Name of City and/or County:
St. Joseph
Name of Plan or Project:
Cook Road Corridor
Report Period:
2011-07-01 00:00:00 to 2012-06-30 00:00:00
Name of the Person Who Prepared this Annual Report:
Rich Karleskint & Judy Hovey
City or County Contact Agency:
Carolyn Harrison & Clint Thompson, Planning/CD Dir
Private Sector Developer:
Greystone Partners Land Development, LLC
Original Date Plan/Project Approved:
2008-03-24 00:00:00
Most Recent Plan Amendment:
3/23/2009
School District:
St. Joseph School District #294
The Project Area is located in the northeast quadrant of the Cook Road and Woodbine Road intersection in St. Joseph.
Description of Plan/Project:
Improvements to Cook Road to include a 3rd lane section, concrete curb & gutter, stormwater drainage and raised grass medians. Construction of improvements to the sanitary sewer system and a 12" water main to serve private development of housing.
Plan/Project Status:
Fully operational
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 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:
$84,605.66
Amount on Hand:
$16,887.12
Economic Activity Taxes (EATs):
Total Received since inception:
$595.51
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:
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:
$2,461,633.01
This Reporting Period:
$37,600.25
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:
$492,786.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$20,000.00
Total Anticipated TIF Reimbursable Project Costs:
$85,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$5,539,786.00
TIF FINANCING METHOD:
Pay-as-you-go; Other Bond
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:
$28,010.00
Assessed Valuation Added to the Redevelopment Project:
$820,260.00
Anticipated Assessed Value at Time of District Termination:
$19,528,588.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$1,310.00
Total Annual EATs Anticipated at Time of District Termination:
$0.00
Total Annual PILOTs Anticipated at Time of District Termination:
$1,183,511.00
Percentage of EATs Captured:
0%
Total Years Anticipated to Capture EATs:
0
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
0
