Raleigh County Tax Increment Financing
District No. 1 – Glade Springs Village District
Annual Statement for Fiscal Year Ended June 30, 2022
(A) A summary of receipts and disbursements, by major category, of moneys in the tax increment financing fund during the fiscal year:
Balance in Tax Increment Financing Fund at June 30, 2021 1,190,681.49
Receipts
Tax Increment Revenue 990,601.51
Bond Proceeds 0.00
Earnings on Balance Held by Bond Trustee 1208.70
Total Receipts 991,810.21
Disbursements
Reimbursed to Developer 0.00
Cost of Bond Issuance 0.00
Debt Service on Bonds 926,788.90
Administration Fee 2,500.00
Bond Redemption 12.64
Total Disbursements 929,301.54
Balance in Tax Increment Financing Fund at June 30, 2022 1,253,190.16
(B) A summary of the status of the development or redevelopment plan and each project therein:
Glade Springs Village is a planned recreational/retirement community located in Raleigh County. The developer has approval to construct two golf courses, a 69-acre lake, and over 3,000 homesites on approximately 3,000 acres. Due to adverse site conditions, the continuation of the project was subject to the use of Tax Increment Financing as a means to offset future development cost overruns. Tax Increment Financing is being utilized for the specific purpose of utility installation at Glade Springs Village.
Utility Installation Status # of lots
Completed 1,566
In-Progress 0 Remaining (estimated) 211
Total (estimated) 1,777
(C) The amount of tax increment financing principal outstanding as of the close of the fiscal year:
2016 Series: $6,315,000 (A); $0 (B); $0 (C)
(D) Any additional information the county commission or municipality deems necessary or appropriate to publish.
None