RALEIGH COUNTY TAX INCREMENT FINANCING DISTRICT NO. 1 –
GLADE SPRINGS VILLAGE DISTRICT – JUNE 30, 2019 REPORT
(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,
2018 (Note: Includes correction of $2.92 credit 1,117,934.93
Receipts
Tax Increment Revenue 1,011,140.97
Bond Proceeds 0.00
Earnings on Balance Held by Bond Trustee 28,228.25
Total Receipts 1,039,369.22
Disbursements
Reimbursed to Developer 0.00
Cost of Bond Issuance 0.00
Debt Service on Bonds 1,066,931.26
Administration Fee 2,500
Bond Redemption 0
Total Disbursements 1,069,431.26
Balance in Tax Increment Financing Fund at June 30, 2019 1,087,872.89
(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: $8,115,000 (A); $0 (B); $375,000 (C)
(D) Any additional information the county commission or municipality deems necessary or
appropriate to publish.
None
ID: 307717