Name of City and/or County:
St. Joseph
Name of Plan or Project:
East Hills Mall
Report Period:
7/1/2013 to 6/1/2014
Name of the Person Who Prepared this Annual Report:
Rich Karleskint Judy Hovey
City or County Contact Agency:
St. Joseph
Private Sector Developer:
MD Management, Inc.
Original Date Plan/Project Approved:
1/1/2008
Most Recent Plan Amendment:
11/01/2013
The project area is located at the southeast corner of the intersection of Belt Highway and Frederick Boulevard.
Description of Plan/Project:
1 construct improvements to Belt Hwy & Frederick Blvd intersection including traffic & crosswalk signals, illuminated street signs, landscaping, streetscape, etc. 2 Upgrade Belt entry and Frederick entry signals, 3 demolish & renovate significant portions of exterior, 4 demolish & renovate significant portions of the interior including construction of a food court, 5 construct 45,000 sq ft of new lifestyle retail space.
Plan/Project Status:
Fully-Operational
How was the "but-for" Determination Made?:
Project had unusual/extraordinary costs that made the project financially unfeasible in the market place. Project required significant public infrastructure investment to remedy existing inadequate conditions. Project required significant public infrastructure investment to construct adequate capacity to support the project. Project required parcel assembly and/or relocation 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:
756
TIF REVENUE DEPOSITS TO THE SPECIAL ALLOCATION FUND AS OF THE REPORT DATE:
Payments in Lieu of Taxes (PILOTs):
Total Received since inception:
$2,713,220.10
Amount on Hand:
$2,713,220.10
Economic Activity Taxes (EATs):
Total Received since inception:
$2,331,993.75
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:
$4,804,306.99
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$236,008.45
This Reporting Period:
$62,772.13
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
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
23
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$7,422,360.00
Assessed Valuation Added to the Redevelopment Project:
$9,421,520.00
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:
$0.00
Percentage of EATs Captured:
7%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
14%
Total Years Anticipated to Capture PILOTs:
23
