Name of City and/or County:
St. Joseph
Name of Plan or Project:
Gilmore 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:
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 rehab and restoration of an existing building for the development of retail space and market rate apartments. The building is four stories high and approximately 36,000 sq ft. The main floor will be a coffee shop and entertainment venue. The other floors will be converted to 15 residential loft apartments. Renovations include repairing and restoring the exterior of the building to maintain the historical faade.
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:
$28,473.78
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$4,224.92
Amount on Hand:
$270.40
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:
$31,469.14
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$1,403.24
This Reporting Period:
$401.65
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):
18
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:
5%
Total Years Anticipated to Capture PILOTs:
23
