Name of City and/or County:
St. Joseph
Name of Plan or Project:
American Electric Building Redevelopment
Report Period:
7/1/2018 to 6/1/2019
Name of the Person Who Prepared this Annual Report:
Rich Karleskint - Budget Financial Analyst
City or County Contact Agency:
Private Sector Developer:
302 N. 3rd Street, LLC
Original Date Plan/Project Approved:
Most Recent Plan Amendment:
The redevelopment area is located in the northwest section of the downtown area. The boundaries run north and south from Faraon to Jules and east and west from 3rd Street to 2nd Street.
Description of Plan/Project:
The proposed project involves the rehab and restoration of an existing 200,000 square foot historic building called the American Electric Building located at 302 North 3rd Street for the development of market rate apartments and commercial retail and office space.
Plan/Project Status:
Starting-Up
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:
$0.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$0.00
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:
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
This Reporting Period:
$0.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$2,980,654.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$2,980,654.00
ANTICIPATED TOTAL PROJECT COSTS:
$25,934,060.00
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:
$83,325.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$4,170,880.00
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:
$0.00
Total Annual PILOTs Anticipated at Time of District Termination:
$0.00
Percentage of EATs Captured:
0%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
0%
Total Years Anticipated to Capture PILOTs:
23
