Name of City and/or County:
St. Joseph
Name of Plan or Project:
Gilmore Building Redevelopment
Report Period:
7/1/2017 to 6/1/2018
Name of the Person Who Prepared this Annual Report:
Rich Karleskint - Budget Financial Analyst
City or County Contact Agency:
Private Sector Developer:
R&M Machines, LLC
Original Date Plan/Project Approved:
Most Recent Plan Amendment:
The redevelopment area is located at 107 South 6th Street within the downtown area of the city.
Description of Plan/Project:
The approved plan involves the rehab & restoration of an existing building for the development of retail space and market rate apartments. The building is four stories high & approx 36,000 sq ft. The main floor will be a coffee shop & entertainment venue. The other floors will be converted to residential loft apartments and will consist of 15 residential apartments. Renovations include repairing & restoring the exterior of the building.
Plan/Project Status:
Fully-Operational
How was the "but-for" Determination Made?:
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:
$20,440.78
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$4,216.85
Amount on Hand:
$190.74
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:
$23,837.79
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$1,001.59
This Reporting Period:
$685.96
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$0.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$63,500.00
Total Anticipated TIF Reimbursable Project Costs:
$291,000.00
ANTICIPATED TOTAL PROJECT COSTS:
$1,883,457.00
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
19
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$86,180.00
Assessed Valuation Added to the Redevelopment Project:
$286,223.00
Anticipated Assessed Value at Time of District Termination:
$441,849.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$0.00
Total Annual EATs Anticipated at Time of District Termination:
$4,165.00
Total Annual PILOTs Anticipated at Time of District Termination:
$0.00
Percentage of EATs Captured:
4%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
4%
Total Years Anticipated to Capture PILOTs:
23
