Name of City and/or County:
Richmond Heights
Name of Plan or Project:
Hadley Township Redevelopment Project Area-South
Report Period:
7/1/2020 to 6/1/2021
Name of the Person Who Prepared this Annual Report:
Sara J Fox
City or County Contact Agency:
Private Sector Developer:
Menards
Person:
Theron Berg, Real Estate Manager
Original Date Plan/Project Approved:
Ordinance Number:
4991, 5244
Most Recent Plan Amendment:
Approximately 40.4 acre redevelopment project area RPA divided into a Northern & Southern section. The Southern section is bounded by Hanley Rd. on the west, Elinor on the north, Berkley on the east, and West Bruno on the south. The Southern RPA consists of Sub-Area A south of Elinor Ave. & north of W. Bruno Ave. and Sub-Area M Menards east of Sub-Area A, south of Elinor, west of Berkley, & north of W. Bruno Ave..
Description of Plan/Project:
Sub-Area A has 10 retail and restaurants. Sub-Area M has a 246,346 SF two story Menards Home Improvement store, with associated yard, covered storage and parking lot with 406 parking spaces.
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:
160
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:
$2,659,132.00
Amount on Hand:
$498,673.00
Economic Activity Taxes (EATs):
Total Received since inception:
$3,786,454.00
Amount on Hand:
$538,572.00
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:
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:
$7,199,251.00
This Reporting Period:
$0.00
Reimbursement to city/county (or other public entity) for eligible costs:
Since Inception:
$25,000.00
This Reporting Period:
$10,000.00
ANTICIPATED TIF REIMBURSEMENT COSTS:
Public Infrasture and Site Development Costs:
$0.00
Property Acquisition and Relocation Costs:
$15,000,000.00
Project Implementation Costs:
$0.00
Total Anticipated TIF Reimbursable Project Costs:
$15,020,266.00
ANTICIPATED TOTAL PROJECT COSTS:
$15,020,266.00
MATURITY OF TIF OBLIGATIONS:
Original Estimate (# of Years to Retirement):
23
Current Anticipated Estimate (# of Year to Retirement):
23
ESTIMATED INCREASE IN TAX GENERATION:
Original Assessed Value of the Redevelopment Project:
$825,940.00
Assessed Valuation Added to the Redevelopment Project:
$5,443,730.00
Anticipated Assessed Value at Time of District Termination:
$6,849,508.00
Total Amount of Base Year EATs:
$0.00
Total Amount of Base Year PILOTs:
$69,267.00
Total Annual EATs Anticipated at Time of District Termination:
$5,809,721.00
Total Annual PILOTs Anticipated at Time of District Termination:
$0.00
Percentage of EATs Captured:
50%
Total Years Anticipated to Capture EATs:
23
Percentage of PILOTs Captured:
50%
Total Years Anticipated to Capture PILOTs:
23
