Chapter 353 Royal Hotel Project Property Demographics 1 Parcels 1 - PowerPoint PPT Presentation

Chapter 353 Royal Hotel Project

Property Demographics 1 Parcels 1 Ownership Vacant since 1998 Dangerous Building

Definition of Blighted Area: “Blighted area, that portion of the city within which legislative authority of such city determines that by reason of age, obsolescence, inadequate or outmoded design or physical deterioration have become economic and social liabilities, and that such conditions are conductive to ill health, transmission of disease, crime or inability to pay reasonable taxes.” Missouri Revised Statutes 353.020

City’s Comprehensive Plan Addresses Needs of Community Addressing the needs of the Royal: The Royal Hotel is a critical part of the Downtown fabric and should be a focus for adaptive reuse. This historic building, opposite the successful rehabilitation Oaks, frames Marietta Street and defines the edge of downtown along the Fishing River. It’s reuse is likely to include a mix of commercial and residential uses, and will require a development package that closes financing gaps and provides adjacent parking. The redevelopment program for the Royal should include: • A public/private financing partnership that uses tax increment financing, tax credits, CDBG and other sources necessary to close a financing gap. Senior Housing: Excelsior Springs should encourage construction of independent living residential developments for seniors.

STEP THREE Development Plan The 353 Project requires a Development Plan prior to approval. Currently, the owner is still working on the development plan and compiling the financial information that will assist the City in a full review of the project.

Downtown Excelsior Springs 353 Redevelopment Plan Tax Impact Analysis (Assumptions) Taxing Jurisdictions Tax Rate State Levy 0.0300 Clay County Services 0.1566 County/Handicap 0.1182 County/Mental Health 0.0985 County/Senior Citizens 0.0491 County/Health 0.0985 Library District 0.3153 Excelsior Springs School District 5.1044 City/General Fund 0.6408 City/Parks and Recreation 0.3608 City/Hospital 0.1804 Total Residential Rate 7.1526 County Sur Tax 1.5900 Total Commercial Rate 8.7426

Royal Hotel 353 Redevelopment Plan Tax Impact Analysis (Assumptions) Royal Hotel Abatement Schedule Year First Abatement Activated 2018 Year Last Abatement Activated 2042 Royal Hotel Property Values Initial Appraised Value Land (2017) 36,500.00 Initial Appraised Value Improvements (2017) 38,500.00 Initia Assessed Value Land 11,680.00 Initial Assessed Value Improvements 12,320.00 Redevelopment Assumptions Current MV of Improvements in Commercial $ 38,500 Value Improvements in Commercial $ 6,000,000 Annual # of projects in Commercial 1 Initial Years of Abatement 1 Increase in Value is 30% of Com Value Post Rehab MV of Improvements in Commercial 1,800,000 % of AV in Commercial to Total AV 30% Annual Increase in Values 1.01

Downtown Excelsior Springs 353 Redevelopment Plan Tax Impact Analysis 353 Benefit Summary Taxes Paid incl 353 Year Taxes Paid No Project Taxes Paid with 353 Value of Abatement Tax District Impact Improvement w/o 353 1 1,846 899 1,896 (948) 2,794 2 1,865 917 1,896 (948) 2,813 3 1,883 936 1,896 (948) 2,831 4 1,902 955 1,896 (948) 2,850 5 1,921 974 1,896 (948) 2,869 6 1,941 993 1,896 (948) 2,888 7 1,960 1,012 1,896 (948) 2,908 8 1,980 1,032 1,896 (948) 2,927 9 1,999 1,052 1,896 (948) 2,947 10 2,019 1,072 1,896 (948) 2,967 11 2,040 74,371 948 72,331 75,319 12 2,060 77,958 948 75,898 78,906 13 2,081 81,545 948 79,465 82,493 14 2,101 85,133 948 83,031 86,080 15 2,122 88,720 948 86,598 89,668 16 2,144 92,308 948 90,164 93,256 17 2,165 95,896 948 93,731 96,844 18 2,187 99,484 948 97,297 100,432 19 2,209 103,073 948 100,864 104,020 20 2,231 106,661 948 104,431 107,609 21 2,253 106,683 948 104,431 107,631 22 2,275 106,706 948 104,431 107,654 23 2,298 106,729 948 104,431 107,677 24 2,321 106,752 948 104,431 107,700 25 2,344 107,249 - 104,904 107,249 Total 52,147 1,449,106 32,225 1,396,959 1,481,332

QUESTIONS?