Name of City and/or County:
St. Joseph
Name of Plan or Project:
Cook Road Corridor
Report Period:
7/1/2008 to 6/30/2009
Name of the Person Who Prepared this Annual Report:
Judy Hovey; Rich Karleskint
City or County Contact Agency:
Carolyn Harrison; Clint Thompson
Private Sector Developer:
Greystone Partners Land Development, LLC
Original Date Plan/Project Approved:
3/24/2008
Most Recent Plan Amendment:
3/23/2009
School District:
St. Joseph
The project is located at the northeast corner of Cook Road and Woodbine Road in St. Joseph.
Description of Plan/Project:
Development of a residential subdivision of about 350 single family and townhouse housing units on 185 acres; construction of improvements to Cook Road, storm water drainage, sanitary sewer system and other infrastructure improvements.
Plan/Project Status:
Under Construction
How was the "but-for" Determination Made?:
Unusual/extraordinary costs made project financially unfeasible in the market, required significant public infrastructure investment to remedy existing inadequate conditions and capacity to support development and required parcel ass'y and/or relo costs.
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:
$1,772,886.60
$1,737,445.45
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:
$1,720,771.70
This Reporting Period:
$1,720,771.70
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:
$492,786.00
Property Acquisition and Relocation Costs:
$0.00
Project Implementation Costs:
$20,000.00
Total Anticipated TIF Reimbursable Project Costs:
$5,539,786.00
ANTICIPATED TOTAL PROJECT COSTS:
$19,375,786.00
TIF FINANCING METHOD:
Pay-as-you-go; Other Bond
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
Current Anticipated Estimate (# of Year to Retirement):
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$28,010.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
Anticipated Assessed Value at Time of District Termination:
$19,528,588.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$1,310.00
Total Annual EATs Anticipated at Time of District Termination:
$0.00
Total Annual PILOTs Anticipated at Time of District Termination:
$1,183,511.00
Percentage of EATs Captured:
0%
Total Years Anticipated to Capture EATs:
0
Percentage of PILOTs Captured:
0%
Total Years Anticipated to Capture PILOTs:
23
