Name of City and/or County:
St. Joseph
Name of Plan or Project:
East Hills Mall
Report Period:
7/1/2007 to 6/30/2008
Name of the Person Who Prepared this Annual Report:
Rich Karleskint; Judy Hovey
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
In the southeast quadrant of the intersection of Belt Highway and Frederick Boulevard.
Description of Plan/Project:
Improvements to the Belt Hwy and Frederick Blvd intersection including signalization, crosswalks, illuminated street signage, landscaping. Demo and/or renovate existing East Hills Mall building and construct new 'lifestyle' retail facilities.
Plan/Project Status:
Under construction
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project financially unfeasible in the market, required significant infrastructure investment to remedy existing inadequate conditions and capacity to support development and required parcel ass'y and/or relo costs.
Number of Relocated Residences During This Report Period:
0
Number of Relocated Businesses During This Report Period:
13
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 Retained Jobs:
0
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$0.00
Amount on Hand: (As of Report Date)
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$0.00
Amount on Hand: (As of Report Date)
$0.00
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):
Site Development (grading, dirt moving, etc):
Rehab of Existing Buildings:
Acquisition of Land or Buildings:
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:
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
This Reporting Period:
$0.00
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:
$28,059,727.00
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:
$7,422,460.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$27,335,405.00
Total Amount of Base Year EATs:
$2,157,089.83
Total Amount of Base Year PILOTs:
$525,651.21
Total Annual EATs Anticipated at Time of District Termination:
$33,369,228.00
Total Annual PILOTs Anticipated at Time of District Termination:
$19,944,765.00
Percentage of EATs Captured:
0%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
0%
Total Years Anticipated to Capture PILOTs:
23