Name of City and/or County:
St. Joseph
Name of Plan or Project:
East Hills Mall
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:
MD Management, Inc.
Original Date Plan/Project Approved:
1/3/2008
Most Recent Plan Amendment:
School District:
St. Joseph
Project Area is located at the southeast corner of Belt Highway and Frederick Boulevard in St. Joseph.
Description of Plan/Project:
Demolition and renovation of significant portions of the exterior and interior of East Hills Mall, construction of a food court and 45,000sf new lifestyle retail space including an exterior courtyard with outside dining & road improvements adjacent.
Plan/Project Status:
Under Construction
Area Type:
Blight & Economic Development
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:
2
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:
700
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:
$0.00
Amount on Hand:
$0.00
Economic Activity Taxes (EATs):
Total Received since inception:
$3,456.20
Amount on Hand:
$3,456.20
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):
$3,106,502.00
$3,106,502.00
Site Development (grading, dirt moving, etc):
$4,413,424.00
$4,413,424.00
Rehab of Existing Buildings:
$4,331,824.00
$4,331,820.00
Acquisition of Land or Buildings:
$2,852,354.00
$2,821,260.00
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:
$177,497.00
This Reporting Period:
$177,497.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$3,622.00
This Reporting Period:
$3,622.00
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
TIF FINANCING METHOD:
Pay-as-you-go; Other
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:
$7,422,360.00
Assessed Valuation Added to the Redevelopment Project:
$0.00
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:
$1,187,258.00
Percentage of EATs Captured:
0%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
0%
Total Years Anticipated to Capture PILOTs:
23
