Name of City and/or County:
St. Louis
Name of Plan or Project:
1111 Olive (352-127)
Report Period:
2011-07-01 00:00:00 to 2012-06-30 00:00:00
Name of the Person Who Prepared this Annual Report:
Dale E. Ruthsatz/Lisa Harmon
City or County Contact Agency:
Dale E. Ruthsatz, SLDC
Private Sector Developer:
Infomedia, Inc.
Original Date Plan/Project Approved:
2010-03-06 00:00:00
Most Recent Plan Amendment:
School District:
City of St. Louis School District
The Project is located at 1111 Olive Street in downtown St. Louis.
Description of Plan/Project:
Mixed-use development on .56ac including renovation of a 5-story structure originally housing the Post Dispatch presses, more recently used by KSDK Television and the United Way into 7,900sf 1st floor retail & 77,000sf office with 10,000sf storage space.
Plan/Project Status:
Fully operational
How was the "but-for" Determination Made?:
Unusual and extraordinary costs made the project financially unfeasible in the market.
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 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:
$82,144.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$26,977.00
Amount on Hand:
$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:
$2,396,000.00
$2,396,000.00
AMOUNT PAID ON DEBT SERVICES:
Payments of principal and interest on outstanding bonded debt:
Since Inception:
$99,553.00
This Reporting Period:
$99,553.00
Reimbursement of developer for eligible cost:
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$9,568.00
This Reporting Period:
$9,568.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$0.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$2,350,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$11,750,583.00
TIF FINANCING METHOD:
TIF Notes
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
21
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$270,600.00
Assessed Valuation Added to the Redevelopment Project:
$1,169,400.00
Anticipated Assessed Value at Time of District Termination:
$3,448,609.00
Total Amount of Base Year EATs:
$34.72
Total Amount of Base Year PILOTs:
$17,387.00
Total Annual EATs Anticipated at Time of District Termination:
$111,752.00
Total Annual PILOTs Anticipated at Time of District Termination:
$196,145.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23
