Name of City and/or County:
St. Joseph
Name of Plan or Project:
East Hills Mall
Report Period:
7/1/2009 to 6/30/2010
Name of the Person Who Prepared this Annual Report:
Judy Hovey & Rich Karleskint
City or County Contact Agency:
Carolyn Harrison, Financial Services Director
Private Sector Developer:
MD Management, Inc.
Original Date Plan/Project Approved:
1/3/2008
Most Recent Plan Amendment:
School District:
St. Joseph School District
Located at the southeast corner of Belt Highway and Frederick Boulevard in St. Joseph.
Description of Plan/Project:
Construction of improvements to Belt Highway and Fredereick Boulevard including signalization, illuminated signage, landscaping, streetscaping; demolish most of existing East Hills Mall exterior and interior and construction of new retail facilities.
Plan/Project Status:
Fully operational
Area Type:
Blight, Economic Development
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made the project unfeasible in the market, required significant public infrastructure investment to remedy existing inadequate conditions and capacity to support development and required parcel ass'y and/or relocation costs.
Number of Relocated Residences During This Report Period:
0
Number of Relocated Businesses During This Report Period:
0
Number of Parcels Acquired Through Use of Eminent Domain Power During This Report Period:
0
Identify Any Businesses That Have Relocation to the Redevelopment Area During this Report Period:
Estimate of New Jobs:
600
Estimate of Retained Jobs:
756
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$480,326.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$525,317.00
Amount on Hand:
$36,945.00
Total Revenue on hand in the Special Allocation Fund as of Report Date:
EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF:
Total Since Inception:
Report Period Only:
Public Infrastructure (streets, utilities, etc):
$4,150,310.00
$1,043,808.00
Site Development (grading, dirt moving, etc):
$7,528,271.00
$3,114,847.00
Rehab of Existing Buildings:
$6,623,268.00
$2,291,444.00
Acquisition of Land or Buildings:
$1,000,001.00
$548,541.00
AMOUNT PAID ON DEBT SERVICES:
Payments of principal and interest on outstanding bonded debt:
This Reporting Period:
$0.00
Reimbursement of developer for eligible cost:
Since Inception:
$967,980.00
This Reporting Period:
$787,786.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$50,394.00
This Reporting Period:
$6,671.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$18,279,936.00
Property Acquisition and Relocation Costs:
$1,000,000.00
Project Implementation Costs:
$50,000.00
Total Anticipated TIF Reimbursable Project Costs:
$30,897,042.00
ANTICIPATED TOTAL PROJECT COSTS:
$131,056,412.00
TIF FINANCING METHOD:
Pay-as-you-go; other
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
Current Anticipated Estimate (# of Year to Retirement):
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$7,422,360.00
Assessed Valuation Added to the Redevelopment Project:
$8,885,210.00
Anticipated Assessed Value at Time of District Termination:
$27,335,405.00
Total Amount of Base Year EATs:
$1,426,998.00
Total Amount of Base Year PILOTs:
$525,651.00
Total Annual EATs Anticipated at Time of District Termination:
$2,835,606.00
Total Annual PILOTs Anticipated at Time of District Termination:
$1,187,258.00
Percentage of EATs Captured:
%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
%
Total Years Anticipated to Capture PILOTs:
23
