Name of City and/or County:
Washington
Name of Plan or Project:
Front Street Development, LLC
Report Period:
1/1/2018 to 12/1/2018
Name of the Person Who Prepared this Annual Report:
Sal Maniaci
City or County Contact Agency:
Private Sector Developer:
Andy Unerstall
Original Date Plan/Project Approved:
Ordinance Number:
17-11629
Most Recent Plan Amendment:
School District:
Washington School District
A district roughly bordered by Lafayette Street to the West, Front Street to the North, Market Street to the East, and Main Street to the South.
Description of Plan/Project:
A mixed used development meant to redeveloped a long blighted area. The proposed development was intended to bring at least 30 residential units and 20,000 sq. ft. of commercial space to under utilized land downtown as well as bury utilities, replace sidewalks, and provide new street lighting.
Plan/Project Status:
Under Construction
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:
$1,042.99
Amount on Hand: (As of Report Date)
$1,042.99
Economic Activity Taxes (EATs):
Total Received since inception:
$0.00
Amount on Hand: (As of Report Date)
$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:
$550,881.00
Property Acquisition and Relocation Costs:
$1,391,644.00
Project Implementation Costs:
$10,477,510.00
Total Anticipated TIF Reimbursable Project Costs:
$12,535,035.00
ANTICIPATED TOTAL PROJECT COSTS:
$12,535,035.00
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
0
Current Anticipated Estimate (# of Year to Retirement):
0
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$216,323.00
Assessed Valuation Added to the Redevelopment Project:
$330,310.00
Anticipated Assessed Value at Time of District Termination:
$1,796,840.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$12,333.00
Total Annual EATs Anticipated at Time of District Termination:
$447,334.00
Total Annual PILOTs Anticipated at Time of District Termination:
$0.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
100%
Total Years Anticipated to Capture PILOTs:
23