Name of City and/or County:
St. Joseph
Name of Plan or Project:
East Hills Mall
Report Period:
7/1/2017 to 6/1/2018
Name of the Person Who Prepared this Annual Report:
Rich Karleskint
City or County Contact Agency:
Private Sector Developer:
MD Management, Inc.
Original Date Plan/Project Approved:
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 & 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?:
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:
600
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:
$4,947,106.26
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$4,221,740.98
Amount on Hand:
$2,713.71
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:
$8,751,425.76
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$344,294.20
This Reporting Period:
$22,215.74
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
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
13
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$7,422,360.00
Assessed Valuation Added to the Redevelopment Project:
$9,781,220.00
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:
13%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
25%
Total Years Anticipated to Capture PILOTs:
23
