Tax Increment Financing Annual Report

Transcription

1 Tax Increment Financing Annual Report Section 1: Description of the Plan and Project 1. Name of City and/or County (entity that approved the TIF Plan or Project): City of Kansas City, Missouri 2. Name of Plan or Project: 11 th Street Corridor TIF Plan 3. Report Period: From May 1, 2013 ; to April 30, Name of the person who prepared this Annual Report: Sandra L. Rayford 5. Contact Information: Deadline for Submission: November 15, 2014 (Note: The reporting period may cover any 12 month period prior to September 30.) This report includes the requirements of Section , RSMo which elements (or portions thereof) are identified by subsection noted in bold. Additional information is requested to accurately determine the impact of TIF in the State. The results of this unaudited report will be distributed to the Governor, Speaker of the House of Representatives the Senate President Pro Tem and the State Auditor and will be available to the public. There are three Sections to this report: Section 1, Description of the Plan and Project; Section 2, Tax Increment Financing Revenues; and Section 3, Certification of Accuracy. An Instruction Sheet is available. If you have any questions, please contact the Missouri Department of Revenue, Administration Division at a) City or County Contact Agency Tax Increment Financing Commission b) Person Heather Brown c) Phone (816) d) Fax (816) e) Address hbrown@edckc.com f) Private Sector Developer 11 th Street Corridor Redevelopment Corporation g) Person Will Hitzeman h) Phone (816) i) Fax (816) j) Address Whitzeman@dstsystems.com 6. Original Date Plan/Project Approved) December 10, 1992 (plan and Project E) 6/23/94 (Project F) 4/6/95 (Projects D, G1, G2, H1, H2) 11/21/95 (Project M) 8/8/96 (Project G3) 9/2/99 (Project Y) 9/16/99 (Project A) 12/10/98 (Projects I, U, V) 3/2/00 (Project X) 11/26/02 (Projects B, C, H3, J-L, N-T, W) 7. Ordinance Number (if available) (plan) (Projects A-E) (Projects F, G1-G3, H1-H3, I-L, N-R) (Project M) (Projects S-W) (Project X) (Project Y) 8. Most Recent Plan Amendment Date (if any) [ (9)] April 17, 2014 (11 th Amendment to overall TIF) 9. Ordinance Number (if available) State House District State Senate District School District Kansas City, Mo {File: EDCKC/60/ADM/ANNRPT/2013/ DOCX /}1

2 13. General Location of Area or Project Area (if feasible, please attach copy of Redevelopment Area Boundary Map from Plan [ (10)] The plan area as amended through the 10 th Amendment is generally bounded by 6 th and 7 th Streets on the north, 14 th Street on the south, Broadway Boulevard and Wyandotte Street on the east and Pennsylvania Avenue and Summit Street on the west. 14. Brief description of Plan/Project [ (10)] The plan as amended through the 10 th Amendment proposes rehabilitation of the Centennial Building and attached garage, development of the Cathedral Square project with two office buildings and underground parking, historic preservation including 1021, 1029 and 1032 Pennsylvania Avenue and 1021, 1025 and 1033 Jefferson Street and renovation of existing structures for office space, rehabilitation and renovation of Thayer Place, the Poindexter Building, 700 Central Building and the Lyric Building, and development of additional office, commercial and residential space, including additional parking and utility and streetscape improvements, 15. Plan/Project Status (Circle one which best describes status): a) Starting-Up b) Seeking Developer c) Under Construction X d) Fully-Operational e) Inactive f) District Dissolved If Clarification Is Needed: 16. Area Type (Circle All Applicable): a) Blight X b) Conservation c) Economic Development 17. How was the but-for determination made? (Circle All Applicable): X a) Project had unusual/extraordinary costs that made the project financially unfeasible in the market place. X b) Project required significant public infrastructure investment to remedy existing inadequate conditions. X c) Project required significant public infrastructure investment to construct adequate capacity to support the project. X d) Project required parcel assembly and/or relocation costs. e) Other (describe): 18. Major Development Obstacles to be Overcome: Lack of parking and extraordinary costs associated with the preservation of locally significant structures. 19. Briefly Describe the Project s Public Benefits [ (10)] Construction of parking in the Central Business District; retention of economic activity in the Downtown; preservation of historically significant portion of Downtown; creation of matching grant program to subsidize area property owners to make facade, streetscape and parking improvements. {File: EDCKC/60/ADM/ANNRPT/2013/ DOCX /}2

3 20. Briefly Describe Agreements with the Developer [ (9)] Funding Agreement between TIFC and 11th Street Corridor Development Corp. 11/16/92; Redevelopment Agreement between TIFC and 11th Street Corridor Development Corp., 8/9/93; Funding Agreement between TIFC and 11th Street Corridor Development Corp., 4/25/94; Acquisition Funding Agreement between TIFC and 11th Street Corridor Development Corp., 3/5/96; Agreement between TIFC and Barnes H. Romine Jr. 6/11/96; Real Estate Purchase and Sale Agreement between TIFC and 11th Street Corridor Development Corp., 11/18/96; Guaranty Agreement for TIFC to extend financial accommodation to DST, 11/18/99 Acquisition Funding Agreement between the TIFC and 11th Street Corridor Dev Corp., 11/18/99; Assignment and Assumption Agreement between TIFC Walnut Ranch LLC, and 11th Street Development Corporation, 6/28/05. Real Estate Purchase and Sales Agreement between 11th Street Corridor Redevelopment Corporation and TIFC 2/9/00; Funding Agreement between 11th Street Corridor Development Corp. and TIFC 11/10/99; Assignment of Development Rights for Project B from DST to Walnut Creek LLC, 10/8/03; 21. Brief Description of Any Agreements with the Affected Taxing Districts [ (9)] Real Estate Purchase and Sales Agreement between TIFC and City of Kansas City, 8/19/96 Cooperative Agreement between TIFC and City of Kansas City Re: 8th Street Trolley Tunnels 3/28/96; 22. Number of Relocated Residences During This Report Period: N/A 23. Number of Relocated Businesses During This Report Period: N/A 24. Number of Parcels Acquired Through Use of Eminent Domain Power In This Report Period: [ (12)] N/A 25. Identify any Businesses that have Relocated to the Redevelopment Area During This Report Period: [Completion of This Section Satisfies Requirements of New Business Report, Otherwise Due by the last day of February). Name Address Phone Number Primary Business Line Relocated from What City/County? None None None (Please Attach List Separately If Necessary or Desired) 26. Estimate of New Jobs: Projected: 895* Actual to date: 5, Estimate of Retained Jobs: Projected: 2,100* Actual to date: 1,143 *(for Lyric, Cathedral Sq, 9 th St Garage, Tower II and 700 Central projects only, from respective amendments) {File: EDCKC/60/ADM/ANNRPT/2013/ DOCX /}3

4 Section 2: Tax Increment Financing Revenues 28. TIF Revenue Deposits to the Special Allocation Fund as of the Report Date: a. Payments in Lieu of Taxes (PILOTs): [ (6)] Total received since inception: $ 24,394, ; Amount on hand: $ see below (As of Report Date) b. Economic Activity Taxes (EATs): [ (8)] Total received since inception: $ 40,692, ; Amount on hand: $ see below (As of Report Date) Total Revenue on hand in the Special Allocation Fund as of Report Date: [ (1)] $ 131, Expenditures for Total Project Costs Funded by TIF: [ (2)] a) Public Infrastructure (streets, utilities, etc) Total Since Inception: $ 0.00 Report Period Only: $ 0.00 b) Site Development (grading, dirt moving, etc.) $ 0.00 $ 0.00 c) Rehab of Existing Buildings [ (11)] $ 0.00 $ 0.00 d) Acquisition of Land or Buildings [ (11)] $ 0.00 $ 0.00 e) Other (specify): TIFC (admin/implementation) $ 2,888, $ 353, f) Other (specify): Neighborhood Improvement Fund $ 9,051, $ 570, Amount Paid on Debt Service: [ (3)] g) Payments of Principal and Interest on Outstanding Bonded Debt: Since Inception: $ 0.00 This Reporting Period: $ 0.00 h) Reimbursement to Developer for Eligible Costs: Since Inception: $ 46,208, This Reporting Period: $ 6,152, i) Reimbursement to Municipality (or Other Public Entity) for Eligible Costs: Since Inception: $ 0.00 This Reporting Period: $ 0.00 {File: EDCKC/60/ADM/ANNRPT/2013/ DOCX /}4

5 30. Anticipated TIF Reimbursable Costs (Only include hard costs; do not include interest or bond issuance costs.) From 10 th Amendment for all defined projects EXCLUDING Project A & Project B) a. Public Infrastructure and Site Development Costs $ (Utility Extensions, Road Improvements, Stormwater, Demolition, Grading, etc.) b. Property Acquisition and Relocation Costs $ c. Project Implementation Costs (Including Professional Fees) $ d. Other (specify, as applicable): $ e) Other (specify): $ e) Other (specify): $ Total Anticipated TIF Reimbursable Project Costs $ 95,194, Anticipated Total Project Costs $ 242,001,781 (Please attach a copy of the budgets from the Redevelopment Plan for Anticipated Total Project Costs and Anticipated Reimbursable TIF Costs if any revisions occurring since previous filing.) 32. TIF Financing Method (circle all that apply): X a) Pay-as-you go b) General Obligation Bonds c) TIF Notes d) Loan e) TIF Bond f) Industrial Revenue Bond g) Other Bond h) Other Maturity of TIF Obligations (term of the TIF payout) 33. Original Estimate (# of Years to Retirement) N/A 34. Current Anticipated Estimate (# of Years to Retirement) N/A Estimated Increase in Tax Generation 35. Original Assessed Value of the Redevelopment Project: [ (4)] $ 8,225, Assessed Valuation Added to the Redevelopment Project (As of the end of the rpt. period): [ (5)] $ 31,535, Anticipated Assessed Value at Time of District Termination: $ 39,875,207 (6 th Amendment for all project areas, less Blossom House value from 8 th Amendment) 38. Total Amount of Base Year EATs [ (7)] $ 766, Total Amount of Base Year PILOTs $ NA 40. Total Annual EATs Anticipated at Time of District Termination $ 2,446,199 (Sum of projects by respective termination year as amended, less Blossom House) 41. Total Annual PILOTs Anticipated at Time of District Termination $ 6,999,133 (Sum of projects by respective termination year as amended, less Blossom House) {File: EDCKC/60/ADM/ANNRPT/2013/ DOCX /}5

6 42. Percentage of EATs Captured (per TIF Plan, usually up to 50%) 50 % 43. Total Years Anticipated to Capture EATs (per TIF Plan, up to 23 years) Percentage of PILOTs Captured (per TIF Plan, usually up to 100%) 100 % 45. Total Years Anticipated to Capture PILOTs (per TIF Plan, up to 23 years) 23 Section 3: Certification of Chief Executive Officer of Municipality or Agency This section is not a requirement of RSMo, but may be required, along with other submitted certifications by the municipality or agency, in the event the municipality desires the Department of Revenue to provide statement of conformance with the TIF Annual Report reporting statutes. I, Heather A. Brown, certify that, to the best of my knowledge and (Name of Chief Executive Officer of Municipality or Agency) belief, the statements of fact contained in this report are true and correct. (Signature of affiant) Executive Director, Tax Increment Financing Commission of Kansas City, MO (Title of affiant) NOTE: Please include any before and after color photographs of the Redevelopment Area that are available. If the site has not yet been redeveloped, if possible please include a before picture and a rendering of what the site will look like after redevelopment. Send Report to: Missouri Department of Revenue TIF reporting@dor.mo.gov Attn: TIF Annual Report P.O. Box 87 Fax: Jefferson City, M Further Information: Fran Kellogg: Jana Agniel: {File: EDCKC/60/ADM/ANNRPT/2013/ DOCX /}6

7 Tax Increment Financing Annual Report Deadline for Submission: November 15, 2014 (Note: The reporting period may cover any 12 month period prior to September 30.) This report includes the requirements of Section , RSMo which elements (or portions thereof) are identified by subsection noted in bold. Additional information is requested to accurately determine the impact of TIF in the State. The results of this unaudited report will be distributed to the Governor, Speaker of the House of Representatives the Senate President Pro Tem and the State Auditor and will be available to the public. There are three Sections to this report: Section 1, Description of the Plan and Project; Section 2, Tax Increment Financing Revenues; and Section 3, Certification of Accuracy. An Instruction Sheet is available. If you have any questions, please contact the Missouri Department of Revenue, Administration Division at Section 1: Description of the Plan and Project 1. Name of City and/or County (entity that approved the TIF Plan or Project): City of Kansas City, Missouri 2. Name of Plan or Project: 11 th Street Corridor TIF Plan/Project B Blossom House 3. Report Period: From May 1, 2013 ; to April 30, Name of the person who prepared this Annual Report: Sandra L. Rayford 5. Contact Information: a) City or County Contact Agency Tax Increment Financing Commission b) Person Heather Brown c) Phone (816) d) Fax (816) e) Address hbrown@edckc.com f) Private Sector Developer Walnut Creek Ranch, LLC g) Person Shirley Helzberg h) Phone (816) i) Fax (816) j) Address sbhelzberg@sobela.com 6. Original Date Plan/Project Approved) December 10, 1992 (plan) November 26, 2002 (Project B) 7. Ordinance Number (if available) (plan) (Project B) 8. Most Recent Plan Amendment Date (if any) [ (9)] January 12, 2012 (10 th Amendment to overall TIF) 9. Ordinance Number (if available) (Overall TIF) (8 th Amendment, Blossom House only, Ord , passed November 18, 2004) 10. State House District State Senate District School District Kansas City, Missouri {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}1

8 13. General Location of Area or Project Area (if feasible, please attach copy of Redevelopment Area Boundary Map from Plan [ (10)] North of 11 th street between Jefferson and Pennsylvania Streets and south of the alley in Project B. 14. Brief description of Plan/Project [ (10)] The project provides for the historic preservation and renovation of the Blossom House ( Pennsylvania) and expansion of the Blossom House to accommodate office leasing, the Brockett/Griffin House (1021 Jefferson), Brockett Carriage House (1024 Jefferson). 15. Plan/Project Status (Circle one which best describes status): a) Starting-Up b) Seeking Developer c) Under Construction X d) Fully-Operational e) Inactive f) District Dissolved If Clarification Is Needed: 16. Area Type (Circle All Applicable): a) Blight X b) Conservation c) Economic Development 17. How was the but-for determination made? (Circle All Applicable): X a) Project had unusual/extraordinary costs that made the project financially unfeasible in the market place. b) Project required significant public infrastructure investment to remedy existing inadequate conditions. c) Project required significant public infrastructure investment to construct adequate capacity to support the project. d) Project required parcel assembly and/or relocation costs. e) Other (describe): 18. Major Development Obstacles to be Overcome: Extraordinary costs associated with preservation of locally significant structures. 19. Briefly Describe the Project s Public Benefits [ (10)] Preservation of local historic buildings for not-for-profit use and the provision of adequate parking {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}2

9 20. Briefly Describe Agreements with the Developer [ (9)] Funding agreement between TIFC and Walnut Creek Ranch, LLC, 6/12/03; Funding agreement between LCRA and Walnut Creek Ranch, LLC, 3/24/04; Assignment and Assumption Agreement between TIFC, Walnut Ranch LLC, and 11th Street Development Corporation, 6/28/05. Development Agreement between TIFC and Walnut Creek Ranch, LLC, 2/8/06; Memorandum of Agreement between TIFC and Walnut Creek Ranch, LLC, 3/21/06; 21. Brief Description of Any Agreements with the Affected Taxing Districts [ (9)] None known 22. Number of Relocated Residences During This Report Period: Number of Relocated Businesses During This Report Period: Number of Parcels Acquired Through Use of Eminent Domain Power In This Report Period: [ (12)] Identify any Businesses that have Relocated to the Redevelopment Area During This Report Period: [Completion of This Section Satisfies Requirements of New Business Report, Otherwise Due by the last day of February). Name Address Phone Number Primary Business Line Relocated from What City/County? None None None (Please Attach List Separately If Necessary or Desired) 26. Estimate of New Jobs: Projected: 0 Actual to date: Estimate of Retained Jobs: Projected: 16 Actual to date: 21 {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}3

10 Section 2: Tax Increment Financing Revenues 28. TIF Revenue Deposits to the Special Allocation Fund as of the Report Date: a. Payments in Lieu of Taxes (PILOTs): [ (6)] Total received since inception: $ 40, ; Amount on hand: $ see below (As of Report Date) b. Economic Activity Taxes (EATs): [ (8)] Total received since inception: $ 68, ; Amount on hand: $ see below (As of Report Date) Total Revenue on hand in the Special Allocation Fund as of Report Date: [ (1)] $ Expenditures for Total Project Costs Funded by TIF: [ (2)] a) Public Infrastructure (streets, utilities, etc) Total Since Inception: $ 0.00 Report Period Only: $ 0.00 b) Site Development (grading, dirt moving, etc.) $ 0.00 $ 0.00 c) Rehab of Existing Buildings [ (11)] $ 0.00 $ 0.00 d) Acquisition of Land or Buildings [ (11)] $ 0.00 $ 0.00 e) Other (specify): TIFC (admin/implementation) $ 5, $ 1, f) Other (specify): $ 0.00 $ 0.00 Amount Paid on Debt Service: [ (3)] g) Payments of Principal and Interest on Outstanding Bonded Debt: Since Inception: $ 0.00 This Reporting Period: $ 0.00 h) Reimbursement to Developer for Eligible Costs: Since Inception: $ 77, This Reporting Period: $ 0.00 i) Reimbursement to Municipality (or Other Public Entity) for Eligible Costs: Since Inception: $ 0.00 This Reporting Period: $ 0.00 {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}4

11 30. Anticipated TIF Reimbursable Costs (Only include hard costs; do not include interest or bond issuance costs.) Project B, from 10 th Amendment) a. Public Infrastructure and Site Development Costs $ 284,890 (Utility Extensions, Road Improvements, Stormwater, Demolition, Grading, etc.) b. Property Acquisition and Relocation Costs $ 0 c. Project Implementation Costs (Including Professional Fees) $ 1,707,616 d. Other (specify, as applicable): $ 0 e) Other (specify): $ 0 Total Anticipated TIF Reimbursable Project Costs $ 1,992, Anticipated Total Project Costs $ 12,014,250 (Please attach a copy of the budgets from the Redevelopment Plan for Anticipated Total Project Costs and Anticipated Reimbursable TIF Costs if any revisions occurring since previous filing.) 32. TIF Financing Method (circle all that apply): X a) Pay-as-you go b) General Obligation Bonds c) TIF Notes d) Loan e) TIF Bond f) Industrial Revenue Bond g) Other Bond h) Other Maturity of TIF Obligations (term of the TIF payout) 33. Original Estimate (# of Years to Retirement) N/A 34. Current Anticipated Estimate (# of Years to Retirement) N/A Estimated Increase in Tax Generation 35. Original Assessed Value of the Redevelopment Project: [ (4)] $ 58, Assessed Valuation Added to the Redevelopment Project (As of the end of the rpt. period): [ (5)] $ 662, Anticipated Assessed Value at Time of District Termination: $ 718,173 (from 8 th Amendment) 38. Total Amount of Base Year EATs [ (7)] $ Total Amount of Base Year PILOTs $ 6, (2012) 40. Total Annual EATs Anticipated at Time of District Termination $ 89,952 (from 8 th Amendment) 41. Total Annual PILOTs Anticipated at Time of District Termination $ 49,040 (from 8 th Amendment) {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}5

12 42. Percentage of EATs Captured (per TIF Plan, usually up to 50%) 50 % 43. Total Years Anticipated to Capture EATs (per TIF Plan, up to 23 years) Percentage of PILOTs Captured (per TIF Plan, usually up to 100%) 100 % 45. Total Years Anticipated to Capture PILOTs (per TIF Plan, up to 23 years) 23 Section 3: Certification of Chief Executive Officer of Municipality or Agency This section is not a requirement of RSMo, but may be required, along with other submitted certifications by the municipality or agency, in the event the municipality desires the Department of Revenue to provide statement of conformance with the TIF Annual Report reporting statutes. I, Heather A. Brown, certify that, to the best of my knowledge and (Name of Chief Executive Officer of Municipality or Agency) belief, the statements of fact contained in this report are true and correct. (Signature of affiant) Executive Director, Tax Increment Financing Commission of Kansas City, MO (Title of affiant) NOTE: Please include any before and after color photographs of the Redevelopment Area that are available. If the site has not yet been redeveloped, if possible please include a before picture and a rendering of what the site will look like after redevelopment. Send Report to: Missouri Department of Revenue TIF reporting@dor.mo.gov Attn: TIF Annual Report P.O. Box 87 Fax: Jefferson City, M Further Information: Fran Kellogg: Jana Agniel: {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}6

13 Tax Increment Financing Annual Report Deadline for Submission: November 15, 2014 (Note: The reporting period may cover any 12 month period prior to September 30.) This report includes the requirements of Section , RSMo which elements (or portions thereof) are identified by subsection noted in bold. Additional information is requested to accurately determine the impact of TIF in the State. The results of this unaudited report will be distributed to the Governor, Speaker of the House of Representatives the Senate President Pro Tem and the State Auditor and will be available to the public. There are three Sections to this report: Section 1, Description of the Plan and Project; Section 2, Tax Increment Financing Revenues; and Section 3, Certification of Accuracy. An Instruction Sheet is available. If you have any questions, please contact the Missouri Department of Revenue, Administration Division at Section 1: Description of the Plan and Project 1. Name of City and/or County (entity that approved the TIF Plan or Project): City of Kansas City, Missouri 2. Name of Plan or Project: 1200 Main/South Loop Project 3A President Hotel 3. Report Period: From May 1, 2013 ; to April 30, Name of the person who prepared this Annual Report: Sandra L. Rayford 5. Contact Information: a) City or County Contact Agency Tax Increment Financing Commission b) Person Heather Brown c) Phone (816) d) Fax (816) e) Address hbrown@edckc.com f) Private Sector Developer President Hotel, LC g) Person Ron Jury h) Phone (913) i) Fax (913) j) Address ron@rdjury.com 6. Original Date Plan/Project Approved) March 4, 2004 (plan) 12/1/05 (Project 3) 7/13/06 (Project 2) 11/12/07 (Project 13) 12/13/07 (Project 1) 8/21/08 (Project 1H) 12/18/08 (Projects 1A, 1D, 14) 7. Ordinance Number (if available) (plan) (Project 1 KC Live) (Project 1A Block 110) (Project 1D Empire Theater) (Project 1H Midland Theatre) (Project 2 H&R Block) (Project 3 President Hotel) (Project 13 Boley Bldg.) (Project 14 AMU in Town Pavilion) 8. Most Recent Plan Amendment Date (if any) [ (9)] December 13, Ordinance Number (if available) (7 th Amendment, modified project legal descriptions) 10. State House District State Senate District 7 {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}1

14 12. School District Kansas City, MO 13. General Location of Area or Project Area (if feasible, please attach copy of Redevelopment Area Boundary Map from Plan [ (10)] The overall TIF plan is an irregular area generally bounded by Central Street and Baltimore Avenue on the west, 10th/11th/12th Streets on the north, Oak/McGee/Walnut Streets on the east and the south right of way of I-35/Truman Road on the south. Project 3A (President Hotel) is located at the northeast corner of 14 th Street and Baltimore Avenue. 14. Brief description of Plan/Project [ (10)] The project proposed the renovation and upgrade of the existing President Hotel to provide 214 rooms 15. Plan/Project Status (Circle one which best describes status): a) Starting-Up b) Seeking Developer c) Under Construction X d) Fully-Operational e) Inactive f) District Dissolved If Clarification Is Needed: 16. Area Type (Circle All Applicable): X a) Blight b) Conservation c) Economic Development 17. How was the but-for determination made? (Circle All Applicable): X a) Project had unusual/extraordinary costs that made the project financially unfeasible in the market place. X b) Project required significant public infrastructure investment to remedy existing inadequate conditions. X c) Project required significant public infrastructure investment to construct adequate capacity to support the project. d) Project required parcel assembly and/or relocation costs. e) Other (describe): 18. Major Development Obstacles to be Overcome: Deteriorated conditions of existing structure, extraordinary cost of rehabilitation of historic structures. 19. Briefly Describe the Project s Public Benefits [ (10)] Elimination of blighting conditions, enhanced hotel occupancy and employment opportunities, increased tax base, preservation of historic structure. {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}2

15 20. Briefly Describe Agreements with the Developer [ (9)] Funding agreement between TIFC and President Hotel LC, 3/10/04 Redevelopment agreement between TIFC, President Development Group, Inc. and President Hotel LC, 3/10/04 Cooperative agreement for project financing between City of Kansas City, President Development Group, Inc. and President Hotel LC, 5/1/ Brief Description of Any Agreements with the Affected Taxing Districts [ (9)] See above 22. Number of Relocated Residences During This Report Period: Number of Relocated Businesses During This Report Period: Number of Parcels Acquired Through Use of Eminent Domain Power In This Report Period: [ (12)] Identify any Businesses that have Relocated to the Redevelopment Area During This Report Period: [Completion of This Section Satisfies Requirements of New Business Report, Otherwise Due by the last day of February). Name Address Phone Number Primary Business Line Relocated from What City/County? N/A N/A N/A (Please Attach List Separately If Necessary or Desired) 26. Estimate of New Jobs: Projected: 2,034* Actual to date: 6 (President Hotel, only) *(from original plan, total of Projects 1, 2 and 3a) 27. Estimate of Retained Jobs: Projected: 1,493* Actual to date: 128 (President Hotel, only) *(from original plan, total of 1, 2 and 3a) {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}3

16 Section 2: Tax Increment Financing Revenues 28. TIF Revenue Deposits to the Special Allocation Fund as of the Report Date: a. Payments in Lieu of Taxes (PILOTs): [ (6)] Total received since inception: $ 2,654, ; Amount on hand: $ see below (As of Report Date) b. Economic Activity Taxes (EATs): [ (8)] Total received since inception: $ 4,588, ; Amount on hand: $ see below (As of Report Date) Total Revenue on hand in the Special Allocation Fund as of Report Date: [ (1)] $ Expenditures for Total Project Costs Funded by TIF: [ (2)] a) Public Infrastructure (streets, utilities, etc) Total Since Inception: $ 0.00 Report Period Only: $ 0.00 b) Site Development (grading, dirt moving, etc.) $ 0.00 $ 0.00 c) Rehab of Existing Buildings [ (11)] $ 0.00 $ 0.00 d) Acquisition of Land or Buildings [ (11)] $ 0.00 $ 0.00 e) Other (specify): TIFC (admin/implementation) $ 414, $ 78, f) Other (specify): $ 0.00 $ 0.00 Amount Paid on Debt Service: [ (3)] g) Payments of Principal and Interest on Outstanding Bonded Debt: Since Inception: $ 6,625, This Reporting Period: $ 861,419 h) Reimbursement to Developer for Eligible Costs: Since Inception: $ 0.00 This Reporting Period: $ 0.00 i) Reimbursement to Municipality (or Other Public Entity) for Eligible Costs: Since Inception: $ 0.00 This Reporting Period: $ 0.00 {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}4

17 30. Anticipated TIF Reimbursable Costs (Only include hard costs; do not include interest or bond issuance costs.) From 7 th Amdt. a. Public Infrastructure and Site Development Costs $ (Utility Extensions, Road Improvements, Stormwater, Demolition, Grading, etc.) b. Property Acquisition and Relocation Costs $ 1,213,607 c. Project Implementation Costs (Including Professional Fees) $ 14,019,793 d. Other (specify, as applicable): $ e) Other (specify): $ e) Other (specify): $ Total Anticipated TIF Reimbursable Project Costs $ 15,233, Anticipated Total Project Costs $ 45,577,200 (Please attach a copy of the budgets from the Redevelopment Plan for Anticipated Total Project Costs and Anticipated Reimbursable TIF Costs if any revisions occurring since previous filing.) 32. TIF Financing Method (circle all that apply): a) Pay-as-you go b) General Obligation Bonds c) TIF Notes d) Loan e) TIF Bond f) Industrial Revenue Bond X g) Other Bond h) Other Maturity of TIF Obligations (term of the TIF payout) 33. Original Estimate (# of Years to Retirement) Current Anticipated Estimate (# of Years to Retirement) 14 Estimated Increase in Tax Generation 35. Original Assessed Value of the Redevelopment Project: [ (4)] $ 112, Assessed Valuation Added to the Redevelopment Project (As of the end of the rpt. period): [ (5)] $ 5,206, Anticipated Assessed Value at Time of District Termination: $ 24,000,100 (from 7 th Amdt.) 38. Total Amount of Base Year EATs [ (7)] $ Total Amount of Base Year PILOTs $ 11, (2012) 40. Total Annual EATs Anticipated at Time of District Termination $ 244,903 (from 7 th Amdt.) 41. Total Annual PILOTs Anticipated at Time of District Termination $ 696,150 (from 7 th Amdt.) {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}5

18 42. Percentage of EATs Captured (per TIF Plan, usually up to 50%) 50 % 43. Total Years Anticipated to Capture EATs (per TIF Plan, up to 23 years) Percentage of PILOTs Captured (per TIF Plan, usually up to 100%) 100 % 45. Total Years Anticipated to Capture PILOTs (per TIF Plan, up to 23 years) 23 Section 3: Certification of Chief Executive Officer of Municipality or Agency This section is not a requirement of RSMo, but may be required, along with other submitted certifications by the municipality or agency, in the event the municipality desires the Department of Revenue to provide statement of conformance with the TIF Annual Report reporting statutes. I, Heather A. Brown, certify that, to the best of my knowledge and (Name of Chief Executive Officer of Municipality or Agency) belief, the statements of fact contained in this report are true and correct. (Signature of affiant) Executive Director, Tax Increment Financing Commission of Kansas City, MO (Title of affiant) NOTE: Please include any before and after color photographs of the Redevelopment Area that are available. If the site has not yet been redeveloped, if possible please include a before picture and a rendering of what the site will look like after redevelopment. Send Report to: Missouri Department of Revenue TIF reporting@dor.mo.gov Attn: TIF Annual Report P.O. Box 87 Fax: Jefferson City, M Further Information: Fran Kellogg: Jana Agniel: {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}6

19 Tax Increment Financing Annual Report Deadline for Submission: Friday, November 15, 2014 (Note: The reporting period may cover any 12 month period prior to September 30.) This report includes the requirements of Section , RSMo which elements (or portions thereof) are identified by subsection noted in bold. Additional information is requested to accurately determine the impact of TIF in the State. The results of this unaudited report will be distributed to the Governor, Speaker of the House of Representatives the Senate President Pro Tem and the State Auditor and will be available to the public. There are three Sections to this report: Section 1, Description of the Plan and Project; Section 2, Tax Increment Financing Revenues; and Section 3, Certification of Accuracy. An Instruction Sheet is available. If you have any questions, please contact the Missouri Department of Revenue, Administration Division at Section 1: Description of the Plan and Project 1. Name of City and/or County (entity that approved the TIF Plan or Project): City of Kansas City, MO 2. Name of Plan or Project: 12 th & Wyandotte TIF Plan Projects 1, 2 and 3 3. Report Period: From May 1, 2013 ; to April 30, Name of the person who prepared this Annual Report: Sandra L. Rayford 5. Contact Information: a) City or County Contact Agency Tax Increment Financing Commission b) Person Heather Brown c) Phone (816) d) Fax (816) e) Address hbrown@edckc.com f) Private Sector Developer Jordan Hotel Investments, LLC g) Person Kevin Braun h) Phone i) Fax (816) j) Address kbraun@kcmarriott.com 6. Original Date Plan/Project Approved) December 10, 1992 (plan) 12/17/92 (Project 1) 8/17/95 (Projects 2 and3) 2/2/06 (Project 4 Aladdin Hotel) 7. Ordinance Number (if available) (plan) (Project 1) (Project 2) (Project 3) (Project 4 Aladdin Hotel) 8. Most Recent Plan Amendment Date (if any) [ (9)] March 22, Ordinance Number (if available) (revised project cost estimates for Aladdin Hotel) 10. State House District State Senate District School District Kansas City, MO Form Date -1-9/06/2006 {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /} Rev. 12/28/2009

20 13. General Location of Area or Project Area (if feasible, please attach copy of Redevelopment Area Boundary Map from Plan [ (10)] Northwest and southeast quadrants of the intersection of 12 th Street and Wyandotte Street, extending west to Central Street, east to Baltimore Avenue, north to 11 th Street and south to a line midway between 12 th and 13 th Streets. 14. Brief description of Plan/Project [ (10)] The plan proposed renovation of the Allis Plaza Hotel (now the Marriott Hotel), demolition of the existing Muehlebach Towers and Link Building and construction of a new hotel of about 450 rooms and a new pedestrian walkway, and renovation of the existing Muehlebach Hotel convention center facility (Projects 1-3). 15. Plan/Project Status (Circle one which best describes status): a) Starting-Up b) Seeking Developer c) Under Construction X d) Fully-Operational e) Inactive f) District Dissolved If Clarification Is Needed: 16. Area Type (Circle All Applicable): a) Blight X b) Conservation c) Economic Development 17. How was the but-for determination made? (Circle All Applicable): X a) Project had unusual/extraordinary costs that made the project financially unfeasible in the market place. b) Project required significant public infrastructure investment to remedy existing inadequate conditions. c) Project required significant public infrastructure investment to construct adequate capacity to support the project. d) Project required parcel assembly and/or relocation costs. e) Other (describe): 18. Major Development Obstacles to be Overcome: Significant demolition/rehabilitation expense, market risk of new downtown hotel construction 19. Briefly Describe the Project s Public Benefits [ (10)] Improved performance of the convention center facilities in the areas as well as the performance of other nearby downtown hotels, elimination of blighting conditions. Form Date -2-9/06/2006 {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /} Rev. 12/28/2009

21 20. Briefly Describe Agreements with the Developer [ (9)] Funding Agreement between TIFC and Kansas City Downtown Hotel Group LLC 5/22/92. Cooperative Agreement between TIFC, LCRA and Kansas City Downtown Hotel Group LLC 1/15/95; Development Agreement between TIFC and Kansas City Downtown Hotel Group LLC 9/26/ Brief Description of Any Agreements with the Affected Taxing Districts [ (9)] None known 22. Number of Relocated Residences During This Report Period: Number of Relocated Businesses During This Report Period: Number of Parcels Acquired Through Use of Eminent Domain Power In This Report Period: [ (12)] Identify any Businesses that have Relocated to the Redevelopment Area During This Report Period: [Completion of This Section Satisfies Requirements of New Business Report, Otherwise Due by the last day of February). Name Address Phone Number Primary Business Line Relocated from What City/County? None None None (Please Attach List Separately If Necessary or Desired) 26. Estimate of New Jobs: Projected: Not stated in plan Actual to date: * 27. Estimate of Retained Jobs: Projected: Not stated in plan Actual to date: * *Not provided by the Developer Form Date -3-9/06/2006 {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /} Rev. 12/28/2009

22 Section 2: Tax Increment Financing Revenues 28. TIF Revenue Deposits to the Special Allocation Fund as of the Report Date: a. Payments in Lieu of Taxes (PILOTs): [ (6)] Total received since inception: $ -0- ; Amount on hand: $ see below (As of Report Date) b. Economic Activity Taxes (EATs): [ (8)] Total received since inception: $ 46,778, ; Amount on hand: $ see below (As of Report Date) Total Revenue on hand in the Special Allocation Fund as of Report Date: [ (1)] $ 17, Expenditures for Total Project Costs Funded by TIF: [ (2)] a) Public Infrastructure (streets, utilities, etc) Total Since Inception: $ 0.00 Report Period Only: $ 0.00 b) Site Development (grading, dirt moving, etc.) $ 0.00 $ 0.00 c) Rehab of Existing Buildings [ (11)] $ 0.00 $ 0.00 d) Acquisition of Land or Buildings [ (11)] $ 0.00 $ 0.00 e) Other (specify): TIFC (admin/implementation) $ 50, $ 8, f) Other (specify): $ 0.00 $ 0.00 Amount Paid on Debt Service: [ (3)] g) Payments of Principal and Interest on Outstanding Bonded Debt: Since Inception: $ 47,994, This Reporting Period: $ 3,633,391 h) Reimbursement to Developer for Eligible Costs: Since Inception: $ 0.00 This Reporting Period: $ 0.00 i) Reimbursement to Municipality (or Other Public Entity) for Eligible Costs: Since Inception: $ 0.00 This Reporting Period: $ 0.00 Form Date -4-9/06/2006 {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /} Rev. 12/28/2009

23 30. Anticipated TIF Reimbursable Costs (Only include hard costs; do not include interest or bond issuance costs.) From original plan a. Public Infrastructure and Site Development Costs $ 0 (Utility Extensions, Road Improvements, Stormwater, Demolition, Grading, etc.) 0 b. Property Acquisition and Relocation Costs $ 0 c. Project Implementation Costs (Including Professional Fees) $ 16,871,000 d. Other (specify, as applicable): TIFC expenses, plan preparation $ 200,000 e) Other (specify): $ 0 e) Other (specify): $ 0 Total Anticipated TIF Reimbursable Project Costs $ 17,071, Anticipated Total Project Costs $ 35,010,000 (Please attach a copy of the budgets from the Redevelopment Plan for Anticipated Total Project Costs and Anticipated Reimbursable TIF Costs if any revisions occurring since previous filing.) 32. TIF Financing Method (circle all that apply): a) Pay-as-you go b) General Obligation Bonds c) TIF Notes d) Loan e) TIF Bond f) Industrial Revenue Bond X g) Other Bond h) Other Maturity of TIF Obligations (term of the TIF payout) 33. Original Estimate (# of Years to Retirement) Current Anticipated Estimate (# of Years to Retirement) Project 1 0 Projects 2 and 3-4 Estimated Increase in Tax Generation 35. Original Assessed Value of the Redevelopment Project: [ (4)] $ 2,599, Assessed Valuation Added to the Redevelopment Project (As of the end of the rpt. period): [ (5)] $ 7,053, Anticipated Assessed Value at Time of District Termination: $ 17,192,320 (original plan) 38. Total Amount of Base Year EATs [ (7)] $ 46, Total Amount of Base Year PILOTs $ 89, (2012) 40. Total Annual EATs Anticipated at Time of District Termination $ 727,000 (original plan, sum of end yrs for Projects 1 & 2) 41. Total Annual PILOTs Anticipated at Time of District Termination $ 868,000 (original plan, sum of end yrs for Projects 1 & 2) Form Date -5-9/06/2006 Rev. 12/28/2009 {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}

24 42. Percentage of EATs Captured (per TIF Plan, usually up to 50%) 50 % 43. Total Years Anticipated to Capture EATs (per TIF Plan, up to 23 years) Percentage of PILOTs Captured (per TIF Plan, usually up to 100%) 100 % 45. Total Years Anticipated to Capture PILOTs (per TIF Plan, up to 23 years) 23 Section 3: Certification of Chief Executive Officer of Municipality or Agency This section is not a requirement of RSMo, but may be required, along with other submitted certifications by the municipality or agency, in the event the municipality desires the Department of Revenue to provide statement of conformance with the TIF Annual Report reporting statutes. I, Heather A. Brown, certify that, to the best of my knowledge and (Name of Chief Executive Officer of Municipality or Agency) belief, the statements of fact contained in this report are true and correct. (Signature of affiant) Executive Director of Tax Increment Financing Commission of Kansas City, MO (Title of affiant) NOTE: Please include any before and after color photographs of the Redevelopment Area that are available. If the site has not yet been redeveloped, if possible please include a before picture and a rendering of what the site will look like after redevelopment. Send Report to: Missouri Department of Revenue TIF reporting@dor.mo.gov Attn: TIF Annual Report P.O. Box 87 Fax: Jefferson City, M Further Information: Fran Kellogg: Jana Agniel: {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}6

25 Tax Increment Financing Annual Report Deadline for Submission: Friday, November 15, 2014 (Note: The reporting period may cover any 12 month period prior to September 30.) This report includes the requirements of Section , RSMo which elements (or portions thereof) are identified by subsection noted in bold. Additional information is requested to accurately determine the impact of TIF in the State. The results of this unaudited report will be distributed to the Governor, Speaker of the House of Representatives the Senate President Pro Tem and the State Auditor and will be available to the public. There are three Sections to this report: Section 1, Description of the Plan and Project; Section 2, Tax Increment Financing Revenues; and Section 3, Certification of Accuracy. An Instruction Sheet is available. If you have any questions, please contact the Missouri Department of Revenue, Administration Division at Section 1: Description of the Plan and Project 1. Name of City and/or County (entity that approved the TIF Plan or Project): City of Kansas City, MO 2. Name of Plan or Project: 13 th & Washington TIF Plan 3. Report Period: From May 1, 2013 ; to April 30, Name of the person who prepared this Annual Report: Sandra L. Rayford 5. Contact Information: a) City or County Contact Agency Tax Increment Financing Commission b) Person Heather Brown c) Phone (816) d) Fax (816) e) Address hbrown@edckc.com f) Private Sector Developer DST Realty, Inc. g) Person Will Hitzeman h) Phone (816) i) Fax (816) j) Address whitzeman@dstsystems.com 6. Original Date Plan/Project Approved) September 19, 1996 (plan and project) 7. Ordinance Number (if available) (plan), (Project 1) 8. Most Recent Plan Amendment Date (if any) [ (9)] N/A 9. Ordinance Number (if available) N/A 10. State House District State Senate District School District Kansas City, MO {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}1

26 13. General Location of Area or Project Area (if feasible, please attach copy of Redevelopment Area Boundary Map from Plan [ (10)] Generally bounded by 13 th Street on the north, 14 th Street on the south, Pennsylvania Avenue on the west and Washington Street on the east 14. Brief description of Plan/Project [ (10)] The plan proposed a new commercial building of about 75,000 sf and 225 space parking area 15. Plan/Project Status (Circle one which best describes status): a) Starting-Up b) Seeking Developer c) Under Construction X d) Fully-Operational e) Inactive f) District Dissolved If Clarification Is Needed: 16. Area Type (Circle All Applicable): X a) Blight b) Conservation c) Economic Development 17. How was the but-for determination made? (Circle All Applicable): X a) Project had unusual/extraordinary costs that made the project financially unfeasible in the market place. b) Project required significant public infrastructure investment to remedy existing inadequate conditions. c) Project required significant public infrastructure investment to construct adequate capacity to support the project. d) Project required parcel assembly and/or relocation costs. e) Other (describe): 18. Major Development Obstacles to be Overcome: Existing conditions of site and surrounding area 19. Briefly Describe the Project s Public Benefits [ (10)] Eliminate detrimental conditions, expand tax base, and offer employment opportunities {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}2

27 20. Briefly Describe Agreements with the Developer [ (9)] Funding Agreement between TIFC and Unitog Co. 4/24/96 Redevelopment agreement between Unitog Co. and TIFC, Redevelopment agreement between Unitog Co. and TIFC, Assignment of Rights and Responsibilities from Unitog Realty Company/Unitog Company to DST Realty 12./2/ Brief Description of Any Agreements with the Affected Taxing Districts [ (9)] None known 22. Number of Relocated Residences During This Report Period: Number of Relocated Businesses During This Report Period: Number of Parcels Acquired Through Use of Eminent Domain Power In This Report Period: [ (12)] Identify any Businesses that have Relocated to the Redevelopment Area During This Report Period: [Completion of This Section Satisfies Requirements of New Business Report, Otherwise Due by the last day of February). Name Address Phone Number Primary Business Line Relocated from What City/County? N/A N/A N/A (Please Attach List Separately If Necessary or Desired) * Not provided by developer 26. Estimate of New Jobs: Projected: 100 (per plan) Actual to date: Estimate of Retained Jobs: Projected: 350 (per plan) Actual to date: 0 {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}3

28 Section 2: Tax Increment Financing Revenues 28. TIF Revenue Deposits to the Special Allocation Fund as of the Report Date: a. Payments in Lieu of Taxes (PILOTs): [ (6)] Total received since inception: $ 2,613, ; Amount on hand: $ see below (As of Report Date) b. Economic Activity Taxes (EATs): [ (8)] Total received since inception: $ 2,178, ; Amount on hand: $ see below (As of Report Date) Total Revenue on hand in the Special Allocation Fund as of Report Date: [ (1)] $ Expenditures for Total Project Costs Funded by TIF: [ (2)] a) Public Infrastructure (streets, utilities, etc) Total Since Inception: $ 0.00 Report Period Only: $ 0.00 b) Site Development (grading, dirt moving, etc.) $ 0.00 $ 0.00 c) Rehab of Existing Buildings [ (11)] $ 0.00 $ 0.00 d) Acquisition of Land or Buildings [ (11)] $ 0.00 $ 0.00 e) Other (specify): TIFC (admin/implementation) $ 310, $ 18, f) Other (specify): $ $ Amount Paid on Debt Service: [ (3)] g) Payments of Principal and Interest on Outstanding Bonded Debt: Since Inception: $ 0.00 This Reporting Period: $ 0.00 h) Reimbursement to Developer for Eligible Costs: Since Inception: $ 4,530, This Reporting Period: $ 707, i) Reimbursement to Municipality (or Other Public Entity) for Eligible Costs: Since Inception: $ 0.00 This Reporting Period: $ 0.00 {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}4

29 30. Anticipated TIF Reimbursable Costs (Only include hard costs; do not include interest or bond issuance costs.) a. Public Infrastructure and Site Development Costs $ 0 (Utility Extensions, Road Improvements, Stormwater, Demolition, Grading, etc.) 0 b. Property Acquisition and Relocation Costs $ 1,250,000 c. Project Implementation Costs (Including Professional Fees) $ 2,849,250 d. Other (specify, as applicable): $ 0 e) Other (specify): $ 0 e) Other (specify): $ 0 Total Anticipated TIF Reimbursable Project Costs $ 4,099, Anticipated Total Project Costs $ 12,515,125 (Please attach a copy of the budgets from the Redevelopment Plan for Anticipated Total Project Costs and Anticipated Reimbursable TIF Costs if any revisions occurring since previous filing.) 32. TIF Financing Method (circle all that apply): X a) Pay-as-you go b) General Obligation Bonds c) TIF Notes d) Loan e) TIF Bond f) Industrial Revenue Bond g) Other Bond h) Other Maturity of TIF Obligations (term of the TIF payout) 33. Original Estimate (# of Years to Retirement) N/A 34. Current Anticipated Estimate (# of Years to Retirement) N/A Estimated Increase in Tax Generation 35. Original Assessed Value of the Redevelopment Project: [ (4)] $ 252, Assessed Valuation Added to the Redevelopment Project (As of the end of the rpt. period): [ (5)] $ 1,576, Anticipated Assessed Value at Time of District Termination: $ 2,636,800 (per plan) 38. Total Amount of Base Year EATs [ (7)] $ Total Amount of Base Year PILOTs $ 25, (2012) 40. Total Annual EATs Anticipated at Time of District Termination $ 69,000 (per plan) 41. Total Annual PILOTs Anticipated at Time of District Termination $ 223,000 (per plan) {File: EDCKC/60/ADM/ANNRPT/2014/ DOCX /}5