Capital and Economic Development Projects

Overview

• Established by the City on October 18, 2004 pursuant to Ordinance No. 15874
• Termination date for TIF capture: December 19, 2027
• Approximately 192 acres, the development was intended to include:
  • Bass Pro Store
  • Minimum of 300,000 square feet of additional retail
  • Hotel
• 3 Redevelopment Project Areas: (1) East Retail Site; (2) West Retail Site; and (3) 40 Highway Retail Site
• City entered into a Redevelopment Agreement on February 9, 2005 with Crackerneck Creek, LLC and entered into a First Amendment to Redevelopment Agreement on March 16, 2006 with Crackerneck Creek, LLC

Revenue Sources

• PILOTs: 100% of the incremental increase in property tax revenues resulting from the annual increase in property valuations over the base property valuation certified at project approval.

• EATs: 50% of the incremental increase in local eligible sales tax revenues (City, County, Zoo District, 39th Street TDD, Crackerneck Creek TDD) over the based sales levels in the year before TIF collection was activated ($0).

• Bass Pro Lease Payments:

  

  • State TIF Revenues: The TIF revenues allocated pursuant to the Certificate of Approval for the Crackerneck Creek TIF Plan (November 2, 2005) are allocated to repayment of the Crackerneck Creek debt. This revenue stream consists of the lesser of (a) 50% of the 3% general revenue portion of the state sales tax collected on net new sales in the TIF area (includes approximately 40% of the sales at Bass Pro and other retailers in the area) or (b) a schedule of annual payments as attached to the Certificate.

  Outstanding Economic Development Bonds for Crackerneck Creek: