Name of City and/or County:
St. Joseph
Name of Plan or Project:
East Hills Mall
Report Period:
Jul 1 2010 12:00AM to Jun 30 2011 12:00AM
Name of the Person Who Prepared this Annual Report:
Rich Karleskint & Judy Hovey
City or County Contact Agency:
Carolyn Harrison, Dir, Fin Svc; Clint Thompson, PD
Phone:
816-271-4760; 816-271-4787
Private Sector Developer:
MD Management, Inc.
Original Date Plan/Project Approved:
Jan 3 2008 12:00AM
Most Recent Plan Amendment:
School District:
St. Joseph School District
The Project Area is located in the southeast quadrant of Belt Highway and Frederick Boulevard in St. Joseph.
Description of Plan/Project:
Construct improvements to Belt Highway and Frederick Blvd intersection including traffic and crosswalk signals and signage, landscaping, etc. Demolish and renovate significant portions of East Hills Mall exterior and interior spaces.
Plan/Project Status:
Fully operational
Area Type:
Blight; Economic Development
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project financially 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 relo 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:
$1,015,206.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$845,883.00
Amount on Hand:
$56,974.00
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:
Since Inception:
$1,790,897.00
This Reporting Period:
$822,916.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$116,598.00
This Reporting Period:
$32,571.00
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:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
