Name of City and/or County:
St. Joseph
Name of Plan or Project:
East Hills Mall
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:
MD Management, Inc.
Original Date Plan/Project Approved:
2008-01-03 00:00:00
Most Recent Plan Amendment:
School District:
St. Joseph School District #294
The Project Area is located in the southeast quadrant of the Belt Highway and Frederick Boulevard intersection in St. Joseph.
Description of Plan/Project:
Construct improvements to Belt Hwy & Frederick Blvd intersection, demolition/renovation of significant portions of East Hills Mall exterior and construction of new retail facilities including courtyard, new pad sites, etc.
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:
650
Estimate of Retained Jobs:
806
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$1,579,712.47
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$1,332,823.55
Amount on Hand:
$22,564.43
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:
$2,793,002.00
This Reporting Period:
$1,002,105.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$142,043.00
This Reporting Period:
$25,445.00
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:
$9,238,000.00
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
