1001 Locust (352-108)
Section 1 Description of the Plan and Project  
Name of City and/or County: St. Louis  
Name of Plan or Project: 1001 Locust (352-108)  
Report Period: 07/01/2008 to 06/30/2009  
Name of the person who prepared this annual report: Dale E. Ruthsatz; Beverly Fitzsimmons  
Contact Information:    
City or County Contact Agency: SLDC; Dale E. Ruthsatz, Dir, Com'l Dev.  
Phone: 314-622-3400  
Private Sector Developer: Kinloch, LLC  
Person: Craig Heller  
Phone: 314-241-6702  
Original Date Plan/Project Approved: 07/28/2008  
Ordinance Number: 68083  
Most Recent Plan Amendment:  
Ordinance Number:  
State House District: 58  
State Senate District: 5  
School District St. Louis  
Location:    
The project is located at 1001 Locust Street in St. Louis, which property was previously known as the "Farm and Home Building".  
Description of Plan/Project:    
Rehabilitation of the six-story building with approximately 8800sf retail space and 45000sf office space.  
Plan/Project Status: Under Construction
Area Type: Blight  
How was the "but-for" determination made?:    
Unusual and extraordinary costs due in part to the project not being eligible for historic tax credits, unlike most similar downtown St. Louis projects, made the project financially unfeasible in the market.  
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: 200 Actual To Date: 0
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: $0.00 Amount on Hand: $0.00
    (As of Report Date)  
Economic Activity Taxes (EATs):      
Total received since inception: $0.00 Amount on Hand: $0.00
    (As of Report Date)  
       
Total Revenue on hand in the Special Allocation Fund as of Report Date: $0.00
   
EXPENDITURES FOR TOTAL PROJECT COSTS FUNDED BY TIF: Total Since Inception: Report Period Only:
Public Infrastructure (streets, utilities, etc): $0.00 $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: $0.00 $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: $0.00 This Reporting Period: $0.00
Reimbursement to city/county (or other public entity) for eligible costs:    
Since Inception: $0.00 This Reporting Period: $0.00
ANTICIPATED TIF REIMBURSEMENT COSTS:    
Public Infrasture and Site Development Costs: $0.00  
Property Acquisition and Relocation Costs: $0.00  
Project Implementation Costs: $0.00  
Other: $0.00  
Other: $0.00  
Total Anticipated TIF Reimbursable Project Costs $1,950,000.00  
     
ANTICIPATED TOTAL PROJECT COSTS: $10,218,750.00  
TIF FINANCING METHOD: TIF Notes  
MATURITY OF TIF OBLIGATIONS:    
Original Estimate (# of Years to Retirement): 23  
Current Anticipated Estimate (# of Year to Retirement): 22  
     
ESTIMATED INCREASE IN TAX GENERATION:    
Original assessed value of the redevelopment project: $466,400.00  
Assessed valuation added to the redevelopment project: $13,500.00  
Anticipated Assessed Value at Time of District Termination: $2,540,017.00  
Total Amount of Base Year EATs: $6,309.48  
Total Amount of Base Year PILOTs: $30,106.00  
Total Annual EATs Anticipated at Time of District Termination: $392,937.00  
Total Annual PILOTs Anticipated at Time of District Termination: $101,850.00  
Percentage of EATs Captured: 50%  
Total Years Anticipated to Capture EATs: 23
Percentage of PILOTs Captured: 100%  
Total Years Anticipated to Capture PILOTs: 23