
5. Redevelopment Projects. In accordance with the terms and conditions of the Redevelopment Plan and this
Contract, Developer shall construct or cause to be constructed in the Redevelopment Project Areas the
Redevelopment Projects set forth in Exhibit "A".
6. Completion of Construction and Redevelopment. The Developer has completed the Redevelopment
Project in accordance with the Redevelopment Plan and has adhered to all development requirements under the
Redevelopment Plan.
7. Control of Project. Developer shall have complete and exclusive control over the construction of the
Redevelopment Projects which it owns or controls insofar as the City is concerned, subject, however, to all
applicable laws, rules and regulations, including, but not limited to, all ordinances, rules and egulations of the
r
City, such as zoning ordinances, building codes, and property maintenance codes. Developer shall have
complete and exclusive control over the construction, management, and leasing of property which it owns
within the Redevelopment Area. Control of Developer over leasing includes, without limitation,the fixing of
rentals and the selection or rejection of tenants.
8. Certificate of Completion, Compliance, and Cost. The City has certified the completion of the
Redevelopment Project in accordance with the Redevelopment Plan and the compliance with all terms of the
Redevelopment Plan. A certificate of Reimbursable Redevelopment Cost is attached as Exhibit B to this
Agreement and is the capital amount the Developer is herein entitled to be reimbursed in accordance with this
Agreement.
9. Payments in Lieu of Taxes. Pursuant to the provisions of Section 99.845(2) of the Act and the
Redevelopment Plan, when designated,the property within the Redevelopment Project Area shall be subject to
assessment for annual payments in lieu of real property taxes to the County Collector in an amount which,
together with the real property taxes to be paid on the Total Initial Equalized Assessed Value of the property in
the Redevelopment Project Area, will equal the total real property taxes which would be paid on the land and
improvements constructed pursuant to the Redevelopment Plan had Tax Increment Financing not been adopted.
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Provided, that the failure of property in the Redevelopment Project Area to yield anticipated payments in lieu of
taxes because the increase in the current equalized assessed value of such property was not as great as expected,
shall not by itself be a default by Developer hereunder.
10. Economic Activity Taxes. h1 addition to the payments in lieu of taxes described above, and pursuant to
Section 99.845(3) of the Act, fifty percent of the total additional revenue from taxes which are imposed by the
City, the County or other taxing districts, and which are generated by economic activities within the
Redevelopment Project Area over the amount of such taxes generated by economic activities within the
Redevelopment Project Area in the calendar year prior to the designation of the Redevelopment Project Area by
ordinance, while tax increment financing remains in effect, but excluding taxes imposed on sales or charges for
sleeping rooms paid by transient guests of hotels and motels, licenses, fees or special assessments and personal
property taxes, other than payments in lieu of taxes, shall be allocated to, and paid by the collecting officer to
the treasurer or other designated financial officer of the City, who shall deposit such funds in a separate
segregated account within the special allocation fund for the purpose of paying Redevelopment Project Costs
and obligations incurred in the payment thereof.
11. Documentation of Economic Activity Taxes. Following the designation of the Redevelopment Project
Area, for as long as the Redevelopment Project Area is subject to tax increment financing, Economic Activity
Taxes shall be determined and deposited into the Economic Activity within the Special Allocation Fund in
accordance with the following procedures: The City has certified the amount of economic activity taxes that
have been collected by the City and County for the year prior to the adoption of the Redevelopment Plan,
establishing what is commonly known as the "baseline'. A copy of the Certification by the City is herein
attached as Exhibit C to this Agreement.
(a) Documentation of Economic Activity Taxes. City shall determine the Economic Activity Taxes
collected by reviewing the Missouri Department of Revenue amoral sales tax reports to the City. The
City shall not release any information or report which will reveal the amounts of economic activity
taxes by any one individual business or any consolidated report of less than five businesses.
(b) Certification by City . The City, following reasonable research and investigation, using independent
consultants, accountants and counsel when appropriate, shall certify the nature and amount of
Economic Activity Taxes payable by each Taxing District from which Economic Activity Taxes are
due.
(c) Presentation to Taxing Districts. The City shall deliver by mail or hand delivery its certification of
Economic Activity Taxes payable by each Taxing District to the governing body of each such Taxing
District. Each Taxing District shall within 30 days of receiving the certification or within 30 days after
receiving any such Economic Activity Tax, whichever is later; appropriate the amount of Economic
Activity Taxes actually received and pay the appropriate sum to the City Treasurer.
(d) Deposit of Funds. The City Treasurer shall deposit the payments of Economic Activity Taxes
received from the respective Taxing Districts in the Economic Activity Account in the Special
Allocation Ftmd, to be utilized and expended in accordance with the Act and the Redevelopment Plan.
12. Special Allocation Fund. The City Treasurer shall establish and maintain the Special Allocation Fund
which shall contain two separate segregated accormts. Payments in Lieu of Taxes shall be deposited into the
PILOT Account within the Special Allocation Fund, and Economic Activity Taxes shall be deposited into the
Economic Activity Account within the Special Allocation Fund. Payments in Lieu of Taxes and Economic
Activity Taxes so deposited and any interest eamed on such deposits will be used for and pledged for the
payment of Reimbursable Project Costs, including the retirement of Obligations, and for the possible
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distribution to the Taxing Districts.
13. Disbursements From Special Allocation Fund. All disbursements from the Special Allocation Fund will
be made out of the two separate segregated accounts maintained within the Special Allocation Fund for
Payments in Lieu of Taxes and Economic Activity Taxes. Such disbursements shall be made in the following
manner and order of preference:
FIRST,
Funds in the Special Allocation Fund shall first be disbursed to pay expenses incurred by the City of
Jefferson City for the administration of the Southside TIF, including, but not limited to cost of reports,
publication cost, mailing cost, consultants, legal advice, and reimbursement of staff time attributed to
the administration and collection duties under the Redevelopment Plan, if any.
SECOND,
Funds in the Special Allocation Fund shall be disbursed to pay the Developer's Reimbursable Project
Costs on an as collected basis, with reimbursement of accrued interest cost first, and then reimbursement
of other approved operational cost incurred by Developer, then repayment of the approved capital cost.
All remaining funds within the Special Allocation funds shall be disbursed ammually to the Developer,
less minimal amounts, as determined by the City to be retained for ongoing administration cost and bank
balances, until all Project Cost are paid. if any. The City shall provide the Developer with a statement of
the unpaid portion with each payment.
THIRD,
After annual Reimbursable Project Costs of the Developer have been paid then on December 31 of each
year until the Redevelopment Plan is tenninated. the ,funds remaining in the PILOT Account and the
Economic Activity Account, if any, shall be disbursed to the Taxing Districts in accordance with the Act
which payment shall be subject to the City's authority to maintain reasonable reserves and funds for
payment of debt service and Reimbursable Project Costs in future years.
14. Pavment of Project Costs - "As Collected" Basis. The Reimbursable Project Costs has been established
and certified by the City as five hundred sixty thousand five hundred thirty seven dollars and seventeen cents
($560,537.17) as certified and attached as Exhibit B attached hereto and incorporated herein by reference are to
be reimbursed on an "as collected" basis rather than paid with proceeds from the sale of Obligations secured by
Payment in Lieu of Taxes and Economic Activity Taxes,the City shall appropriate disbursements from the
Special Allocation Fund PILOT Account annually on or before March Ist of each year for all PILOT's collected
for the prior tax year and from the Economic Activity Account annually on or before March 1st of each year for
the prior calendar year and make disbursements to the Developer for Reimbursable Project Costs which have
been incurred by the Developer. If a portion of the Redevelopment Plan shall have been assigned as per Section
22 hereof, then reimbursements shall be made to the assignee.
1.5. Interest on Unpaid Project Cost: The Developer shall be entitled to be reimbursed the actual cost of
interest on any unpaid Project Cost from the date such cost was incurred by the Developer until the full amount
is paid. Developer shall provide the City amorally, on or before December 31st of each year a letter or statement
from the bank which the Developer has secured the funds for the Project Cost certifying the interest rate and
terms of the rate charged to the Developer plus any other fees or charges associated with the loan to the
Developer for the Project Cost.
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16. Other Approved Cost of Developer: The Developer will be entitled to be reimbursed for other cost
incurred by the Developer during the term of this agreement which is a result of administration and
reimbursement under the terns of this Agreement. Such cost include legal, consulting, reports, and other
administrative cost. Developer must submit such cost to the City for approval, with such approval by the City
not unreasonably withheld.
17. Approval of Prior Payments of PILOT'S to Developer Accrued Interest and Other Cost;: Upon the
approval of the Redevelopment Plan on November 16, 2009 The County Assessor proceeded to establish the
TIF area and the equalized assessed value of the Redevelopment Area as required by Law and Ordinance
#14607. The County Collector subsequently segregated the PILOT's collected for tax years 2010 and 2011 and
made direct payments to the Developer. While this action is not the proper and correct procedure under the TIP
Act and Ordinance #14607, the finds were paid to the Developer as intended and dedicated under the terns of
this Agreement and the Redevelopment Plan. The City hereby takes action upon approval of this Agreement,
through the Ordinance approving this Agreement to acknowledge said funds as payments into the Special
Allocation Fund; PILOT's Account for years 2010 ad 2011 and further appropriate and approve such amounts
as payment to the Developer for Project Cost in accordance with the terms of this Agreement. Evidence of such
payments aid amounts are herein attached as Exhibit D to this Agreement. The Developer further
acknowledges the receipt of said finds as payment toward Project Cost. The Developer further advises the City
of the accrued interest on the outstanding Project Cost in accordance with Section 16 of this Agreement and
provides a statement of interest accrued to date, with such statement attached as part of Exhibit D. The
Developer further advises City of other cost which the Developer has incurred in accordance with Section 17 of
this Agreement which was professional fees incurred in assisting the Developer and City in the preparation of
this Agreement and establishing an administrative process for the Agreement and has attached evidence of such
cost as part of Exhibit D. All payments received by the Developer under this Section shall be credited as a
payment on unpaid Project Cost and all expenses shall be added to the unpaid Project Cost.
18. Approval of Prior years Economic Activity Taxes: The City has calculated the Economic Activity Taxes
due the Economic Activity Taxes Fund in accordance with Section 11 of the Agreement for calendar year 2010
and 2011 and has attached a statement of certified amount of due the Fund Exhibit E to this Agreement.
19. Payment to Developer upon Execution of this Agreement: The City will pay to the Developer a payment
toward Project Cost in accordance with Section 13 of this Agreement in the amount of$ t,21, 9 as . So
from the Economic Activity Taxes Fund upon execution of this Agreement. All parties agree that no further
payments under the terms of this Agreement will be due and payable until March 1, 2013 in accordance with
Section 15 of this Agreement which will be for Economic Activity Taxes and PILOT'S collected for calendar-
and tux year 2012.
20. Sale or Disposition of Project Property.
(a) Continuation of Payments in Lieu of Taxes and Economic Activity Taxes. Developer may sell or
lease property in the Redevelopment Area. In the event of the sale or other disposition of any or all of
the real property of Developer in the Redevelopment Area by reason of the foreclosure of any mortgage
or other lien,through insolvency or bankruptcy proceedings, by order of any court of competent
jurisdiction, or by voluntary transfer or otherwise, payments in lieu of toes and economic activity taxes
with respect to the real property so sold or otherwise disposed of, shall continue and shall be a covenant
running with the land as if said property had not been sold or otherwise disposed of and any purchaser
or other transfer thereof shall be bound by this Contact.
21. Full Assessment.
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(a) Individual Redevelopment Project Areas. After twenty-three (23) years from the adoption of an
ordinance approving and designating a Redevelopment Project Area, all property in the Redevelopment
Project Area shall be subject to assessments and payment of all ad valorem taxes, including, but not
limited to, City, State, and County taxes, based on the full true value of the real property and the
standard assessment ratio then in use for similar property by the Comity Assessor, and the
Redevelopment Project Area shall be owned and operated by Developer free from the conditions,
restrictions, and provisions of the Act, of any rules or regulations adopted pursuant thereto, of the
Ordinance, of the Redevelopment Plan, and of this Contract.
(b) Completion of Redevelopment Plan. Upon the payment of all Redevelopment Project Costs,
retirement of Obligations and the distribution of any excess moneys pursuant to Sections 99.845 and
99.850 of the Act, upon request of the Commission the City shall adopt an ordinance dissolving the
Special Allocation Fund and terminating the designation of Redevelopment Area as a Redevelopment
Area. Thereafter the rates of the taxing districts shall be extended and taxes levied, collected, and
distributed in the manner applicable in the absence of the adoption of tax increment financing, and the
Redevelopment Area shall be owned and operated by Developer free from the conditions, restrictions,
and provisions of the Act, of any piles or regulations adopted pursuant thereto, of the Ordinance, of the
Redevelopment Plan, and of this Contract
22. Assignment of Developer's Obligations. This Contract shall be binding upon and shall inure to the benefit
of Developer and its successors and assigns.The term "Developer" as used herein shall be deemed to include
any such successors and assigns upon the delivery to the City of any assignment agreement, and provided the
assignee assumes in writing the obligations of Developer under this Contract. Then upon such delivery,
Developer shall be discharged of all further liability under this Contract and the Redevelopment Plan with
respect to that portion of the Redevelopment Plan so assigned.
23. Breach-Compliance. If the City defaults hereunder, and if within 60 days alter notice of such default by the
Developer to the City,the City shall not have cured such default or commenced such cure and be diligently
pursuing the same if such cure would reasonably take longer than said 60-day period,then the Developer may
pursue all legal and equitable remedies available to it as a result of the City's default.
24. Excusable Delays. Notwithstanding any provisions of this Contract or the Redevelopment Plan to the
contrary, performance by the City or Developer shall not be deemed to be in default where delays or defaults
are due to war, insurrection, strikes, lock-outs, riots, floods, earthquakes, fires, casualties, acts of God, labor
disputes, governmental restrictions or priorities, embargoes, litigation, t imusually severe weather, inability to
obtain or secure necessary information needed to perform under the terms of the Agreement, or any other causes
beyond the reasonable control or without the material fault of City or Developer. With the approval of the
Developer and City, the time of performance hereunder shall be extended for the period of any delay or delays
caused or resulting from any of the foregoing causes, which approval shall not be arbitrarily or unreasonably
withheld, but Developer or City shall not be prejudiced by failing inadvertently to make timely application
therefore.
25. Notice. Any notice required by this Contract shall be deemed to be given if it is mailed by United States
registered mail,postage prepaid, and addressed as hereinafter specified. Any notice to the City shall be
addressed to:
Notices to Developer shall be addressed to:
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With a copy to:
Dunklin Street Properties, LLC
214 Prodo Drive, Suit 101
Jefferson City, Missouri 65101
Notices to City to:
City of Jefferson City
320 East McCarty
Jefferson City, Missouri 65101
Each party shall have the right to specify that notice be addressed to any other address by giving to the other
party ten (10) days' written notice thereof.
26. Modification-Interpretation. The terms, conditions, and provisions of this Contract and of the
Redevelopment Plan can be neither modified nor eliminated except in writing and by mutual agreement
between the City and Developer.
27.Effective Date. This Contract shall become effective on the date of the actual execution hereof by the City
and Developer, and shall remain in full force and effect until the completion of the buildings and improvements
included in the Redevelopment Area as described herein and so long thereafter as any Bonds or project costs remain
outstanding.
28. Applicability. This Contract shall apply only to the Redevelopment Projects referred to herein.
29.Recording. This Contract shall be recorded by the City in the office of the Department of Records of the City of
Jefferson City, Missouri.
30. Headings. The headings or captions of this Contract are for convenience and reference only, and in no way
define, limit, or describe the scope or intent of the contract or any provision hereof.
31. Applicable_Law. This Contract shall be governed by and construed in accordance with the laws of the State of
Missouri.
THE BALANCE OF THIS PAGE IS LEFT BLANK INTENTIONALLY
SIGNATURE PAGE
Page 12 of 19
IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day and year first above written.
City of Jefferson City, Missouri
BY
Eric J. Struemph, Mayor
ATTESTED
BY
Phyllis Powell, City Clerk.
STATE OF MISSOURI
COUNTY OF COLE
BE IT REMEMBERED, that on this day of, 2012, before me, the undersigned, a
Notary Public in and for the County and State aforesaid, came the Eric J. Struemph, Mayor of Jefferson City,
Missouri and Phyllis Powell, the City Clerk:of Jefferson City, Missouri, who is personally known to me to be
the same person who executed the within instrument on behalf of Jefferson City, Missouri and such person duly
acknowledged the execution of the same to be the act and deed of the City.
IN WITNESS WFIEREOF, I have hereunto set my hand and affixed my official seal; the day and year last
above written.
NOTARY PUBLIC
My Commission Expires:
[SEAL]
Developer
Dunklin Street Properties, LLC
BY
Lary Kolb, Managing Member
BE IT REMEMBERED, that on this day of 2012, before me, the undersigned, a
Notary Public in and for the County and State aforesaid, came Larry Kolb, who is personally known to me to be
the same person who executed the within instrument on behalf of Dunklin Street Properties, LLC and such
person duly acknowledged the execution of the same to be the act and deed of the LLC.
IN WITNESS WFIEREOF, I have hereunto set my hand and affixed my official seal; the day and year last
Page 13 of 19
above written.
NOTARY PUBLIC
My Commission Expires:
[SEAL]
Page 14 of 19
Exhibit A
Cony of Ordinance#14607 and Redevelopment Plan
Page 15 of 19
Exhibit
BILL NO. 2009-94
COSPONSORS: Councilmen Rich Koon & Jim Penfold
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF JEFFERSON CITY, MISSOURI TO ESTABLISH A
REDEVELOPMENT AREA,APPROVE THE SOUTHSIDE TAX INCREMENT FINANCING
PLAN, APPROVE THE E. DUNKLIN STREET REDEVELOPMENT PROJECT AND
ADOPT TAX INCREMENT FINANCING, AND DESIGNATE DUNKLIN STREET
PROPERTIES, LLC AS THE DEVELOPER.
WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act,
Sections 99.800, et seq., of the Revised Statutes of Missouri, as amended,
the City Council of Jefferson City, Missouri, by Ordinance No. 11701,
adopted February 3, 1992,created the Tax Increment Financing Commission
of Jefferson City, Missouri; and
WHEREAS, on October 15, 2009, the TIF Commission, after providing all notices
required by applicable law, held a public hearing to receive comments and
to consider the establishment of the redevelopment area as described in the
TIF Plan (defined below) and as legally described on the attached Exhibit A
the approval of the proposed Southside Tax Increment Financing Plan
submitted to the City of Jefferson City, Missouri on September 17, 2009, and
the approval of the redevelopment project as described in the TIF Plan; and
WHEREAS, the City has received an application from , Dunklin Street Properties, LLC,
the developer, directly or indirectly, cooperating with all of the real property
owners within the E. Dunklin Street Redevelopment Area, to implernent the
TIF Plan; and
WHEREAS, the TIF Commission has reviewed and considered the Redevelopment Area,
the TIF Plan and the Redevelopment Project.
NOW,THEREFORE,BE IT ENACTED BY THE COUNCIL OFTHE CITY OF JEFFERSON
CITY, MISSOURI, AS FOLLOWS:
Section 1. That the City Council makes the following findings:
A. The Redevelopment Area on the whole is a blighted area as defined
In the TIF Act based on:
Bill 2009-94
Page 1
(1) the map and description of the Redevelopment Area set forth
in the Introduction section of the TIF Plan; and
(2) the Southside Plan completed by Arcturis In July 2009
B. The Redevelopment Area on the whole has not been subject to
growth and development through investment by private enterprise and
would not reasonably be anticipated to be developed without the
adoption of tax increment financing due to the costs of constructing
adequate public facilities and infrastructure In the Redevelopment
Area.
C. The City's comprehensive plan indicates that the Redevelopment
Area should be developed for mixed-use, commercial and residential,
as described in the TIF Plan, and therefore, the TIF Plan conforms to
the City's comprehensive plan.
D. The estimated date to complete the Redevelopment Project has been
stated in the TIF Plan and such date is not more than 23 years from
the adoption of the ordinance to approve the Redevelopment Project.
E. In the event obligations are issued to finance Redevelopment Project
Costs, it is anticipated that such Obligations will be retired in 2033 as
stated in the TIF Plan, which is not more than 23 years from the
adoption of the ordinance approving the Redevelopment Project.
F. No property for any one Redevelopment Project will be acquired by
eminent domain later than five years from the adoption of the
ordinance approving the Redevelopment Project.
G. No businesses or residences that will be required to relocate in order
to implement the TIF Plan currently exist in the Redevelopment Area.
Consequently, a relocation plan meeting the requirements of Section
523.205, RSMo, has not been developed and is not required.
H. The Cost-Benefit Analysis section of the TIF Plan as required by the
TIF Act:
(1) shows the fiscal impact of the TIF Plan on each Taxing District
(as defined in the TIF Plan);
(2) shows the impact on the economy if the Redevelopment
Project is built and if the Redevelopment Project is not built
pursuant to the TIF Plan; and
Bill 2009-94
Page 2
(3) includes sufficient information from the developer to evaluate
whether the Redevelopment Project as proposed is financially
feasible.
J. The TIF Plan does not include the initial development or
redevelopment of any gambling establishment(as defined in the TIF Act).
K. The Redevelopment Project Area (as defined in the TIF Plan)selected
for the Redevelopment Project Includes only those parcels of real
property and Improvements directly and s ubstantiallyybenefitted by the
proposed Redevelopment Project.
Section 2. That the Redevelopment Area is established, as legally described in the
TIF Plan.
Section 3. That the TIF Plan is approved and tax increment financing is adopted
for the Redevelopment Area.
Section 4. That the Redevelopment Project is approved, the Redevelopment
Project Area as defined in the TIF Plan is selected and adopted for the Redevelopment
Project, and that after the total equalized assessed valuation of the taxable real property
in the Redevelopment Project Area exceeds the certified total initial equalized assessed
valuation of the taxable real property in the Redevelopment Project Area, the ad valorem
taxes, and payments in lieu of taxes, if any, arising from the levies upon taxable real
property in such Redevelopment Project Area by taxing districts and tax rates determined
in the manner provided in subsection 2 of Section 99.655 of the TiF Act each year after the
effective date of the ordinance until redevelopment costs have been paid shall be divided
in accordance with Section 99.845 of the TIF Act; in addition to the payments in lieu of
taxes aforementioned,fifty percent of the total additional revenue from taxes,penalties and
interest which are imposed by the City or other taxing districts, and which are generated
by economic activities within the Redevelopment Project Area over the amount of such
taxes generated by economic activities within the Redevelopment Project Area in the
calendar year prior to the approval of the Redevelopment Project by ordinance, while tax
increment financing remains in effect, but excluding personal property taxes, taxes
imposed on sales or charges for sleeping rooms paid by transient gue is of hotels and
motels, taxes levied pursuant to section 70.500, RSMa, or taxes levied for the purpose of
public transportation pursuant to section 94.660, RSMo, licenses, fees or special
assessments other than payments in lieu of taxes and penalties and interest thereon, shall
be allocated to, and paid by the local political subdivision collecting officer to the treasurer
or other designated financial officer of the City, who shall deposit such funds in a separate
segregated account within the special allocation fund. Such payments in lieu of taxes and,
subject to annual appropriation, economic activity taxes related to the Redevelopment
Project shall be pledged to the repayment of any obligations issued by the TI F Commission
or the City for the purpose of financing a portion of the Redevelopment Project Costs,
Bill 2009.94-
Page 3
Section 5.That Dunklin Street Properties is selected as the developer to implement
the E. Dunklin Street Redevelopment Project.
Section 6. This Ordinance shall be in full force and effect from and after the date of
its passage and approval.
Passed: Approved: �� c
Pres ding Officer z�/ Mayor
ATTEST: APPROVED AS TO FORM:
eL
City Clerk —� City Counselor '
Bill 2009-94
Page'4
PROPOSAL FOR
SOUTHSIDE TAX INCREMENT FINANCING DISTRICT
AND
E. DUNKLIN STREET REDEVELOPMENT PROJECT
BY
OLD TOWN REVITALIZATION COMPANY
320 E McCarty Street
Jefferson City, MO 65101
DUNKLIN STREET PROPERTIES, LLC
214 Prodo Drive, Suite 101
Jefferson City, MO 65109
September 2009
TABLE OF CONTENTS
SUMMARY................................................I.............. 3
PART L4: SOUTHSIDE TIP DISTRICT- BACKGROUND
Analysis of Conditions Report.............................5
Blighted Area Definition............5-2
Blight Recommendation Letter..5-3
Study Area/Map...................... 5-4
Socio-Econ/Zoning/Land,Use......5-6
Historic Prop/Infrastructure.... 5-10
Neighborhood/SWOT Overview. 5-12
Blight Analysis Summary........ 5-15
Specific Blighting Factor........ 5-16
Conclusion................................5-25
PART IB: SOUTHSIDE TIF DISTRICT- DESIGNATION
TIF DISTRICT ANALYSIS........................................7
TIF DISTRICT MAP/LEGAL.....................................9
TIF DISTRICT ZONING/UNSAFE COND..................11
TIF DISTRICT PARCEL SUMMARY.........................13
TIF DISTRICT TAX SUMMARY...............................14
TIF DISTRICT CONCLUSION..................................15
PART II: EAST DUNKLIN PROJECT - 2009 TIF PROPOSAL
E. DUNKLIN INTRODUCTION....................................17
E. DUNKLIN MAP/LEGAL DESCRIPTION...................18
E. DUNKLIN HISTORIC DISTRICT.............................20
E. DUNLKIN PROJECT DETAILS...............................21
E. DUNKLIN PROJECT COSTS..................................23
E. DUNKLIN TAX INCREMENTS................................25
E. DUNKLIN PROPERTY TAX DETAILS ...................27
E. DUNKLIN COST-BENEFIT ANALYSIS....................31
EXHIBIT 1 - Complete fasting of individual properties
EXHIBIT 2 - Hawthorn Bank letter
2
PROPOSAL SUMMARY
This is a two-part proposal: Part 1 describes the Southside and the
five block area requested for designation as a Tax Increment Finance
District; and Part 2 outlines a specific, one-block redevelopment project
within that area for funding approval.
(Part 1) SOUTHSIDE TIF DISTRICT — presents background
information about the Southside and identifies a specific commercial
area for designation as a tax increment financing district under
Section 99.800 et seq., RSMO, 1997 as a blighted area. To provide
the justification for this designation, the "Analysis of Conditions
Representing Blight" is included. This report was prepared by a
professional, independent planning firm; it thoroughly reviews and
documents the conditions on the Southside. The five-block
commercial section, as identified in the Analysis Report, is presented
as the TIF District to be designated under the TIF Act. On April 2,
2009, the Jefferson City TIF Commission supported the completion of
this proposal for a Tax Increment Financing District on the Southside
by the Old Town Revitalization Company. It is requested that this TIF
District remain in place for 23 years, the maximum time period
allowed by law.
(Part II) E. DUNKLIN PROJECT— details the specific redevelopment
project in the 100 block of E. Dunklin which is within the TIF
DISTRICT described in Part I. It will be shown that it is thereby
eligible to receive incremental tax revenue for necessary public
improvements. Part II presents the Dunklin Historic Commercial
Redevelopment Project as proposed by developers, Larry Kolb and
Steve Rollins. In addition to private funds, historic tax credits and city
facade incentives are being used to renovate several buildings in the
100 block of E. Dunklin. The developers are requesting the use of
tax increment financing for public improvements and parking for the
redevelopment of the entire block. Without TIF funding, this project
cannot go forward. In February 2009, the Jefferson City TIF
Commission requested the developers to present a specific
redevelopment plan.
3
PART I-A:
SOUTHSIDE TIF DISTRICT - BACKGROUND
Analysis of Conditions Representing Blight Report
4
5
PART I-
S®UTHSIDE TIF DISTRICT - DESIGNATION
6
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PART I-B: SOUTHSIDE TIF DISTRICT - DESIGNATION
TIF District Analysis
In addition, Arcturis indentified nine important areas for redevelopment within the
Study Area. These redevelopment areas (street intersections) were prioritized
based on funding opportunities, availability and commercial viability. The highest
two priority locations (intersections) were Dunklin & Madison Streets (A-1) and
Dunklin & Jefferson Streets (A-2).
Redevelopment Area A-1 is the existing commercial development located at
Dunklin and Madison Streets. It is characterized by vacant buildings and
declining market access. The prevalent existing conditions:
• 1960/1970 style retail development
• Inefficient building layouts
• Design obsolescence
• Lack of pedestrian access/parking
• Random signage and wayfinding
• Dated infrastructure
• Inefficient land use
• Declining land values
Redevelopment Area A-2 is the aging commercial development located at
Dunklin and Jefferson Streets is characterized as follows:
• Vacancy
Design Obsolescence
Inadequate infrastructure
• Inefficient land use
• Limited access and visibility
The properties close to the intersections of Dunklin/Jefferson and
Dunklin/Madison have been identified as an important redevelopment area.
Existing businesses establish important commercial identity and provide market
upon which to build. Constraints in the area are related to the street
configurations including the width, parking, vehicular speed and lack of
convenient pedestrian traffic at the intersections.
8
PART f
TIF District •
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PART I-B: SOUTHSIDE TIP DISTRICT - DESIGNATION
TIF District Legal Description
All of the real property in the City of Jefferson, County of Cole, Missouri
described as follows:
Inlots 807,808,809,810 and 905,906,907,908 (100 block WDunklin-both sides)
Inlots 815, 816,817,818 and 913,914,915,916(100 block E Dunklin-both sides)
Inlots 823,824,825,826 and 921,922,923,924 (200 block E Dunklin-both sides)
Inlots 917, 918, 919, 920,925, 926, 927, 928(100-200 blocks E Ashley-north side)
Inlots 908, 815 (600 block Jefferson from Cedar Way)
Inlots 912 & 810, 913, 917(700 block Jefferson-bath sides)
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10
PART I-B: SOUTHSIDE TIP DISTRICT - DESIGNATION
TIF District Zoning
Based on the above analysis of the South Side Area, the Old Town Revitalization
Company requests the following five blocks for TIF designation.:
100 Block W. Dunklin Street;
100-200 Blocks E. Dunklin Streets;
100 Block E Ashley; and
600 -700 Jefferson Street (mid-blocks)
600-700 Madison Street (mid-blocks)
This area is zoned C-2; the definition of C-2 states "intended to accommodate
general trades and commercial services not permitted in central and
neighborhood commercial districts including buffering, landscaping and open
space areas required to mitigate the impact of denser land uses, traffic activity
and to provide adequate access and traffic improvement with minimum one acre
parcel sizes and with no maximum parcel size stipulated."
The 'ripeness of the area" is based on the potential for redevelopment identified
by professional analysis. All of the conditions that impact market access and
connectivity are present in this proposed Southside TIF District. It is most critical
as a "starting point" to designate and promote this district due to its important
central location and major highway linkages also described on page 7 as a focal
point for redevelopment.
tt
PART I-B: SOUTHSIDE TIP DISTRICT - DESIGNATION
TIF District Unsafe Conditions
Over the past five years this five block area has experienced further
deterioration. This has resulted in increased calls for service in the area by city
departments. The Police, Fire and Code Enforcement departments have been
called to respond in various situations as follows:
Police Department Calls — Frequent calls for service at various retail
stores, theft, vandalism and vagrancy.
Fire Department Calls —Two significant fires due to vacancy and non-
compliance with current codes.
Code Enforcement Calls —Thirteen commercial buildings are vacant and 4
are condemned for occupancy due to significant code violations making
these structures unsafe and unfit for public/private use.
12
PART I-B: SOUTHSIDE TIF DISTRICT - DESIGNATION
TIF District Parcel Summary
There is a total of 74 individual parcels; the current breakout according to the
County Assessor:
39 Commercial parcels (C)
19 Residential parcels (R)
11 Mixed-use parcels (C/R)
5 Exempt parcels (E)
According to a windshield survey and review of current public records, there are
thirty-two ( 32) vacant and under-utilized properties in this area. Two of these
properties have been cited by the City Code Enforcement as uninhabitable.
13 Vacant properties
19 Underutilized properties
A complete listing of the individual properties is attached as Exhibit 1
13
PART I-B: SOUTHSIDE TIF DISTRICT - DESIGNATION
TIF District Tax Summary
The current tax levy for each of the political subdivisions based on $100 of
assessed valuation is $5.2245 or commercial surcharge (+58) is $5.8045
1) County of Cole General Fund = $0.3347
2) Cole County Road & Bridge = $0.27
3) City of Jefferson General Fund = $0.6353
4) Jefferson City School District = $3.6770
5) Library Fund = $0.1913
6) Handicapped = $0.0862
7) State of Missouri = $0.03
With the increase of property values there will be an increase in property tax to
each political subdivision after the TIF has expired. In the intervening years the
property tax will hold steady at its existing level and will not decline. Without the
TIF, there is no incentive or mechanism for property owners and developers to
make the necessary public improvements to ensure a successful redevelopment
and the private property will not be revitalized.
Total county assessed valuation = $2,656,920.00
Commercial valuation:
Residential valuation:
Total county appraised valuation = $9,020.700.00
Commercial valuation:
Residential valuation:
Total Property Tax—January 2009 = $ 161,225.55
Total 2008 City & County Sales Tax = $ 112,388.00
14
PART I-B: SOUTHSIDE TIP DISTRICT - DESIGNATION
TIF District Conclusion
This five block area has been identified as the location capable of immediate
redevelopment success with the assistance of good planning and financial
incentives for redevelopment. Key to redevelopment is tax increment financing
as a tool for public improvements — sidewalks, curbs, gutters, lighting and
parking.
The proposed Southside Tax Increment Financing Area fits the statutory
definition of blighted area. It has a predominance of inadequate and unsafe
conditions (public improvements), deteriorated site improvements and the
existence of conditions which endanger life and property by fire and other
causes. These factors retard the provision of desirable housing accommodations
and constitute an economic and social liability in its present condition and use.
The conditions within this area are not conducive to redevelopment unless public
assistance through tax increment financing and other incentives are utilized.
Although some businesses in the Southside are thriving, there is a need to serve
these businesses with multiple stores. It is necessary to re-establish retail stores
and restaurants into the commercial district to compliment the existing business
development.
Although it is apparent that a larger TIF district could be requested on the
Southside, the Old Town Revitalization Company has been mindful of the
concerns of the taxing entities when very large areas are requested. This five-
block district has been selected as the "pilot' project to demonstrate to the
community the wisdom and long term community benefit of using incentives to
revitalize Old Town.
It is necessary to re-establish retail stores and restaurants into the commercial
district to compliment the existing business development. There are core
businesses that have long been established on the Southside and need new
businesses to keep growing.
It is projected that the property values and sales tax revenues will not increase
and, in fact, may decrease over the next twenty-three years if a TIF
redevelopment is not pursued. Conversely, if redevelopment occurs the area will
improve, property value and retail sales tax collections will increase dramatically.
15
PART iI
DUN IN STREET REDEVELOPMENT
PROJECT
2009 TIF PROPOSAL
ire.
PART II: EAST DUNKLIN PROJECT - 2009 TIF PROPOSAL
E. Dunklin Project Introduction
Dunklin Street Properties, LLC is requesting approval of a proposal that provides
for the comprehensive redevelopment of the properties on the 100 Block of East
Dunklin Street as part of the South Side TIF Area described in Part I. The
developers, Larry Kolb and Steve Rollins, are requesting $525,000 in TIF
funding to make the necessary public improvements. Without TIF funding, this
project cannot be completed.
This block represents an example of ideal downtown-type redevelopment
potential. Multi-story brick buildings with typical storefront space face Dunklin
Street. Redevelopment and new construction can occur to create a dense
population of buildings that provide and compliment retail and restaurant space
needs with residential space in the upper stories. The proposed redevelopment
plan for this block includes existing buildings that face the street with access to
surface parking.
The area is significantly blighted with vacant-(10) and underutilized-(7)
residential, commercial mixed use space as well as deteriorated infrastructure
and streetscape. There are thirteen (13) parcels in this block that include eleven
buildings — eight properties of which seventeen units are vacant or underutilized.
Without the Dunklin Redevelopment Project there would not be an increase in
revenue to the political subdivisions overtime. In the current situation a reduction
is likely as the property values will continue to decline and the existing successful
business may relocate and find that they cannot continue.
17
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PART II: EAST DUNKLIN PROJECT — 2009 TIP PROPOSAL
E. Dunklin Project Legal Description
All real property 100 Block East Dunklin Street, Jefferson
City, Cole County Missouri, including:
Inlots 815, 816, 817, 818 and 913, 914, 915, 916
(100 block E Dunklin-both sides)
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19
PART II: EAST DUNKLIN PROJECT — 2009 TIP PROPOSAL
E. Dunklin Project Historic District
A significant portion of the 100 Block of East Dunklin, seven (7) properties, is part
of the "Munichburg Commercial Historic District. These properties are included
on the National Register for Historic Places and qualify for state and federal tax
credits to enhance a complete renovation prospect.
These properties on the "Munichburg Commercial Historic District are:
Address original use current use
114-118 E. Dunklin barbershop/retail barbershop/vacant
120-122 E. Dunklin hotel/residence vacant
124 E. Dunklin shoe store/residence vacant
126 E. Dunklin dry goods./residence vacant
128 E. Dunklin furniture/office furniture storage
130 E. Dunklin grocery/residence liquor/vacant
620 Madison florist florist
*610 Madison dairy store dairy store
The period of significance corresponds to the construction dates of the nine
buildings which is 1892-1951. These buildings are intact representing the
European architecture characteristics of German Americans on the Southside.
According to the consultant who prepared the national register application: ""A
growing interest in historic preservation bodes well for the future of the buildings
in the Munichburg Commercial Historic District. Rehabilitation work has begun
on 124 E. Dunklin where modern brick facing has been removed from the ground
floor. Plans for full rehabilitation are underway for the rest of that building along
with the largest building in the District at 120-122 E, Dunklin." The national
register designation will enable the owners to take advantage of the federal and
state historic tax credits when restoring three of these structures. The remaining
buildings on the block are current doing an exterior fagade renovation to enhance
their appearance.
*not part of the Dunklin Street redevelopment project
20
PART II: EAST DUNKLIN PROJECT - 2009 TIF PROPOSAL
E. Dunklin Project Details
The planned use for the Dunklin Project area is consistent with the Jefferson City
Comprehensive Plan. The area will be redeveloped for commercial and
residential use that compliments the existing businesses. It is contemplated that
restaurants, hair salons, antique stores and other specialty shops will be
attracted to the area. The second and third floors will be utilized for residential
space in a mixed use environment.
Many structures within this Redevelopment Project are in an extreme state of
disrepair and have been neglected for many years. Currently the buildings are
vacant, deteriorated and potentially hazardous to public health. Accumulated
trash and debris contribute to unsanitary and unsafe conditions where vermin
and vector may spread disease.
Also the public parking is marginal; it is not well lit and does not provide adequate
facilities for disabled patrons. It is necessary to upgrade the existing facilities
and increase the parking spaces for future patrons and residents of the
redevelopment area. Federal stimulus funds granted to the City will be used to
renovate this space to include energy efficient lighting, resurfacing with water
permeable concrete, improved disabled parking and better erosion control from
the rear alley.
Specifically vacant and underutilized space has been identified and will be
redeveloped to active use as described below:
Address type square footage
701-703 Jefferson retail"/residential 3800/4500
701-703 Jefferson pkg lot 55 x 199
112 E. Dunklin parking lot 70 x 199
114 E. Dunklin retail 700
116 E. Dunklin office 700
116R(1)E. Dunklin retail 1400
116R(2)E. Dunklin retail 1500
116R(3)E.Dunklin retail 3700
118 E Dunklin retail 1475
120 E. Dunklin retail/residential 1000/2000
122 E. Dunklin retail/residential 1000/2000
124 E. Dunklin retail/residential 1800/1800
126 E. Dunklin retail/residential 1700/1700
128 E. Dunklin retail/office facade
130 E. Dunklin retail/residential facade
21
PART II: EAST DUNKLIN PROJECT — 2009 TIF PROPOSAL
E. Dunklin Project Details
The properties and owners included in this proposal are:
701-703 Jefferson Street Farmers Home LLC (ECCO)
112 E. Dunklin Street Housing Authority of Jefferson City(Pkg Lot) U
114-118 E. Dunklin Street Dunklin Street Properties (Kolb & Rollins) U
120-122 E. Dunklin Street Dunklin St Properties (Kolb & Rollins) V
124 E. Dunklin Street Dunklin St Properties (Kolb & Rollins) V
126E Dunklin Street Mason Place LLC V
128 E Dunklin Street Walz, Milo H. Inc (Blattners)
130 E Dunklin Street Dallmeyer Trust (Wei-com-Inn) U
629 Jefferson Street Steve & Nancy Rollins
113 E Dunklin Street Steve & Nancy Rollins
117 E Dunklin Street Central Dairy Company U
620 Madison Street Madison Street Mgt LLC (Busch's Florists)
The proposed uses contemplated for the development area are consistent and
appropriate with the City of Jefferson's Comprehensive Plan. The
Comprehensive Plan emphasizes that redevelopment should preserve the
historically and architecturally significant buildings. More recently the Southside
Redevelopment Plan was completed that reinforced the Comprehensive Plan
and indicated that the 100 Block of E Dunklin was the key to the revitalization of
the Southside.
22
PART II: EAST DUNKLIN PROJECT - 2009 TIP PROPOSAL
E. Dunklin Project Costs
The redevelopment includes the complete historic renovation of three properties
on the block— 114-116 E Dunklin, 118-122 E Dunklin, 124 E Dunklin. State and
federal historic fax credits will be utilized. The total restoration of these
properties is estimated to cost the owners $1,100,000.
The properties at 117 E Dunklin and the remainder of the southside of the block-
126 E Dunklin, 128 E Dunklin, 130 E Dunklin are planning to complete an
exterior fagade upgrade estimated to cost the owners $200,000.
Adequate off-street and available parking has been included in this project to
accommodate retail and residential use. Within the block there are three parking
lots that yield 72 parking spaces and 12 on-street parking spaces. 32 more
parking will be developed on private property to accommodate customer,
residential and employee parking. Federal stimulus funds will be used to
renovate the parking lot owned by the Housing Authority at 112 E Dunklin; the
parking lot dimensions are 70' x 199'.Upgrades will include energy efficient
fighting, landscaping, resurfacing with water permeable concrete, improved
disabled parking and better erosion control from the rear alley.
The cost is estimated to be $89,000.
Tax Increment Financing dollars are needed to upgrade the parking lot at the
rear of 701-703 Jefferson Street in the same manner as described for the
Housing Authority lot at 112 E Dunklin. Also public improvements including
sidewalks, curbs, gutters, streetscape lighting/furniture and alley improvements
are necessary. The improvements are estimated to cost $525,000.
(Project costs= $505,000 + Interest costs = $20,000)
The breakout of the public improvement costs are outlined on the following page.
23
PART II: EAST DUNKLIN PROJECT - 2009 TIF PROPOSAL
E. Dunklin Project Cost Breakdown
The project area included in these estimates is the 100 Block E Dunklin
and the ancillary space identified as the ECCO parking lot and Tanner
Way improvements.
Curbs, Gutters Sidewalks $125,000
North side: removal and replacement - 320 linear feet
South side: removal, raise, replacement- 295 linearfeet
Lighting $140,000
Both sides: base, standard, luminare, wiring - 13 units
Landscaping $ 45,000
North side: tree wells & trees-7 units; green strip-
2800 sq ft; decorative fence-65 ft
Southside: tree wells & trees-7 units
Parking Lot-ECCO $ 65,000
Rehabilitate & Expand (55 x 199): Paving, landscaping,
lighting; 24 existing spaces, 14 new spaces
Rear paving & Stormwater $ 99,000
114-122 E Dunklin Rear: paving, structures,
street cut, repairs
Engineering/Legal Fees $ 56,000
Professional services for project
TOTAL $530,000
24
PART II: DUNKLIN PROJECT - 2009 TIF PROPOSAL
E. Dunklin Project Sales Tax Increment
TAX BASIS TIF AREA = $ 112,388.00
Total 2008 City & County Sales Tax (collected Jan-Dec)
The amount of funding available for the TIF Area will equal half of the increased
sales tax revenue collected in the TIF area over the basis year 2008. The Act
defines these revenues as Economic Activity Taxes or EATS. The EATS is
projected below using the following assumptions for increases in the five block
TIF Area.
* The economy has strengthened after a weak year in 2008 and two new
retail stores have opened in TIF Area-auto sales and boutique. Therefore
total sales are projected to increase 10% in 2009.
The redevelopment will be completed in 2010; retail/food activity will be
established; projected increase is 25%,
100 block of E Dunklin becomes a destination and generates at least $1.4
mil in additional sales annually starting in 2011; projected increase is 49%.
TIF Area continues to improve; annual sales increase 5% each year
beginning in 2012.
10 Year Sales Tax Proiections
Year Increase% (calculation) Increment(inc/half)
2009 +10% ($112,388 x .10=$11238) _ $ 5,615
2010 +25% ($166,062 x .25=$30907) _ $ 15,453
2011 +49% ($196,969 x .49=$96515) _ $ 48,257
2012 +5% ($293,484 x .05=$14674) _ $ 55,594
2013 +5% ($308,358 x .05=$15417) _ $ 63,303
2014 +5% ($323,775 x .05=$16189) _ $ 71,397
2015 +5% ($339,964 x .05=$16998) _ $ 79,896
2016 +5% ($356,962 x .05=$17848) _ $ 88,820
2017 +5% ($463,630 x .05=$23182) _ $ 97,744
2018 +5% ($486,812 x .05=$24341) _ $109,914
25
PART II: EAST DUNKLIN PROJECT - 2009 TIF PROPOSAL
E. Dunklin Project Property Tax Increment
TAX BASIS TIF AREA = $ 161,225.55
Total Property Tax due December 2008
Cole County Property Tax Levy, based on $100 of assessed valuation:
1 ) County of Cole General Fund-$.34; 2) Cole County Road & Bridge-$.27;
3) City of Jefferson 464; 4) Jefferson City School District-$3.68;
5) Library-$.20; 6) Handicapped-$.09; 7) State of MO-$.03 for a total of$5.25.
There is an additional$.28 surcharge on commercial for a total of$5.53.
The amount available for the TIF Area is the increase or increment from the basis
year or January 2009. This is known as Payment in Lieu of Taxes or PILOTS.
The PILOTS are projected below using the following assumptions:
* Economic conditions on the Southside are poised to absorb the retail and
services offered in the redevelopment;
* Mayor employers, Central Dairy, Coca-Cola, Capital Region Hospital, are
situated near the redevelopment area; employees will patronize new
business;
* Dunklin Street Project will have significant impact in 2011 for tax year
beginning January 2012; 11% TIF District impact predicted; then 7% &
3% overall property tax increases in successive years;
* Starting in 2014 property tax will increase at a typical rate (2%).
10 Year Property Tax Projections
Year Increase%(calculation) Increment
2010 +3% ($161,225 x .03=$4837) - $4,837
2011 +11% ($166,062 x .11=$18266) - $23,104
2012 +7% ($189,347 x .07=$13242) _ $36,346
2013 +3% ($225,512 x .03=$6765) _ $43,111
2014 +2% ($268,623 x .02=$5372) _ $48,483
2015 +2% ($317,106 x .02=$6342) - $54,825
2016 +2% ($371,193 x .02=$7439) _ $62,264
2017 +2% ($433,457 x .02=$8669) _ $70,933
2018 +2% ($504,390 x .02=$10087) - $81,021
2019 +2% ($585,411 x .02=$11708) - $92,729
26
PART II: EAST DUNKLIN PROJECT - 2009 TIP PROPOSAL
E. Dunklin Project Property Tax Increment - detail
MAJOR REHABILITION PROPERTIES
Projected income and expense for three Dunklin St. properties:
PROPERTY#1 - 116-118 E. Dunklin St.
Barber shop $500 x 12 = $6,000 + NNN
Retail$6.00 x 1,000 sf= $6,000 + NNN
Retail $6.00 x 1,800 sf= $8,400 + NNN
Retail $6.00 x 7,000 sf= $42,000 + NNN
Total projected gross rent = $62,400 + NNN
Less expenses and vacancies — 10% - $ 6,240
Net Operating Income $56,160
Cap Rate of 9% = $624,000 value
PROPERTY#2 — 120-122 E. Dunklin St.
Retail - $8.00 x 1,062 sf = $8,500 + NNN
Retail - $8.00 x 900 sf= $7,200 + NNN
Large apt. 2nd floor - $600 x 12 = $7,200
Small apt. 2nd floor - $500 x 12 = $6,000
Large apt. 3rd floor- $600 x 12 = $7,200
Small apt. 3rd floor- $500 x 12 = $6,000
Total projected gross rent $42,100
Less expenses and vacancies 15% _ $ 6,315
Net Operating Income $35,785
Cap Rate of 9% = $398,000 value
PROPERTY #3 -124 E. Dunklin St.
Retail - $8.00 x 1840 sf= $14,720 + NNN
Apt. 2"d floor— 1,840 sf- $770 x 12 = $ 8,400
Total projected income $23,120
Less expenses and vacancies 15% _ -$ 3,468
Net Operating Income $19,652
Cap Rate of 9% = $218,000
27
PART II: EAST DUNKLIN PROJECT - 2009 TIF PROPOSAL
E. Dunklin Project Property Tax Increment - detail
MINOR REHABILITION PROPERTIES
Projected re-assessment for five Dunkfin St properties based on assumptions:
PROPERTY#1 -701-703 Jefferson St (ECCO Restaurant, Hair Salon, Resale
Shop- approx 3800 sq ft ,Upper level residential space — 6 units, Parking lot
Current appraised value = $307,900 Projected value = $369,480
20% increase based on area redevelopment and new operation of ECCO &
improved attractive parking.
PROPERTY # 2 - 126 E. Dunklin St (currently vacant, previously Mo &
Waldos/retail space — est. 2100 sq ft & upper level 2100 sq ft residential space —
2 units)
Current appraised value = $110,000 Projected value = $132,000
20% increase based on area redevelopment and renovation /occupancy of retail
space
PROPERTY #3 — 128 E. Dunklin St storefront/704 Madison Street address
(currently Blattner's Furniture retail/passive storage & office space second floor)
Current appraised value = $ 340,000 Projected value = $408,000
20% increase based on area redevelopment and renovation of retail space
PROPERTY #4 — 130 E. Dunklin (currently lower level We]-Com-Inn & upper
residential units)
Current appraised value = $88,000 Projected value = $105,600
20% increase based on area redevelopment & fagade removal of storefront
PROPERTY #5 — 118 E Cedar Way (currently warehouse space)
Current appraised value = $109,600 Projected value = $121,440
15% increase based on area redevelopment and significant fagade improvement
on E. Dunklin Street side.
28
PART II: EAST DUNKLIN PROJECT - 2009 TIF PROPOSAL
E. Dunklin Project Property Tax Increment - detail
BENEFITTING PROPERTIES
The remaining four properties in the redevelopment area on 100 Block of E.
Dunklin are projected to increase less significantly.
PROPERTY #1 - 629 Jefferson St
PROPERTY #2 - 113 E Dunklin St
PROPERTY #3 - 117 E Dunklin St
PROPERTY #4 - 620 Madison St
These properties are generally in good repair. They are currently fully occupied
and utilized as retail or storage space. Therefore the market value is projected to
increase 10% initially, then at the typical 2% growth rate.
29
PART 11: DUNKLIN PROJECT — 2009 TIF PROPOSAL
E. Dunklin Project TIF Payback
Based on the sales tax and property tax projections, it is anticipated that the
project will be paid off within 10 years or by 2019.
DUNKLIN STREET Project = $530,000
Interest over 10 years(est) 120 000
(assuming 5% interest rate)
TOTAL = $730,000
The project will be privately funded through Hawthorn Bank in the amount of
$1,000,000 /Term: 20 years / Status: Open /Contact: Jason Schwartz, Vice
President. A commitment letter from Hawthorn Bank is included as Exhibit 2.
The three properties in the major rehabilitation category: 116-118 E. Dunklin,
120-122 E. Dunklin, 124 E. Dunklin are owned by Dunklin Street Properties, LLC.
These properties will be managed by Larry F. Kolb. One retail lease has been
negotiated: a three year lease —Tenant: Lisa Rackers d/b/a The Perfect Fit
Boutique; two other retail leases are in negotiation. The five loft apartments will
rent upon completion of the construction.
30
PART II: DUNKLIN PROJECT — 2009 TIF PROPOSAL
E. Dunklin Project Cost-Benefit Analysis
The State of Missouri, Cole County, Jefferson City, Jefferson City School District
and other special districts will benefit from the redevelopment project. The
developer anticipates that upon completion, the development will generate new
annual sales tax revenue in 2009 in the amount of$11,238 (increment =$5,615)
then increasing significantly each year to $219,828 (increment =$109,914) in
2018. After the TIF is paid off, the entire sales tax will go to the taxing districts.
Currently the properties on the 100 Block of E. Dunklin are assessed at
$1,442,380.00 with a 2008 tax payment of $43,302.45. It is anticipated by a real
estate expert that the property values will increase by 2011; the estimates are as
follows:
Current market value 2011 market value
703 Jefferson $307,900 $369,480
116-118 E Dunklin $226,000 $624,000
120-122 E Dunklin $ 77,400 $398,000
124 E Dunklin $ 60,000 $218,000
126 E Dunklin $110,000 $132,000
704 Madison $340,000 $408,000
130 E Dunklin $ 88,000 $ 105,600
113 E Dunkfin $275,900 $303,490
118 E Cedar Way $109,600 $121,440
117 E Dunklin $180,000 $198,000
629 Jefferson $201,300 $221,430
620 Madison $166,000 $182,600
No taxing district in Jefferson City, Cole County would be adversely affected by
creating a TIF District. All districts would receive a windfall when the TIF is paid
in full. In 2009, before redevelopment, the following districts received a total of
$43,302.45 in property taxes. That amount was disbursed among the taxing
entities as follows: School = $30,697.95; County = $4,852.29; City = $5,221.29;
Library = $1,652.49; Handicapped = $668.84; State = 209.59. During the
period that the TIF District is being paid off, the revenue would continue. Thus,
the other taxing districts would receive the same tax revenues for subsequent
years until the TIF is dissolved and thereafter they would receive not only the
base but for the supplemental increased assessed valuation. When the TIF is
paid off, the twelve properties on the 100 block of E Dunklin would provide an
increase in tax revenue by 2019 in the amount of $54,127.
31
PART II: DUNKLIN PROJECT — 2009 TIP PROPOSAL
E. Dunklin Project Cost-Benefit Analysis
If property values increase from $1,442,380 to $3,324,040 as a result of this
redevelopment, the taxing entities would receive a windfall after the TIF is paid
off— nearly triple the current amount. Conversely, without this development
there would not be an increase in revenue to the political subdivisions overtime
and in the current situation a reduction is likely as the property values would
continue to decline.
Other benefits of the redevelopment include increased employment with the
development of new jobs. It is anticipated that 25 short term new jobs will be
created by the public improvements included in the TIF proposal. Then after the
redevelopment is complete at least 40 newjobs will be created by the new retail
opportunities on the block. Another benefit is the return of tenants to the area
living in quality upper level living space-six-to-eight units initially will be rehabbed.
Another important benefit is the replacement and rehabilitation of the existing
streets, gutters, sidewalks and parking lots. These improvements would
probably be delayed indefinitely without private investors having this opportunity
to re-direct tax dollars into this project. Without the TIF dollars, this project would
not be possible.
32
® 10-2009 13:95 From: 5736396329 To:98932631 Page:117
®®n 5136346329
®
® m
Overview ®f the TIF Process
1. A pre-application meeting Is held between the developer and the City
2. A Tax Increment Financing (TIF) Plan is submitted by developer applicant
to the City.
3. The City will review Application filed and determine whether the Application
is complete, conforms to the Comprehensive. Plan of the City and whether the
proposed project is eligible under the TIF Statute.
4. An analysis of the TIF Plan will be performed by City Staff and
representatives.
5. Within ninety (90) days of receipt of a completed Application, the
Application will be considered by the TIF Commission.
6. The TIF Commission will set a time for and conduct a public hearing for
consideration of the TIF Plan in accordance with requirements of TIF Statutes.
7. The TIF Commission, following the public hearing,may recommend approval
or denial of the TIF Plan to the City Council,and,if approved,the TIF Commission will
request proposals for designation of a developer for the Project identified in the TIF
Plan.
8. A Redevelopment Agreement is drafted and negotiated between the City and
the Developer.
9. The City Council considers TIF Plan, Redevelopment Agreement and
recommendations of the TIF Commission.
10. The City Council considers an Ordinance making necessary findings and
approving TIF Plan and Redevelopment Agreement,
11. Execution of the Redevelopment Agreement between the City and Applicant.
Post4ir Fax Note 7671 Date If P ages►
To '.L0.Y From 4til11'
Co1DepL Co.
Phone fI Phone C
Fax 4
( II
BANK ,.
September 16, 2009
Dunldin Street Properties,LLC
Lawrence Kolb
Steven Rollins
P.O. Box 6850
Jefferson City, MO 65102
RE: Dunldin Street Renovation Project
Dear Larry & Steve,
I am writing in regards to Dunktin Street Properties, LLC and the on going restoration
project on the East 100 block of Dual.lin Street, Jefferson City, Missouri. As established
customers with the bank.,the principals have demonstrated the financial capacity and
liquidity to warrant financing on this project. The Bank intends to provide financing at
your request as the project proceeds.
Please call if you have any questions 573-761-6197.
Sincerely,
Jason Schwartz
Vice President
Hawthorn Bank 1 132 East High Street,P.O.Box 688 I Jefferson City,MO 65102 1 7573.761.610() I www.idawthornB@nk.com
CERTIFICATE OF REIMBURSABLE REDEVELOPMENT PROJECT COSTS
FOR
SOUTHSIDE TIF PLAN FOR E. DUNKLIN STREET REDEVELOPMENT PROJECT
WITH
DUNKLIN STREET PROPERTIES, LLC—DEVELOPER
TO: City of Jefferson, Missouri
320 E. McCarty Street
Jefferson City, MO 65101
RE: Completion of TIF Project located within Southside TIF—100 Block E. Dunklin Street
ORDINANCE NO. 14607
In connection with the Southside Tax Financing Plan, Dunklin Street Properties LLC, the developer,
certifies that:
1. Each item listed on Schedule 1 hereto is a reimbursable redevelopment project cost and was
incurred in connection with the construction of the E. Dunklin Street Redevelopment
Project.
2. These reimbursable redevelopment project costs have been paid by the Developer and are
reimbursable under the Southside TIF Plan and ordinance.
3. Each item listed on Schedule 1 has not been previously paid or reimbursed from money
derived from the City TIF Fund or any money derived from any project fund established
pursuant to the Note Ordinance, and no part thereof has been included in any other
certificate previously filed with the City of Jefferson.
4. There has not been filed with or served upon the Developer any notice of any lien, right of
lien or attachment upon or claim affecting the right of any person, firm or corporation to
receive payment of the amounts stated in the request, except to the extent any such lien is
being contested in good faith.
5. All necessary permits and approvals required for the portion of the work for which this
certificate relates have been issued and are in full force and effect.
6. All work for which payment or reimbursement is requested has been performed in a good
workmanlike manner and in accordance with the TIF Plan.
7. The costs to be reimbursed under this Certificate constitute all qualified reimbursable
expenses under the TIF Plan and ordinance.
S. The Developer is not in default or breach of any term or condition of the TIF Plan and
ordinance. ����
Dated thiso�? day of A/�WAdE/1 , 20Z.
6d��
By: Dunklin Str et Properties, LLC
Name: Z/ri(xy l• /1� G�
Title:
Approved for payment this2l_day of.42(?cembeL 20
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Overview f the TIF Process
1. A pre-application meeting Is held between the developer and the City
2. A Tax Increment Financing (TIF) Plan is submitted by developer applicant
to the City.
3. The City will review Application filed and determine whether the Application
is complete, conforms to the Comprehensive. Plan of the City and whether the
proposed project is eligible under the TIF Statute.
4. An analysis of the TIF Plan will be performed by City Staff and
representatives.
5. Within ninety (90) days of receipt of a completed Application, the
Application will be considered by the TIF Commission.
6. The TIF Commission will set a time for and conduct a public hearing for
consideration of the TIF Plan in accordance with requirements of TIF Statutes,
7. The TIF Commission,following the public hearing, may recommend approval
or denial of the TIP Plan to the City Council,and,if approved,the TIF Commission will
request proposals for designation of a developer for the Project identified in the TIF
Plan.
S. A Redevelopment Agreement is drafted and negotiated between the City and
the Developer.
9. The City Council considers TIF Plan, Redevelopment Agreement and
recommendations of the TIF Commission.
10. The City Council considers an Ordinance making necessary findings and
approving TIF Plan and Redevelopment Agreement,
11. Execution of the Redevelopment Agreement between the City and Applicant.
post4V Fax Note 7671 Da1c of 70 psgea�
To Lar From
Co1DGPI. Co.
Phone 11 Phone M
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,
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L u SOUTHSIDE REDEVELOPPAEIJT PLAPI - 2009 ------•----- --- ---------
JUNE 19, 2009
t
i
TO WHOM IT MAY CONCERN:
Based upon the results of the study, it has been recommended that the area described in the
study is a "blighted area" as such term is defined in Section 99 of the Missouri Revised Statues,
and other amendments as applicable.
This report (chapter 5) describes and documents those conditions that, without TIF or other
economic redevelopment tools or incentives, the area will further erode the economic viability of
the neighboring areas and continue its economic and social liability for the City of Jefferson City,
its residents, and the taxing districts that depend upon it as a revenue source.
In summary, the Southside Neighborhood Area suffers from a multitude of physical and
economic deficiencies including, but not limited to:
• defective or inadequate street layout,
• unsanitary or unsafe conditions,
• deterioration of site improvements,
• improper subdivision or obsolete platting,
• excessive vacant land and buildings,
• conditions which endanger life or property by fire or other causes,
• and economic obsolescence.
These conditions which endanger life and or property as described in Section 99 of the State
Statute meet the definition and of a blighted area.
Arcturis
Planning, Urban Design and Architecture
by: Mu v��1'1 :?
Bill Burke, ASLA, APA, RLA
Principal '
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SOUTHSIDE REDEVELOPMENT PLAI•I - 2009 —�--------------�----.--------.-------- ._._
EXISTING ZONING
Map 5.3: Existing Zoning
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N_Q -,QRS-1 Read,Low Density Detached
I IJ •, a'W10' S.Jt "-t�R5.2 Real,Low Density Detached
Res],Medium Density Detached I,
� r p J iRS-0 Real,Medium Density Detached =
!. p—tTFID Res],Medium Density Attached
yqy.�jt r f`�. I ,yRA4 Res],High Density
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-RA-2 Real,High Density f'
N-O Neighborhood Commercial
Office
I C-7 Neighborhood Commercial � c
C-2 General Commercial
C-3 Central Commercial k
Light Industrial it 4 1
$' M-2 General Industrial
..,PIID Plnnned llnit DnvElpnmerQ,,._,,,_ C
Source:Arctuds,City of Jefferson
The Redevelopment Area has a wide variety of zoning designations, as discussed in more detail
to follow. The majority of the area is comprised of either RA-2 (high density residential) or C-2
(general commercial). Other forms of residential and commercial zoning exist but generally
follow specific land use entities, i.e. hospitals or residential housing types.
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SOUTHSIDE REDEVELOPMEI,IT PLAN - 2009
Map 5.4: Existing Land Use
Land Use
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Source:Arcturis,City of Jefferson
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SOUTHSIDE REDEVELOPMENT PLAN - 2009
ROAD INFRASTRUCTURE
The "Functional Classification System" is a category designation system used to identify the
design and operational standards of roadways according to their purpose and the movement of
vehicles. A higher functional classification implies higher traffic capacity, higher speeds and
typically longer traveling distances. The hierarchy of street types in descending order includes:
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• Primary Corridors (Freeways): provide the highest level of mobility and direct access to
property is limited
• Secondary Corridors (Arterials and Collectors): represent an intermediate functional
category. They serve to provide both mobility and access
• Tertiary Corridors (Local Roads): are the lowest of functional categories and have limited
mobility while providing primary access to small commercial and residential areas.
Overall, the condition of infrastructure within the study area is poor and consists of outdated
systems in need of upgrade. Secondary corridor alignment such as Monroe and Madison
Avenues narrow south of Ashley just as the topography becomes hilly. As the alignment
narrows, the condition of structures and overall market conditions begin to decline. The decline
in value is directly related to access, traffic flow, and topography combined with the age and
condition of structures.
Street Conditions Overall street conditions within the study area are in need of upgrades and
improvements. Curbs, gutters, sidewalks and lighting are all older and in need of repair. No
consideration has been given to the relationship between the infrastructure and possible
commercial use of sidewalks. For instance, parking along the curb on narrow residential streets
is allowed, making maintenance and cleaning difficult if not impossible.
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,:I SOUTFISIDE REDEVELOPMENT PLAN - 2009
SWOT ANALYSIS 0
STRENGTHS (WEAKNESSES
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Location - Close proximity to State Capitol State Route 50/63 poses a physical and
Building, governmental businesses and a psychological barrier between study area
viable downtown including defective street grid
Southside Redevelopment District, Only three north/south thoroughfares
composed of committed business owners within the study area, inadequate street
interested in improving the area layout
Bounded by State Route 54 and served by Lack of residential density to support retail
two interchanges Aging and deteriorating condition of
Bounded by State Route 50/63 (Whitton structures, boarded homes, deterioration
Parkway) on the north of site improvements
Two regional hospitals Lack of parks and other recreation
Presence of major businesses (Central activities and open space
Dairy, Coca-Cola, etc.) Topography
Existence off Wears Creek as a Spotty land use patterns
recreational amenity Dated zoning ordinance may limit
Presence of historic architecture development
Existing trail Poor sidewalk and curb conditions
Affordable land values Electrical lines cause aesthetic
On-street parking devaluation
Mix of uses Lack of traffic calming measures
Streets laid out as a grid Lack of code enforcement
Aged, low density commercial sites as Low ratio of owner to renter occupied
rime redevelopment locations housing
OPPORTUNITIES rfHREATS
St. Mary's Hospital - May be a possible St. Mary's Hospital - Could possibly
redevelopment site if the hospital relocate
relocates Flooding due to Wears Creek
Opportunity for potential assembly of Conversion of State Route 50/63 to
properties for redevelopment limited access highway from 54 to
Wears Creek available for development of Lafayette as proposed by Environmental
a recreational amenity or piping Impact Study being prepared by HNTB for
• Street widths of most major streets MoDOT.
provide opportunity for inclusion of wider Potential for isolation and abandonment of
landscaped sidewalks and medians study area as development and
Urban grid pattern investment moves away from the
Redevelopment and highest and best use downtown area ---
of properties along Madison and Dunklin Lack of interest does not facilitate the w '
can spur investment in the area planning and negotiations necessary to
Political will and support of business solicit and receive funds to implement this
community for redevelopment plan
Federal, State and private funding sources Economic obsolescence "+
may be available
Establishing special districts pursuant to
state statutes
Planned convention center adjacent to
study area
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SOUTHSIDE REDEVELOPMENT PLAN - 2009
BLIGHT ANALYSIS SUMMARY
Conditions exist within the Southside Redevelopment Area that meet the blighted area definition
as outlined in Section 99 of the State Statute.
"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 obsolete 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 a menace to the public health, safety morals, or welfare in its present
condition and use;
Utilizing this definition, the Redevelopment Area is negatively contributing to the public health,
safety, morals and welfare and is a blighted area. Specifically, the area possesses unsanitary or
unsafe conditions, deteriorated site improvements, existence of conditions which endanger life
or property by fire or other causes.
Relevant examples include:
1. Street Layout: interrupted street grid pattern and deterioration of streets, curbs and gutters.
2. Unsanitary conditions: lack of accessible sidewalks, trash dumping and overgrown
vegetation, environmental concerns and lack of accessible entries to buildings.
3. Site Improvements: deteriorated and inadequate streets, curbs, gutters and sidewalks, poor
conditions of structures, age of structures, deteriorated site improvements including storm
drains and retaining walls.
4. Improper Subdivision & Obsolete Platting: narrow sized lots lacking sufficient depth,
irregular and inconsistent adjacent parcels and the existence of multiple ownerships that are
in-adequate for modern development.
5. Unsafe conditions: vacant and unsecured properties, potential fire hazards, and the potential
for hazardous building materials.
The result is an economically and functionally defective area that possesses area of physical
deterioration. In its current state the area will not regenerate and the problems, issues and
exceptions will remain or increase. w b
The analysis in the report discusses the conditions and illustrates the examples of a blighted
area from both physical and economic angles. The absence of new investment and or
redevelopment initiatives clearly indicates a continual negative decline.
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L: SOUTHSIDE REDEVELOPMENT PLAN -2009
Unsanitary or Unsafe Conditions
Trash dumping and overgrown vegetation is prevalent throughout both the residential and
commercial areas. These areas create potential hazards for residents, workers and visitors of
the area. Rodents and associated diseases can be fostered by such unsanitary conditions
resulting in unsafe neighborhoods.
Lack of accessible walkways and building entries exist within the study area. This is not in
compliance with the ADA and creates a hazardous condition of the public.
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SOU FISIDE REDEVELOPMENT PLAN - 2009
Economic Liability 0
While Jefferson City is a prosperous city with a vibrant economy, the Southside Neighborhood is
clearly in a state of economic decline. The lack of investment in the area combined with the
deterioration of infrastructure points to an opportunity for redevelopment. Given the close
proximity of the Redevelopment Area to the Capital Complex and the employment center that it
is, the underutilization of the area is significant.
The Socio-Economic profile of the area contrasted against both Cole County and the City of
Jefferson as a whole illustrates economic hardship. The number of 1 person households is
nearly twice the Counties average, the median household income is nearly half of the Counties,
the vacancy rate is more than double the counties, and the renter occupied housing is also
twice the county rate.
Other factors also illustrate the lack of prosperity in the neighborhood, structures on average are
30 years older, and in general 40% of the structures were built prior to 1940.
The combination of these factors results in an economic liability for the Redevelopment Area
and the surrounding neighborhoods. The depressed economic character is expressed by the
low housing value, low income and high amounts of public assistance with housing.
Menace to Public Health, Safety, Morals or Welfare
The combination of factors constituting a blighted condition in the Southside Redevelopment
area has been discussed. In turn, the area is also a menace to the public health, safety, morals
and welfare. The overall poor condition of infrastructure in the area creates a safety condition for
residents, employees and visitors to the area. The health and safety concerns are further
exacerbated by the numerous vacant lots, unkempt properties and deterioration of structures
within the neighborhood.
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SOUTFISIDE REDEVELOPMENT PLAN - 2009 -------------- ------ -__.—___—__�____.
CONCLUSIONS OF BLIGHT ANALYSIS AND RECOMMENDATIONS
• The Area is "blighted" per the factors established under Missouri State statute.
• The City and its residents would benefit if the Redevelopment Area were to improve its
public infrastructure.
• The Area is an excellent location for the City to promote redevelopment.
• The existing zoning could be utilized to initiate an Urban Renewal District.
• The addition of new public and or private investment in the area will increase the local
tax base in an area already serviced by city services and occupying a prominent location
near the state capital.
• Historic properties are more likely to be preserved or rehabilitated if a new URD is
created.
Based on the findings contained in this report, a recommendation that a resolution of necessity
be adopted finding that areas of blight exist within the Southside Redevelopment Area, and that
the existence of these areas substantially impairs or arrests the growth of the city or its
neighborhoods, constitutes an economic or social liability and/or is detrimental or constitutes a
menace to the public health, safety, welfare, and morals in its present condition and use, by
reason of:
• Defective or inadequate street layout identified within the study area,
• Instances of known deterioration, inadequate provisions and/or age obsolescence of the
following public improvements within the study area: streets, sidewalks and curbs and
gutters,
• Instances of age obsolescence of buildings within the study area,
• Instances of unsanitary or unsafe condition,
• Inadequate or interrupted street grid,
• & obsolete or improper subdivision.
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Exhibit B
Certification of Reimbursable Project Cost
Page 16 of 19
CERTIFICATE OF REIMBURSABLE REDEVELOPMENT PROJECT COSTS
FOR
SOUTHSIDE TIF PLAN FOR E. DUNKLIN STREET REDEVELOPMENT PROJECT
WITH
DUNKLIN STREET PROPERTIESi LLC—DEVELOPER
TO: City of Jefferson, Missouri
320 E. McCarty Street
Jefferson City, MO 65101
RE: Completion of TIF Project located within Southside TIF-100 Block E. Dunklin Street
ORDINANCE NO. 14607
In connection with the Southside Tax Financing Plan, Dunklin Street Properties LLC, the developer,
certifies that:
1. Each item listed on Schedule 1 hereto is a reimbursable redevelopment project cost and was
incurred in connection with the construction of the E. Dunklin Street Redevelopment
Project.
2. These reimbursable redevelopment project costs have been paid by the Developer and are
reimbursable under the Southside TIF Plan and ordinance.
3. Each item listed on Schedule 1 has not been previously paid or reimbursed from money
derived from the City TIF Fund or any money derived from any project fund established
pursuant to the Note Ordinance, and no part thereof has been included in any other
certificate previously filed with the City of Jefferson.
4. There has not been filed with or served upon the Developer any notice of any lien, right of
lien or attachment upon or claim affecting the right of any person,firm or corporation to
receive payment of the amounts stated in the request, except to the extent any such lien is
being contested in good faith.
5. All necessary permits and approvals required for the portion of the work for which this
certificate relates have been issued and are in full force and effect.
6. All work for which payment or reimbursement is requested has been performed in a good
workmanlike manner and in accordance with the TIF Plan.
7. The costs to be reimbursed under this Certificate constitute all qualified reimbursable
expenses under the TIF Plan and ordinance.
8. The Developer is not in default or breach of any term or condition of the TIF Plan and
ordinance.
Dated thisaV day of /1/(/l/�/11��� , 20�. / A
By: Dunklin Str et Properties, LLC
Name: z i`xy
Title: /O"ARAi :
Approved for payment this 2j day of ec n/` ,201L-
CITY OF J FF'R5O �SS URI
By I
Name; C1'—/ dw` �trrr—
Title; _�(� ,t L� d !/''
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Exhibit C
Certification of Baseline Economic Activity Taxes&Baseline Assessed Value
Page 17 oP 19
CERTIFICATION OF ECONOMIC ACTIVITY TAXES
(SALES TAX)
CITY OF JEFFERSON CITY, SOUTIISIDE TAX INCREMENT FINANCING REDEVELOPMENT
AREA
(TIF AREA)
1, Sheila Pearre, Chief-Accountant of the City of Jefferson City, do hereby certify Chat the total Economic Activity Taxes(Sales Tax)
collected by the City of Jefferson City within the Sonthside Tax Increment Financing Redevelopment Area as designated by the
Redevelopment Plan approved by the City Council on November 17,2009 by Ordinance 914607 for the previous tax year totals one
hundred eight two thousand two hundred sixty two dollars and eighty six cents($182,262.86), derived from the imposition of a total of
two(2%)percent combined sales tax levies,imposed by the City of Jefferson City. The amount collected by Cole for the same period
is ninety one thousand one hundred thirty one dollars and forty three cents($91,131.43)derived from the imposition of a one(I%)
percent combined sales tax levies. This is the baseline amount of tax dollars generated from all economic activity within the
Redevelopment Area which shall be continued to be collected by the City of Jefferson City and Cole County respectively. Fifty-
percent(50%)of any increase above this amount for each tax year,July I"through June 30"i,during the tern of the Redevelopment
Plan, beginning November 17,2009, shall be paid to the Special Allocation Fund in accordance with the Redevelopment Plan. A list
of all businesses, which are included in the Redevelopment Area,and generates these totals Economic Activity Taxes are herein
attached and made part of this certification. All amounts are obtained from the Missouri Department of Revenue reports.
Shiela Pearre, Chief Accountant Date
BASELINE LIST OF BUSINESSES LOCATED WITHIN THE SOUTHSIDE TIF DISTRICT
BUSINESSES LISTED BY ADDRESS-NOT ALL HAD OR HAVE SALES TAX REPORTS
NAME OF BUSINESS AT ADDRESS ADDRESS
VACANT 105W. Dunklin
Coleman Appliance 113E Dunklin
Ewers Tires 111W. Dunklin
RB Intl Food Store 116E. Dunklin
Tribe Investments/Texas T Saloon 116E. Dunklin
So Krispy 116E. Dunklin
VACANT 118E. Dunklin
Hiens Floor Covering NO REPORT 120W.Tanner Way
Edgewise NO REPORT 120E. Dunklin
Dunklin St Gallery 121W. Dunklin
Perfect Fit NO REPORT 122E. Dunklin
Masons Place NO REPORT 126E. Dunklin
VACANT 126E. Dunklin
Jefferson City Dance Academy 129W. Dunklin
We[Com Inn 130E. Dunklin
VACANT 203E. Dunklin
Jaegers Enterprises NO REPORT 206E. Dunklin
Checkered Flag Collectables NO REPORT 220E. Dunklln
Missouri Ag Services Corp 219E. Dunklin
PR Enterprises of Missouri NO REPORT 219E. Dunklin
Jeff City Filing NO REPORT 222E. Dunklin
Our 365 Portraits 222E. Dunklin
Aerea Spa NO REPORT 222E. Dunklin
Silpada Designs 222E. Dunklin
Anthony Jinson Photography NO REPORT 224E. Dunklin
Capitol Chiropractic Care 225E. Dunklin
C-Dubs Pub&Grub NO REPORT 226E. Dunklin
Pasta Fresca NO REPORT 226E. Dunklin
Clarkston Carpet Care NO REPORT 226E. Dunklin
Decision One Corp NO REPORT 226E. Dunklin
Prairie Farms 610 Madison
W RG Inc/Accents 615 Jefferson
Buschs Florist 620 Madison
Korner Antiques 626 Jefferson
JT's CDs and Records NO REPORT 626 Jefferson
B&B Quality Furniture 628 Jefferson
Heartland Security Svcs NO REPORT 628 Jefferson
Capitol Liquor NO REPORT 629 Jefferson
Cut-n-Up w/Deidrea Hair Salon NO REPORT 701 Jefferson
Marks Southside Conoco NO REPORT 701 Madison
Doug's Boulevard Motors LLC NO REPORT 701 Madison
ECCO Lounge 703 Jefferson
ECCO MDS LLC NO REPORT 703 Jefferson
Blattners 704 Madison
CK's Fashion Consulting NO REPORT 705 Jefferson
Show Me Printing 705 Madison
1C Fire Specialists 705 Washington
Lasting Impressions 707 Washington
Lasting Impressions/Debra Veit NO REPORT 707 Washington
Donna Kolb NO REPORT 707 Washington
B&K Gifts LLC 707 Washington
The Warming House 707 Washington
Just Karl It NO REPORT 707 Washington
Noah's Ark Learning Center NO REPORT 708 Jefferson
Brigittes Alterations 709 Madison
VACANT 709 Madison
Emerald Island Tanning 710 Jefferson
Parlour&Serendiptly Too NO REPORT 711 Jefferson
Make Believe Parties NO REPORT 711 Jefferson
Party Maids NO REPORT 711 Jefferson
Naughty Nans NO REPORT 711 Jefferson
Rumors/Club 710 NO REPORT 710 Madison
Pioneer Systems/Rush Cash NO REPORT 711 Madison
Universal Lending Corp NO REPORT 712 Jefferson
Stone Management NO REPORT 712 Jefferson
Frosted Art NO REPORT 712 Jefferson
Family Dollar 713 Madison
VACANT 716 Monroe
Thompson &Thompson CPA NO REPORT 720 Madison
Iss Facillity Services Inc 721 Jefferson
BGM Industries NO REPORT 721 Jefferson
Petals for You 722 Jefferson
Unique Creations Studio LLC 722 Jefferson
Salisch Paint 722 Jefferson
Victoria's Bridal 722 Jefferson
K's Consignment 722A Jefferson
Drapery Design 7228 Jefferson
BASELINE OF ECONOMIC ACTIVITY TAXES COLLECTED WITHIN THE SOUTHSIDE TIF
JULY,2008 THROUGH JUNE 30, 2009
CITY 2% $182,262.86
COUNTY 1% $91,131.43
TOTAL 3% $273,394.29
DUTIES OF COUNTY ASSESSOR
TAX INCREMENT FINANCING DISTRICTS (TIPS)
Under Missouri Law,the County Assessor only has obligations under the State Statues when a
TIF (Tax Increment Finance District) is created. Under RSMo.99.855 the Assessor is required to
certify the initial equalized assessed value of the taxable real property in such redevelopment
project area. The initial equalized assessed value for each parcel shall be frozen at that rate for
the duration of the TIF, not to exceed 23 years. The Assessor will in each subsequent year that
the TIF is in place assess each parcel in the same planner as all other property in the county. The
increase in assessed value over the initial assessed value shall be entered on the tax books
separately and reported to the County Cleric in the name of the Redevelopment Area. The
Collector will be responsible for preparing tax bills which will collect the taxes on the initial
assessed value for the benefit of the existing taxing districts and for the increase in assessed
value for the benefit of the TIP. The increase is called the "PILOT'S (Payments in lieu of taxes).
The increase in assessed value under a TIP plan is a payment fi-om the property owner in lieu of
taxes to be used for a specific use, i.e. the TIF improvements.
Tax rates for districts containing redevelopment projects, method for establishing--county
assessor's duties--method of extending taxes to terminate, when. 99.855.
1. If a municipality by ordinance provides for tax increment allocation financing pursuant to sections 99.845 and
99.850, the county assessor shall immediately thereafter determine total equalized assessed value of all taxable real
property within such redevelopment project by adding together the most recently ascertained equalized assessed
value of each taxable lot, block, tract, or parcel of real property within such project, and shall certify such amount as
the total initial equalized assessed value of the taxable real property within such project.
2.After the county assessor has certified the total initial equalized assessed value of the taxable real property in such
redevelopment project,then, in respect to every taxing district containing a redevelopment project,the county cleric,
or any other official required by law to ascertain the amount of the equalized assessed value of all taxable property
within such district for the purpose of computing any debt service levies to be extended upon taxable property
within such district, shall in every year that tax increment allocation financing is in effect ascertain the amount of
value of taxable property in a redevelopment project by including in such amount the certified total initial equalized
assessed value of all taxable real property in such area in lieu of the equalized assessed value of all taxable real
property in such area. For the purpose of measuring the size of payments in lieu of taxes under sections 99.800 to
99.865, all tax levies shall then be extended to the current equalized assessed value of all property in the
redevelopment project in the same manner as the tax rate percentage is extended to all other taxable property in the
taxing district. The method of extending taxes established under this section shall terminate when the municipality
adopts an ordinance dissolving the special allocation fund for the redevelopment project.
(L. 1982 H.B. 1411 & 1587$9,A.L. 1986 S.B.664 merged with H.B.989&1390,A.L. 1991 H.B.502)
CERTIFICATION OF ASSESSED VALUE
CITY OF JEFFERSON CITY, MISSOURI SOUTHSIDE TAX
INCREMENT FINANCING REDEVELOPMENT AREA
I, Christopher Estes, County Assessor of Cole County, Missouri, in compliance with
Section 99.855 of the RSMo. do hereby certify that the initial equalized assessed value of
the Southside Tax Increment Financing Redevelopment Area of the City of Jefferson
City, Missouri which was approved by the City of Jefferson City City Council on
November 17, 2009 by Ordinance#14607 is based on the
Redevelopment Area as defined in the Redevelopment Plan, adopted and attached to
Ordinance 414607.
I have reviewed the equalized assessed value of each taxable lot, block, tract, or parcel of
real property within the Redevelopment Area as approved and attest that the value above
is the sarne as recorded on the official assessment records of Cole County for the tax year
2009. The total is obtained by adding the value of each parcel listed in the
Redevelopment Area together. Lists of all property with assessed values are attached to
this certification.
Christopher Estes, Cole County Assessor DATE
ATTESTED:
Marvin Register, Cole County Clerk Date
STATEMENT OF PROJECT COST, EXPENSE,AND RECEIPT OF PAYMENTS
DUNKLIN STREET PROPERTIES, LLC
SOUTHSiDE TIF
DATE OF STATEMENT 5/10/2012
Capital amount of Reimbursable Project Cost was certified by the City on December 21,2011
Cost were incurred from November 16,2009 through certification date.
Expenses are for interest and financing cost and other expenses in administration of TIF.
Income is a credit from direct payments from the Cole County Collector for PILOTS.
DATE DESCRIPTION AMOUNT PAYMENTS BALANCE
12/21/2011 Certified Capital Cost-See Exhibit 0 for Certification $560,537.17 $560,537.17
5/10/2012 Less Payments of PILOTS-See Statement $ 31,706.00 $528,831.17
5/10/2012 Consulting Cost-See Invoice $2,500.00 $531,331.17
5/10/2012 Interest Accured 2012 $32,124.45 $563,455.62
PAYMENTS IN LIEU OF TAXES(PILOTS)
RECEIVED BY DUNKLIN STREET PROPERTIES,LLC
TAX YEARS 2010 AND 2011
PAYMENTS RECEIVED FROM THE COLE COUNTY COLLECTOR OF REVENUE
YEARLY CUMULATIVE
DATE TAX YEAR 2010 AMOUNT TOTAL TOTAL
12/15/2010 DISTRIBUTION OF TAXES COLLECTED $444.54 $444.54 $444.54
1/25/2011 DISTRIBUTION OF TAXES COLLECTED $10,833.82 $11,278.36 $11,278.36
4/12/2011 DISTRIBUTION OF TAXES COLLECTED $1,81142 $13,090.78 $13,090.78
TAX YEAR 2011
12/8/2011 DISTRIBUTION OF TAXES COLLECTED $4,150.55 $4,150.55 $17,241.33
1/27/2012 DISTRIBUTION OF TAXES COLLECTED $14,463.64 $18,614.19 $31,704.97
2/8/2012 DISTRIBUTION OF TAXES COLLECTED $1.03 $18,615.22 $31,706.00
ALL STATEMENTS ATTACHED .
Larry Vitscent, Cnttector of Revenue p
Mernly Truba, Chief Depots
Cara Ztegelbein, Colleclor Supervisor
Km Vander Veen, Deputy Collector °
Dameiio tee, Deputy Collecor
%1. LE.' COUNWTICNIZI COLLECTOR
311 Fast High Sireel, Cnurlhouse Annex, (Room City.MD 69101
573-g31 '1124, Fray, 5i3-1s:A-9060
�Y yy re's* r-_ lY� X �'+^y,; j
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Dunklin Street Properties December 15, 2010
Enclosed is the receipt letter for distrilbutlo n of taxes. This amount is for:
Monthly Distribution of Taxes
Partial Distribution of Taxes
Final Distribution of Taxes
A report of the breakdown is included unless this is a partial payment. If there is
a remaining balance it will be sent at a later date with a final report of the
breakdown. If you have any questions please contact this office at your
convenience.
sannaaao=aaa anavae a naaanxaaamaxxaxaxxaaxaazanxxaoa naaaaxaavox w aaaaannxxx a a+naanvxxi
Received from Larry Vincent, Collector for the County of Cole, State of Missouri,
for collection during the month of November 2010.
6vaonthly Distribution $ 444.S4
Surtax Withheld
Additional Surtax Paid .tt
Amount of Payment $444.54
Received by:
Title:
Please sign both copies of this receipt, retain one for your file and mail the other L-o the Cole
County Collector's Office in the enclosed return.L'nvel[lp h�n$.i aG � a,;,4�3i6 9 5nd re.return 31 A s„ad`�i�rC"t
W38i,s ea F. eb l?,°I_Y:.�&l Ci,_8G°@ad @P°t� if:aaEsK bciETe°33c"'f G?.:'3 at i6't tt $xrkiat:3s r'9 _ag`"$'kr'" L- Tlleink you.
Lamy Vincent, Collector of Revenue
Cara Zie9elbein, Collector Supervisor
Kris Vander Veen, Deputy Collector
COLE
Danielle AXll e
OU� COLLECTOR � 1
311 East High Street,Courthouse Anne::,Room 100,detiemon City.Mo 65101
M-63.1-9124, Fax 573-634-9060
DISTRIBUTION of TAXES COLLECTED
E.Dunklin TIF January 25, 2011
Enclosed is the receipt letter for distribution of taxes, This amount is for:
J Monthly Distribution of Taxes
artial Distribution of Taxes
Final Distribution of Taxes
A report of the breakdown is included unless this is a partial payment. If there
is a remaining balance it will be sent at a later date with a final report of the
breakdown. If you have questions please contact: this office at your
convenience.
l................ itlCtl3.CO..........................."4tl............................
Received from Larry Vincent, Collector for the County of Cole, State of Missouri,
for collection during the month of December.
Less Partial- $0
Less Surtax Withheld- W
Total- $10,833.82
Received by: Z� Zz
Title: 1111110<11 /lit
jIG�N�I/tit ate•`. Pk a c�1 r; I; 1 G C
Please sign both copies of this receipt, retain one for your file and mail the other
to the Cole County Collector's Office in the enclosed return envelope. Failure
to slan and return this form will require you to nick un future T)aVments
at the Collector's office. Thank you.
Larry Vincent, Collector of Revenue
Caro 7ip,16bein, Chief Deputy
Krts vande, vcen, colleciol skwei VISOT
Daniell,- Ice, Deputy(-Nledoi a—
COLE COUN"rf TAX COLLECTOR
311 Eim High Stroel.Courthouse Annoy, Ronn) 100.Jefferson City N40 65101
t
DI 7RIBU 0 RON TAXES3 COLLECTED
E Dunklin Street TIF April 12, 2011
Enclosed is your distribution of taxes report. This amount is for:
[:] Distribution of Regular and Protested Taxes
With this distribution there are two reports included for each month. One report
is titled "PROTESTED ACCOUNTS" and the other "ACCOUNTS NOT PROTESTED".
The two reports added together should equal your total monthly distribution. If
you have questions, please contact the Collector's office at your convenience.
...................a.............P...0.............a....................
Received from Larry Vincent, Collector for the County of Cole, State of Missouri,
for collection of the above marked tax distributions.
Accounts Not Protested Distribution. $1r812.42
Protested Accounts Distribution: $
Total Distribution: $1f812.42
PAID BY CHECK ❑
PAID BY
Received by: r
Title:
Please sign both copies of this receipt, retain one for your file and mail the other
to the Cole County Collector's Office in the enclosed return envelope. Failure
to sion and return this form wiR require you to pick up future pAyMents
at the Collector's office. Thank you!
Larry Vincent, Collector of Revenue
Cara Ziegelbein, Chief Depth,
iris Vander Veen, Collector Supervisor
Danielle Ice,Deputy Collector
COLE COUNT°V TAX COLLECTORG1_U
311 East High Stt eel,Courthouse Annex,Room 100,Jeiierson city,fdo 66101
573-634-912 41, Fax 573-`634-9660
ISTR UT ON o TAXES COLLECTED
E Dunklin Street TIF December 8, 2011
Enclosed is your distribution of taxes report, This amount is for:
'-Distribution or Regular and Protested Taxes
With this distribution there are two reports included for each month. One report
is titled "PROTESTED ACCOUNTS" and the other "ACCOUNTS NOT PROTESTED".
The two reports added together should equal your total monthly distribution. If
there are no protested amounts collected for the month, you will only receive
one report. If you have questions, please contact the Collector's office at your
convenience.
evnnvanv®v eaaa aa¢a caavaaeaaa aaaae aamaaaaa a aavaaa a auaaaeaoaaa aaau aaavomaaaaaaneaaaa
Received from Larry Vincent, Collector for the County of Cole, State of Missouri,
for collection of the above marked tax distributions.
Accounts Not Protested Distribution: 4,150.51
Protested Accounts Distribution: �
Total Distribution-
PAID BY CHECK H.," JiJ112-1
PAID BY
v.
fia 4,
} y
yy ad r
Received b %�' s
Title: / ! /�f/iYl �t�' i'Z%Aelzlel
Please sign both copies of this receipt, retain one for your file and mail the other to the
Cole County Collector's Office in the enclosed return envelope. Failure to sign and
relearn this form will require you to pick uo future navrnents at the Collector's
office. Thank you!
Larry Vincent, Collector of Revenue
Cara Ziegelbein, Chief Deputy
Kris Vander Veen Collector$upeivisor
Danielle Ice, DeputV Coltteector y
COLE LOUNTI-17 � l ° /
311 East High Street,Courthouse Annex,Room 100,Jefferson City,MD 0,5101
� �°1 } G } 573-634-912,1, Fax 57733-630-90660 COLLECTED
.
E Dunklin Street TIF January 27, 2012
Enclosed is your distribution of taxes report, This amount is for:
L,/J Final Distribution of Taxes
With this distribution there are two reports included for each month. One report
is titled "PROTESTED ACCOUNTS" and the other "ACCOUNTS NOT PROTESTED".
The two reports added together should equal your total monthly distribution. If
there are no protested amounts collected for the month, you will only receive
one report. If you have questions, please contact the Collector's office at your
convenience.
vv ouPoVnu na nuvmcvv Pncvvu.PPnnvvvnuvnnvnvavvvuvvvunvaacn nv uumnvvn ucvun von von a vvnvvuva
Received from Larry Vincent, Collector for the County of Cole, State of Missouri,
for collection of the above marked tax distributions.
Partial Distribution; distributed an 1/13/12 0 � I
Moro-Protested Distribution. 14,4631 64
Protested Distribution: 0
Tota! Distribution: 14,463.64
PAID BY CHECK
`AID BY ACH
�� -
Received by: .
v�
Title: /�> �rriJll> .�'G r111��✓%'t5i
Please sign both copies of this receipt, retain one for your file and mail the other to the
Cole County Collector's Office In the enclosed return envelope, Failure to sib and
return thiso forraro shrill reaasire you to pick sans t€sture eomesats t t9ae m4ieortar"s
office. Thank you!
Larry Vincent,Collector ni Revenue
Cara Ziergelbein,Chief Deputy
f(is Vander Veen,Collector Supervisor U`
COLE COUNTY TAX COLLECTOR
311 East IJ-0iSu&L,Cnunhomw:tune,Room IOU,1c(mml('Ov.X10 ptilIt]
573-534.9134, Fax 573-63,1-9060
MSTRIEBUT10- N of TAXES COLLECTED
F Dunldin TIF
February 8, 2012
Enclosed is your distribution of taxes report. This amount is for:
Distribution ol'Nou Protested Taxes
Ii or the Monti] of: January
A report of the breakdown is included unless this is a partial payment. If there is a
remaining balance it will be sent at a later date with a final report of the breakdown. If you
have any questions please contact this office at your convenience.
Received from Larry Vincent, Collector for the County of Cole, State of Missouri, for
collection of the above marked tax distributions.
Accounts Not Protested Distribution: $ 1.03
Total Surtax Withheld: 5 -
Tot:al Distribution: 1.03
7 ___
Received by: '' it
q t
Title:
Distribution Paid by CIIECK
Please sign both copies of this receipt, retain one for your file a mail ail the
ether to the Cole County Collector's Office in the enclosed return envelope.
Failure to sign and return this form will require you to pick Lip future payments
at the Collector's Office, Thank you!!
G-ross associate,
2131 west Repuhlir Road,V323 0 5pringueld,ICU 68507
Telephone 417-125-0130 9 Fax 858-790-1288 u Emall grbsSllsct'nJnwtvis_J?-nef
(Jarrell Gvoss—Cel{—417-425-9460
May 10, 2012
Dunklin Street Properties, LLC.
P.O. Box 6850
Jefferson City, MO 65102-6850
RE: Statement& Invoice for Services
In accordance with a contract for professional services dated February 29, 2012 a
statement of payments and amounts due is herein provided with a list of services
completed. Services were exclusively for consulting work on the Southside TIF with
the City of Jefferson City. Contract was a fixed price contract of$2,500. Consultant
has assisted Client and City in preparing an administrative and collection procedure for
the City to collect and account for TIF revenue. Have assisted Client and City with the
preparation of a pay as you go contract for the reimbursement of project cost by the
City.
Amount paid upon execution of contract: $1,250
Balance Due $1,250
TOTAL CONTRACT AMOUNT $2,500
INTEREST AND FINANCING COST FOR REIMBURSABLE PROJECT COST
STATEMENT OF INTEREST PAID TO HAWTHORN BANK
BY DUNKLIN STREET PROPERTIES, LLC
FROM DATE OF EXPENDITURE OF FUNDS TO DATE
APPROVED BUDGET AMOUNT$570,000
CERTIFIED REIMBURSABLE AMOUNT$560,537.17
CUMULATIVE
DATE STATEMENT PERIOD AMOUNT BALANCE
4/15/2010 November 16,2009 THROUGH MAY 1,2010 $2,348.15 $ 2,348.15
5/27/2011 MAY 2,2010 THROUGH MAY 10,2011 $27,638.26 $ 29,986.41
4/24/2012 MAY 11, 2011 THROUGH MAY 10,2012 $32,124.45 $62,110.86
Z �W ftF r ,� `,;r' �y�I "" Hawthorn Bank Hawthorn Bank I I mnhom Bank Hawthorn Bank
PO Box 688 P0RoxIIC (0Bm'6-16 1 4 f 111 t, I:1
kflorson( itK MI 1'.510"' 1}t Ilan R70 L=IQ12 t 5155 Ii7(�I7 35 lu ing6rlrl. f i(1( .dU�
L0 573461 MOW) 35fi 9c.'. l,.d' 6rC8tl l�41
BANK ..
LOAN PILLING STATEMENT
ACCOUNT NUMBER 10102682
PAYMENT DUE DATE S/01/10
PRINCIPAL 0 . 00
INTEREST 2, 348 . 15
DUNKLIN STREET PROPERTIES, LLC LATE CH_ARGE 0 . 00
PO BOX 6850 // OTHER FEES 0. 00
JEFFERSON CITY MO GS102-6850 1 PAYMENT DUE 2 , 348 . 15
PAST DUE 0 . 00
TOTAL DUE 2, 34.8. 11=,
STATE''MENT DATE 4/1S/1.0
PAYMENT DUE DATE S j 01./L O
ACCOUNT NUMBER 10102682 PRINCIPAL 0 . 00
CURRENT BALANCE 171, 043 . 00 INTEREST 2 , 348 . 1S
INTEREST RATE 6 . 00001; LATE CHARGE 0 . 00
INTEREST IPAID YTD 0 . 00 OTHER. PEES 0 . 00
MATURITY DATE 5/01/11. PAYMENT DUE 2 , 348 . 15
PAST DUE 0 . 00
TOTAL DUE 2 , 348 . 15
DATE DESCRIPTION OF TRANSACTIONS AMOUNT RUNNING BALANCE
- - -- -------------` ----- -----—-- ----—-----------------—----------- -------- --- -
1/29/10 PREVIOUS PRINCIPAL BALANCE 0 . 00
1/291/10 ASSESSED - RELEASE FEES HR- 30 . 00 0 . 00
1/29/10 Interest Rate Change 6 .000000"%, 0 . 00
1/29/10 New Loan Advance x8, 693 .00 S8 , 693 . 00
2/18/10 Pr.-incipal Advance 82 , 350 . 00 171, 043 . 00
I liMT1 l0l,,tN BANK: Account *1 nm,,�aulions Paix I of I
View Transactions for: Dunkin St 10102682
Current Balance: $570,000.00
t w'InA T,arlsacljon5 View Range: Since List Statement ) 7 1 -, 1 15 s Ua, I 1E D a y..s j All
y
!Date: Ref/Check No: Description; Debit: Credit: l3clianCEd
$570,00D.DDI
D# 1015000002342 TO L#'10102682 1;27,638,26 $570,000.00;
PER JASON SCHWARTZ
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Exbibit E
Certification of Economic Activity Taxes for Calendar Years 3010 and 2011_
Page 19 of 19
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