Gilmore Building Redevelopment
Section 1 Description of the Plan and Project  
Name of City and/or County: St. Joseph  
Name of Plan or Project: Gilmore Building Redevelopment  
Report Period: 07/01/2017 to 06/01/2018  
Name of the person who prepared this annual report: Rich Karleskint - Budget Financial Analyst  
Contact Information:    
City or County Contact Agency:  
Phone: 816-271-5526  
Private Sector Developer: R&M Machines, LLC  
Person: Rick Gilmore  
Phone: 816-262-0637  
Original Date Plan/Project Approved:  
Ordinance Number: 8723  
Most Recent Plan Amendment:  
Ordinance Number:  
State House District: 27  
State Senate District: 34  
School District 294  
Location:    
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
Area Type:  
How was the "but-for" determination made?:    
 
Number of Relocated Residences During This Report Period: 0    
Number of Relocation Businessess During This Report Period: 0    
Number of Parcels Acquired Through Use of Eminent Domain Power During This Report Period: 0    
Identify any business that have relocation to the Redevelopment Area during this report period:    
- None -
Estimate of New Jobs: 25 Actual To Date: 16
Estimate of Retained Jobs: 0 Actual To Date: 0
     
Section 2 Tax Increment Financing Revenues    
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
    (As of Report Date)  
Economic Activity Taxes (EATs):      
Total received since inception: $4,216.85 Amount on Hand: $190.74
    (As of Report Date)  
       
Total Revenue on hand in the Special Allocation Fund as of Report Date: $190.74
   
EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF: Total Since Inception: Report Period Only:
Public Infrastructure (streets, utilities, etc): $99,780.38 $0.00
Site Development (grading, dirt moving, etc): $0.00 $0.00
Rehab of existing buildings: $0.00 $0.00
Acquisition of land or buildings: $0.00 $0.00
Other: $136,464.60 $0.00
AMOUNT PAID ON DEBT SERVICES:    
Payments of principal and interest on outstanding bonded debt:    
Since Inception: $0.00 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  
Other: $102,500.00  
Other: $65,000.00  
Total Anticipated TIF Reimbursable Project Costs $291,000.00  
     
ANTICIPATED TOTAL PROJECT COSTS: $1,883,457.00  
TIF FINANCING METHOD:  
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