Name of City and/or County:
St. Joseph
Name of Plan or Project:
East Hills Mall
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:
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:
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 demo and renovate significant portions of exterior, 4 demo and renovate significant portions of the interior including construction of a food court, 5 construct 45,000 sq ft of new lifestyle retail space 6 enhance area sidewalks.
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:
$5,483,421.28
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$4,250,348.99
Amount on Hand:
$3,500.10
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:
$9,294,261.57
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$363,602.97
This Reporting Period:
$19,308.77
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):
12
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$7,422,360.00
Assessed Valuation Added to the Redevelopment Project:
$9,454,650.00
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:
28%
Total Years Anticipated to Capture PILOTs:
23
