706 MARKET

TIF APPLICATION
Presented to the City of St. Louis
TIF Commission
August 29, 2013
Application
Exhibit A
Exhibit B
Exhibit C
Exhibit D
Exhibit E
706 MARKET
Table of Contents
List of St. Louis City Residents or Films, Women and
Minorities Associated With the Project
Map of the Redevelopment Area
Anticipated Pro Forma
Projected TIF Revenues
Preliminary TIF Redevelopment Schedule
TIF APPLICANT'S STATEMENT OF EXPERIENCE AND QUALIFICATIONS
A. Applicant
Market TIF. Inc. (or its affiliate) 314.993.5800/314.993.5826
Applicant's (Developer's) Name Telephone/F AX
7700 Forsvth. Suite 1210 St. Louis, MO 63105
Street Address City/State/Zip
TBD
Applicant's IRS Number
Garrick R. Hamilton, General Counsel
314.993.5800/314.824.8022/ghamilton@komangroup.com
Name and Title of Responsible Officer Telephone/FAXIEmail
7700 Forsyth, Suite 1210 St. Louis, MO 63105
Street Address City/State/F AX
Garrick R. Hamilton. General Counsel
314.993.5800/314. 824.8022/ghamilton(Q).komangroup.com
Attorney for or Authorized Representative or Applicant Telephone/F AXIEmail
7700 Forsyth, Suite 1210 St. Louis. MO 63105
Address City/State/Zip
List other development team pmiicipants such as attorneys, consultants, bond consultants,
architects, engineers, etc. affiliated with the applicant on this project, together with their address
and telephone number.
Prospective Tenant: The Laclede Group, Inc .• 720 Olive Sh'cet, Suite 1307, St. Louis, MO
63101.314.342.0873
Corporate Planning!: Arcturis, 720 Olive Street. Suite 200. St. Louis. MO 63101
Interior Architect 314.206.7100
Consultant: DFC Group, Inc .• 7777 Bonhomme, Suite 1210, St. Louis, MO 63105
314.725.8555
Contractor: TBD
Accountant: RubinBJ'own LLP, 1 N. Brentwood Blvd .• St. Louis. MO 63105
314.290.3300
The aforementioned reflects potential participants anticipated at this time. all ofwbich are
subject to change.
List all St. Louis City Residents and firms, women and minorities associated with the
development entity or members of the development team,
See attached Exhibit A for a list of St. Louis City residents and firms and women
and minorities associated with the development team. As the l)rOposed redevelopment
project has not reached the bidding stage, the names of all City residents, women and
minorities associated with the pmject are unknown a( this time, The Developel' will comply
with the applicable Mayor's Executive Onlel's conccl"Ding MBE and WBE pal'ticipation
and construction requiJ'ements.
In addition, it should be noted Chat The Laclede Group. Inc, ("The Laclede Group")
is the anticipated tenant of the proposed PI·ojeet. The Laclede Group has demonstrated a
commitment to women in leadership positions. The company is currently led by its CEO,
Suzanne Sithcnvood, In addition. a tlumbcl' of kev positions within The Laclede Group,
including, but not limited to. those of Chier Administmtive Officer, Controller. Treasurel'.
and Vice President of Governance and Standards are all currently held by women.
B. Pl'oject Description
A brief description of the proposed project.
Market TIF. Inc., an affiliate of The Koman GI'OUp (together with their respecitve
affiliates, the "Developel''') requc..<;ts $8.148 million in tax increment financing (TIF) for the
proposed redevelopment project (the "Redevelopment Project" 01' "Project"). which
consists of the estimated $46.4 million rehabilitation of the building in Downtown St. Louis
commonlv known and numberell as 700-706 Market Street (as depicted on Exhibit B
attached hereto, the " Redevelopment Area" 01' " Area"), which was pI'cviouslv known as the
"General American Life Insurance Building" or the "GenAmerica Building" (the
"Building"). The six-stolY Building is architectul'allv significant in that it was designed by
noted architect Philin Johnson. and represents one of a limited Ilumbel' of buildings he
dcsigned west of the Mississippi. and the only one he designed in St, LOllis. The Building
was constructed as the headquarters fOI' the General American Life [nsul'ance Company.
After the acquisition of General American hy MetLitc in 1999, the Building was vacated,
with the last employees vacating tbe Building in 2004.
The Redevelopment Project PI'oposes the rehabilitation of the Building into office
space and supporting facilities, Due to the Building's orientation and lavout, it is almost
exclusive'" mal'lietable for use by a single tCllant. The Developel' anticipates average
allnual rents in the range of approximately $22-25 per square foot. As the Building lacks
sufficient intel'iol' (larking spaces, additional parl.ing will Ileed to be obtained rrom neal'by
gal'Hges located outside the Redevelopment Area, complicating attcmpts at redevelopment.
Tbese ratcs are at the high end of those found in Downtown, evidencing the desire of the
Developer and The Laclede Group to restore this Building to a Class A standard.
The Developer has received a Jll'climilllu'y commitment (nlln The Lac/cue Gl'OlIll to
relocate its headquarters to the Building, The Laclede Group. Inc. is a public utilitv
holding company committed to Ill'oviding reliable natural gas service through its regulated
cOl'e utility operations while engaging in non-I'cgulated activities that pl'Ovide opportunities
rOl' sustainable growth. Its primarv subsidiary -- Laclede Gas Company -- is the lal'gest
Datuml gas distribution utility in Missouri, sen/illg approximately 631.000 residential,
commercial and industrial customers in the City or St. Louis and ten other counties in
eastern Missouri. Its pl'imary non-regulated activities include Laclede Energv ResoulTes,
Inc .. a natural gas marketer located ill Sf. Louis, Missouri. The Laclede GI'OUp was
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founded in 1857 as The Laclede Gas Light Company, and has been listed on the New York
Stock Exchange since 1889.
Mo.·e specific information concenting thc costs and allocations of the Project arc set
forth in Exhibit C. attached hereto. The Project, which requires the assistance of TIF to
proceed with tbe substantial rehabilitation proposed, is still in its initial pre-design phase.
As such, all figurcs and numbers, including, but nol. limited to, the costs, square footage amI
use allocations, and revenue sources set forth herein are based U(lon the preliminary
contempllllion of the Projcct at this time and arc subject to lIdjustmcnt or modification
upon additional exploration and development as site or market conditions mav dictate.
C. Substantial and Significant Public Benefit
A description of the public benefit to the City resulting from the development of this project:
The Redevelopment Project would provide seve..al impo.·tant public benefits to the
City of St. Louis. Perhal}s most importantlv, it would providc the City an onportunity tl)
retain the headquarters of The Laclede Group Hnd the approximatelv 500 emplovees it
currentlv maintains in Downtown. This co.·poration and its employees genel'atc significant
economic impacts fo.· the City b,r shopping at, ealing at, and employing othe.' businesses
located in Downtown . . The number of persons employed bv The Laclede GroUI) al the
Project is expected to grow by 50 jobs shortly following coml>lction of the Project, and bv
200 jobs over twelve years.
The A.·ea, which has been entirelv vacant since 2004, is unde.·utilized and in
deteriorating phvsical condition; in its current state, the Area constitutes it significant
sou.·ce of blight in this part of the City of St, Louis. Redevelopment and adaptive .·cuse of
the Area thrHugh cHmpletion of the Project will eliminate the phvsical blighting conditions
that plague the Area. The Building sits at a prominent location along Ma.·ket Street. in
close proximity to Busch Stadium. Ballpark Village and othe.· ",on! pmductivc office
prope.·ties; the vacancy of the Area represents a significant and notable gap that detracts
from the (lcl·ceptiCln of the City by outsiders. The renovation and rejuvenation of Ihis
Building is expected to allow the City to maximize the potential of the PI·opel,ties 10('ated ill
this portion of Downtown.
Furthennore, the Project will provide the following public benefits:
• Accommodate the anticipated growtb of The Laclede Groull ' an established
corporate citizen of the City, within Downtown, allowing the City to receive lIew
tax revenues from The Laclede Group's growth.
• [ncrease the value of this property and others around it. enhancing the City's
tax base.
• Create commercial space that wiII signilicaotIv enhance the viability uf other
commercial developments in Downtown thus supporting Downtown's reputation
as the commercial backbone of the region.
• Presc,·ve a significant a.·chitectural propel·tv listed on the N:ltional Rcgiste.·.
• Provide a significant amount of new commercial space to sCI"Ve the Downtown
population, resulting in increased tax revenues to the City without c.'eating a
disproportionate demand for City se."Vices.
• Add more critical mass to the area north of Ballpark Village, potentially driving
improved market demographics critical to underwriting future phases of that
high profile project.
.,
.J
• Ameliorate the physical conditions that have encouraged the presence of
homelessness in the Area.
Thc Redevelopment Project would cure the conditions of blight that currently
plague the Redevelopment Area, and would provide other significant economic and social
benefits to the welfare of the City.
D. TIF Nccessary for the Implementation of this Project.
Demonstrate that without TIF this project is not feasible and could, therefore, not be
developed:
The si!!nificant phvsical limitations associated with the Building require the
assistance of TIF in o"der to make the Project as a whole viable. As noted above, the
Building was originally designcd and consh'ucted for usc bv a single large tcnant. and does
not lend itself well to being broken into smaller units. Tbe limited universe of potenthll
tcnants imJ)ai.·s the Project's marketability. The Building suffers from other phvsical
inefficiencies that would require substantial investment in order to unlock economic value.
Furthel'more, the Area suffers from physical inefficiencies, including, but not Iimitcd to,
thc lack of onsite parking, that fl'ustrate its economic potential. [n addition to significant
improvemcnts to thc Building required to accommodate modern workplace technologies
and cllvironments demanded by Downtown occupants. tbe Project will involve a significant
oveJ'lI",,1 of the Building's mechanical, electrical, plumbing and fire protcction s,'stC1l1S,
substantially increasing redevelopmcnt costs. Without TIF and other tax credits. thc
Redevelopment Project is not financially feasible and would not occur.
The assistance of TIF is necessary to cause tbe Pl'oject to occur due to the
substantial costs associated with the Pl'Oject and the limited marketability of tbe Project.
TIF is necessary to support this important commercial development.
E. BondlNote Coverage:
Preliminary evidence showing that the projected PILOTS and EATS generated by this project
will cover the projected TIF debt service at least 1.25 times.
The Dcvclope.· named herein rcquests that the City issue TIF obligation(s) in ~ l n
amount e()lIal to approximately $8.148 million plus issuancc costs with respect to thc
Project. At the request of the Developer. the City mav issue TIF obligations to a third party
to evidence the City's obligation to reimburse Develol)cr for reilllbUl'sable project costs. As
shown in the Projected TIF Revenues included herein as Exhibit D. such TIF Amount
includes a debt service coverage ratio of 1.1 with respect to aU PILOTS and 1.25 with
respect to all EATS.
Upon .-eceipt by the City of a written request bv Developel' and cvidcnce that such
developcl' has mct cea·tain critcl'ia as agl'ccd UpOIl hy the City and such Devcloper, thc City,
or one of its agencies, shall immcdilltely proceed to issue tax inCl'cmcnt financing bonds to
repay thc TTF obligalion(s). The TIF Bonds hall be reimbursed solelv rrom (he revenue
stream of PILOTS and EATS genel'ated by the Project over twenty-three veal's.
F. TIF Assistance Ratio
4
Show what percent the proposed TIF would be of the total overall anticipated development
budget.
The Developer is requesting a $8.148 million (!)Ius issuance costs) TIT with respect
to Project, which amount e9 uats approximatelv 17.5
%
of the overall anticipated
31ml'oximatcly $46.447 million budget for the Project. The requested TIF is based on
100% of all P[LOTs alld 50% orall EATs generated by tbe Project.
G. Public Infrastructure
Show what percentage of the overall TIF budget would be invested in public infrastructure.
The construction of the Redevelopment Project will involve improvements to the
sidewalks or extel"iol' portions of the Redevelopment Area, which mav involve, but need not
be limited to, utility infrastructure and facade improvements.
H, Available Alternative Financing
Provide evidence that the applicant has explored alternative financing methods for this
project before applying for the use ofthe TIF.
The Developer expects to utilize both Federal Historic Preservation Tax Credits and
Missouri Historic Tax Credits with respect to the Project.
I, Financing and Technical Ability
Provide evidence that the applicant possesses financial and technical ability to
complete/operate this project.
The Developer entitv is an aftiliate of The Koman Group, L.L.C. ("TKG"). TKG
is a fullv integrated rcal estate developel' and owner, managing all aspects of a I'eal estate
investment frolll inception to disposition, Since 1990, TKG has developed more than S 1
billion in new p.-ojects, structured more than $1 billion in mortgage-backed, prefened
equity and joint venture fimIDcings, lind bas performed consh'uctioll, leasing, and pl'opel'ty
management for assets totaling more than 5 million square feet, TKG has specific
experience with historic redevelopment for commercial usc, having recently completed the
successful rehabilitation of the Cupples 9 Building, which is app.-o_ximatelv 99% leased and
houses Oshol'n & BaIT, Ynrbnds, Macl<cy Mitchell. Asvnchronv Solutions, Pedal the Cause
and Flving Saucer. The conwanv's other representative projects include Centene Plaza in
Clayton and the CityPlace campus in Creve Coeur,
J. EquitylPuformancc Bond
Show that the applicant has access to sufficient equity/performance bond needs of this
project.
To be supplemented if needed.
K. City Credit Rating
5
Demonstrate that this public/private partnership will not negatively impact the City's credit
rating.
As is demonstnlted by the calculations attached hereto, tbe future PILOTS aud
EATS that will be gencrated by the Project will be the sole source of revenue to payoff the
TIF. The Developer is Ilot seeking any guarantees from the City of Sf. Louis with respect to
the TIF. Any TIF Note or other TIF obligation issued bv the Citv, or one of its agencies. will
be ,'eimbursed solely from the revenue stl'eam of PILOTS and EATS generated by the
Redevelopment Project over a twenty-three yen period.
L. Job Creation
Estimate the total number of jobs that will be created by this project together with a
preliminary estimate of anticipated skills, education levels and salary ranges expected.
It is anticipated that thc Redevelopment P.·oject will create apPl"Oximatcly 200 jobs
associated with the expallsion of The Laclede G.,oup's operations ove.· a pel"iod of
app.·oximatclv twelve yeHrs, ill addition to the aflJJl"Oximatclv 500 jobs that will be retained.
Furthermo,'e, additional jobs will be created in connection with the constl'Uction,
management and maintenance of these commercial snaces. Thc skill and education levels
required for these jobs varY great Iv by the job. !VIanv office emplovees are likely to have
college, graduate or professional degrees.
M. Economic Impact of Adjacent Properties
Outline how this project might act as a catalyst for nearby development and/or help stabilize
adjacent neighborhoods.
The Project is expected to have a significant economic impact on otlle.· properties in
this po.·tion of Downtown St. Louis, As noted, the Project is expected to fmillc.' solidify the
reputation of Downtown as the commercial cente.' of the region. The Project also has the
potential abilitv to draw Dew tenants to tbe market in othe.' locations. As such, the
redevelopment of this prouerty is eXI)ceted to inc.reasc the value of SIIITouII(Jing properties.
Furthermore, the anticipated relocati.oll nnd retention of The l .aclede Grolll}, a
longstanding and prominent Downtown tenant, should increasc confidence ill DowntowlI
and encourage future incremental development.
N. Broad Customer Base fo.' Commercial Uses
If this project includes commercial uses, outline the potential tenants, demonstrate how the
project will either attract customers from outside the City or provide retail/services currently
in shOlt supply in the City, and discuss how the new uses might impact nearby competition.
As noted above, it is expected that The Laclede Group will OCCUPy all of the SI.ace in
the Building upon completion, Although the Project is not nccessat"ilv dependent upon this
commitment. it is dcmonstrative of the anticipated market fo.· the PmjecL Given the
physical orientation of the Building, which restricts its use bv more than one tenant, the
Project is not anticipated to have an anti-competitive cITed on the l o c ~ . 1 office mal"lcet.
furthermore, given the lack of newlv constructed Class A oftice space in Downtown over
the past two decades, significant rehabilitation p.-ojects such as this olle are crucial to the
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City's ability to aHa-act and retain large office users who a.-e seeking significant quantities of
the highest quality space.
O. Residential Projects
rf this project includes residential uses, outline how it will help fulfill a significant need for
diverse income housing in the City, and how it will impact public services of the City and
other taxing districts,
The Project does not contemplate any residential uses.
P. Other Public Incentives
List other public incentives, if any, which are being sought by the applicant in furtherance of
this project_
In addition to this request for tax inc.-ement financing, the Develope.' will sect,
Fetleml Historic Preservation Tax Credits and Missouri Historic Tax Credits for this
Project; the Developel' may also seek New Market .. Tax C.'edits. It is possible that tcnaot(s)
may also seek incentives.
Q. TIF Obligations not Guaranteed by the City.
Acknowledge that the TIF being sought will not require any guarantees by the City_
The Til<' being sought will be paid soleI v from the revenues that will be genenlted bv
the Redevelopment Project and will not require nnv guarantees bv the City,
R. Budget/Source Outline
Outline the expected overall development costs and the proposed sources of funding_
See Exhibit C "Anticipated Pro Forma" for details of the overall development costs
and proposed sources of funding.
S. Site Contl'ol
List all properties needed for this project, their CUlTent ownership, their status of occupancy,
and proposed method of acquisition and relocation, if necessary_
The Developer is currently the owner under contract ofthe Area,
T. Schedule
Provide a preliminary project implementation schedule_
See Exhibit E for the proposed TIF Redevclopment Project Schedule.
[Remainder of page intentionally left blank.]
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I hereby certifY that all the information in this application is true and complete to the best of
my knowledge.
MARKET TIF, INC.
August 27,2013
8
Exhibit A
List of St. Louis Residents and/or Firms and Minority and/or Women Businesses
Associated with the Project
City Residents and/or Firms Associated With Project
• The Laclede Group
• Suzanne Sitherwood, CEO of The Laclede Group
• Joshua J. Udelhoien, Chieflnvestment Officer of The Koman Group, L.L.e.
• Arcturis
• Margaret McDonald, Principal at Arcturis
Women andlor Minority Businesses Associated With Project
• Arcturis
• Suzanne Sitherwood, CEO of The Laclede Group
• Margaret McDonald, Principal at Arcturis
• Megan Ridgeway, Principal at Arcturis
ExhibitB
Map of the Redevelopment Area
I .. ______ ..... 1 Redevelopment Area
Exhibit C
Anticipated Pro Forma
706 MARKET
Anticipated Sources and Uses
Acquisition Costs
Acquisition
Hard Costs
Soft Costs
Total Hard Costs (Core & Shell)
Tenant Impovements
Hard Cost Contingency
Architecture
Property Taxes During Construction
Legal - General
TIF-related Fees and Costs
Financing Closing Costs (Perm)
Financing Closing Costs (Bridge)
Title & Escrow Fees
Soft Cost Contingency
Developer Fee
Leasing Commission
Financing Costs
Construction Loan Interest
Bridge Loan Interest
ITOTAl USES
SOURCES
TIF
Federal Historic Tax Credit Equity
State Historic Tax Credit Proceeds
Deferred Developer Fee
Other Construction Debt/Equity
ITOTAl SOURCES
$ 11,500,000
$ 13,190,871
$ 7,680,000
$ 1,209,129
$ 864,000
$ 116,959
$ 400,000
$ 100,000
$ 230,000
$ 2,200
$ 50,000
$ 500,000
$ 7,740,000
$ 1,971,200
$ 540,404
$ 352,703
$ 46,447,4661
S
8,148,000
S
4,249,436
$ 4,329,113
$ 6,385,500
S
23,335,417
$ 46,447,466 1
Federal HTCs
Eligible Cost Basis
706 MARKET
Projected Historic Tax Credits
$ 21,247,179
Federal Credit Percentage 20%
Federal Credits $ 4,249,436
FHTC Pricing $ 1.00
Net FHTC Equity $ 4,249,436
State HTCs
Eligible Cost Basis $ 21,247,179
State Credit Percentage 25%
State Credits $ 5,311,795
SHTC Pricing 84%
Gross SHTC Proceeds $ 4,461,908
Less State Credit Fee $ (132,795)
Net SHTC Proceeds $ 4,329,113
706 MARKET
Projected Net Operating Income
Building
Total Building RSF 128,000
Occupied RSF 128,000
Occupancy % 100.0%
Stabilized Ollerating Projection
Rental Revenues 2015 2016 2017 IQ!§ 2019
Total Base Rent $ 2,944,000 $ 3,008,000 $ 3,072,000 $ 3,136,000 $ 3,200,000
Expense Reimbursement Revenue $ 5,472 $ 38,459 $ 72,377 $ 107,256 $ 143,123
Totof Building Revenue $ 2,949,472 $ 3,046,459 $ 3,144,377 $ 3,243,256 $ 3,343,123
Operating Expenses (excluding RE Taxes/PILOTs)
Janitorial $ 102,400 $ 105,472 $ 108,636 $ 111,895 $ 115,252
Utilities $ 192,000 $ 197,760 $ 203,693 $ 209,804 $ 216,098
CAM/General Exp $ 70,400 $ 72,512 $ 74,687 $ 76,928 $ 79,236
Security $ 51.200 $ 52,736 $ 54,318 S 55,948 $ 57,626
Insurance $ 38,400 $ 39,552 $ 40,739 $ 41,961 $ 43,220
Administrative Salaries $ 44,800 $ 46,144 $ 47,528 $ 48,954 $ 50,423
Salaries $ 38,400 $ 39,552 $ 40,739 $ 41,961 $ 43,220
Administrative $ 25,600 $ 26,368 $ 27,159 $ 27,974 $ 28,813
Repairs & Maintenance $ 19,200 $ 19,776 $ 20,369 $ 20,980 $ 21,610
PM Fee $ 88,320 $ 90,240 $ 92,160 $ 94,080 $ 96,000
Totof Non- Tax Expenses $ 670,720 $ 690,112 $ 710,028 $ 730,484 $ 751,496
TOTAL PRE-TAX NOI $ 2,278,752 $ 2,356,347 $ 2,434,349 $ 2,512,771 $ 2,591,627
Exhibit D
Projected TIF Revenues
706 MARKET
Proj ected TIF Revenues
EAT .. with Total
Assessed TIF Real Estate PILOTs with Pa'lfoll .and 12S Increments
Year Value Ta)Ces PILOTs 11 (overage Payroll Earmngo; Taxes EATs (SO'A) Coveraee with
Sase (2014) $ 1,280,000 $ 95,583
2015 $ 5,984,000 $ 446,849 $ 351,266 $ 319,333 38,500,000 $ 577,500 $
2016 $ 6,076,672 $ 453,769 $ 358,187 $ 325,624 41,097,000 $ 616,455 S
2017 $ 6,258,972 $ 467,382 $ 371,800 $ 338,000 43,815,170 $ 657,228 $
2018 $ 6,258,972 $ 467, 382 $ 371,800 $ 338,000 5 46,659,443 $ 699,892 $
2019 $ 6,446,741 $ 481,404 $ 385,811 $ 350,747 5 49,634,939 $ 744,524 $
2020 $ 6,446,741 $ 481,404 $ 385,821 S 350,747 S 52,746,970 $ 791,205 $
2021 $ 6,640,144 S 495,846 $ 400,263 $ 363,876 $ 56,001,053 $ 840,016 S
2022 $ 6,640,144 $ 495,846 $ 400,263 $ 363,876 S 59,402,908 $ 891,044 $
2023 $ 6,839,348 $ 510,721 $ 415,139 $ 377,399 62,071,734 $ 931,076 $
2024 $ 6,839,348 S 510,721 $ 415,139 $ 377,399 63,933,886 $ 959,008 $
2025 $ 7,044,528 $ 526,043 S 430,460 $ 391,328 65,851,903 $ 987,779 S
2026 $ 7,044,528 $ 526,043 $ 430,460 $ 391,328 67,827,460 $ 1,017,412 $
2027 $ 7,255,864 $ 541,824 $ 446,242 $ 405,674 S 69,862,283 $ 1,047,934 S
2028 S 7,255,864 S 541,824 $ 446,242 $ 405,674 S 71,958,152 $ 1,079,372 S
2029 S 7,473,540 $ 558,079 $ 462,496 $ 420,451 S 74,116,897 S 1,111,753 $
2030 $ 7,473,540 S 558,079 $ 462,496 420,451 $ 76,340,403 $ 1,145,106 $
2031 $ 7,697,746 $ 574,822 S 479,239 S 435,672 S 78,630,616 $ 1,179,459 $
2032 $ 7,697,746 $ 574,822 $ 479,239 $ 435, 672 S 80,989,534 $ 1,214,843 $
2033 $ 7,928,679 $ 592,066 S 496,483 $ 451,349 $ 83,419,220 $ 1,251,288 $
2034 $ 7,928,679 $ 592,066 $ 496,483 $ 451,349 S 85,921,797 $ 1,288,827 $
2035 $ 8,166,539 S 609,828 $ 514,245 $ 467,496 $ 88,499,450 $ 1,327,492 $
2036 $ 8,166,539 S
609,828 $ 514,245
S
467,496 S 91,154,434 $ 1,367,317 $
2037 $ 8,411,535 $ 628,123 $ 532,540 $ 484,128 S 93,889,067 $ 1,408,336 $
$4,189,487
$1 ,280,000 2013 Assessed Value per City of St. Louis Assessor's Office
http://stlcin ,mlssou rl org/citydat./newdesign/report.cfm ?ha n dle=1018 5000010
Assumes 2014 Assessed Value equal to 2013 Assessed Value - property acquired after 1/1/2014
7.4674% 2012 !IF Real property tax rate (excluding commercial surcharge and blind pension levy)
http://stlouis-mo gov/government/departments/assessor/documents/upload/12012-Ta.-Rates.pdf
Assumes tax rate for future years will be equal to 2012 rate
$l, ZaO,Ooo 2014 Assessed Value assumed equal to Z013 Assessed Value
$5,984,000 2015 Assessed Value calculated based upon
32% Commercial Assessment Rate
Multiplied by
$18,700,000 Z015 FMV, based upon
$11,500,000 Acquisition price
PLUS
$7,200,000 Value of improvements added in 2014 based upon
288,750 $ 231,000
308,218 $ 246,582
328,614 $ 262,891
349,946 $ 279,957
372,262 S 297,810
395,602 $ 316,482
420,008 S 336,006
445,522 $ 356,417
465,538 $ 372,430
479,504 $ 383,603
493,889 $ 395,111
508,706 $ 406,965
523,967 $ 419,174
539,686 $ 431,749
555,877 $ 444,701
572,553 $ 458,042
589,730 $ 471,784
607,422 $ 485,937
625,644 $ 500,515
644,413 $ 515,531
663,746 $ 530,997
683,658 $ 546,927
704,168 $ 563,334
$3,972,559
0.5 Discount to co,t of improvements to reflect subSidy/level of completion by 1/1/15
Multiplied by
$14,400, 000 Total Corej5hellimprovements
$6,076,672 2016 Assessed Value calculated using income approach based upon:
32% Commercial Assessment Rate
Multiplied by
$18,989, 600 2016 FMV, based upon
$2,278,752 2015 Pre-Tax NOI
Divided by
12% Assumed Assessor's Cap Rate
3% Assumed increase In Assessed Value In every odd year
Pavroll based on projections prOVided by prospective tenant
1.5% Combined Payroll and Earnings Tax Rate
$ 550,333
$ 572, 206
$ 600,891
$ 617,956
$ 648,556
$ 667,228
$ 699,882
$ 720,293
$ 749,829
$ 761,002
$ 786,439
$ 798,292
$ 824,848
S 837,423
S 865,153
$ 878,494
$ 907,455
921,609
951,864
966,879
998,493
$ 1,014,422
$ 1,047,462
INPV 8% $8,162, 046 I
NOTE: The projections contained herein are merely estimates or fOlWard-looking projections based upon assumptions and information of t he Developer
land its representatives and/or affiliates) or provided by its prospective tenant, the City of St. louis or others. There is no guaranty or assurance that
future performance will match these assumptions, as they are subject to a wide range of market and other risks or factors .
Exhibit E
Proposed Redevelopment Schedule
First TIF Commission Meeting 9/11/13
Mailing of Notice ofTIF Commission Public Hearing to Taxing Districts 9/12/13
(not less than 45 days prior to hearing) (RSMo. §99.830.3)
First Publication of Notice ofTIF Commission Public Hearing 10/10/13
(not more than 30 days prior to hearing) (RSMo. §99.830. 1)
Submit Redevelopment Plan to TIF Commission 10/16/13
(at least two weeks prior to public hearing)
Wl"itten Notice to Property Owners 10/20/13
(not less than 10 days priOl·to public hearing) (RSMo. §99.830.3)
Second Publication of Notice ofTIF Commission Public Hearing 10/23/13
(not more than 10 days prior to public hearing) (RSMo. §99.830.1)
Public Hearing by TIF Commission / Recommendation to Board of Aldermen 10/30/13
TIF Ordinances introduced 11/15/13
(no sooner than 14 and not more than 90 days after hearing) (RSMo. §99.820. 1 [11)
HUDZ Committee Hearing on TIF Ordinances 11120113
Second Reading of TIF Ordinances 11122/13
Perfection of Board BiII(s) 12/6/13
Third Reading and Final Passage of TIF Ordinances 1216/13
Mayor Signs Bills 12/16/13
(at least 10 days after third reading and final passage ofTlF Ordinances)
TIF Ordinances Become Effective 1115/14
(30 days following signature ofTlF Ordinances by the Mayor)
Execution of Redevelopment Agreement 2/15/14
(expected within 90 days of effective date ofTIF Ordinances)
Commencement of Constl'uction 3/1/14
(expected within 180 days of effective date ofTIF Ordinances)
Completion of Construction 3/1115
(anticipated to occLlr within 48 months following Commencement of Construction)

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