INNOVATE INDIANA

Exhibit B-4
Project Experience
Project Start Date 7/1/2015
Project End Date 7/31/2019
Start within 12 months? Yes
ADDITIONAL SUPPORT | SECTION 19
The residential development partner has been successfully developing real estate since 1993 and has consistently ranked as
50 developers nationally for the past eight years for multi-family developments. The firm has over 400 employees and has de
over 46 properties and over 8,000 units. They are a full service firm and provided the development, construction and manage
expertise for their projects.
The major tenant for the commercial redevelopment phase is a local supermarket chain that has been successfully providing
service and products for our region since the 1940s. They operate 21 stores in the region and are major supporters of commu
activities and events.
EXECUTIVE SUMMARY THE REGION ENGAGED CURRENT TRENDS
Project Timeline
Project Timeline
Year 1 capital expenditures
($) $18,000,000.00
Year 2 capital expenditures
($) $22,000,000.00
Year 3 capital expenditures
($) $13,000,000.00
Year 4 capital expenditures
($) $12,000,000.00
Year 5 capital expenditures
($) $0.00
Total Capital Expenditures $65,000,000.00
Ongoing expenditures for
operations, maintenance,
etc. ($) $30,000.00
Total project budget $65,030,000.00
The July 1, 2015 start date is based on the funds becoming available at that time. The following timeline is based upon a star
when funds from the Regional Cities program would awarded to the project.
Phase One Residential:
The Redevelopment Commission owns the shovel ready property at the former Elkhart Foundry. The buildings have been de
the site has been regarded for redevelopment and the environmental conditions have been reviewed by IDEM. In addition, th
Commission has already reviewed and is in favor the of the proposal submitted for the site but could not move forward with e
the developer without securing the additional funds that would be needed to complete the project. With the 20 percent match
Regional Cities funds, there would be sufficient dollars to move this project forward. The timeline for the project to be comple
20 months. Construction of the development would start six months from the announcement of the award of funding.
Commercial Redesign and Redevelopment:
The City has already met with the property owner and major tenant to develop a proposal for this project. Again, due to a nee
additional public funds for the project, the discussion has not moved further but all parties are ready and motivated to move fo
Regional Cities funds become available. Because the existing building would continue to operate while construction for the ne
in underway, construction of the development would start six months from the announcement of the award of funding. The
construction of the new building and redesigned shopping center would take 12-18 months.
Phase Two Residential:
The proposed site of the second phase of residential units is the current location of the supermarket. The project would start
other two portions of the project with acquisition and design during the first six months after the announcement of the award o
funding. But because the new commercial facility would have to be constructed and business operations moved, the construc
this phase of residential units would be approximately 20-24 months after that initial project and take 18-20 months. This timin
attractive to both the commercial component of the project as it allows for uninterrupted service to their clients, but it also wor
with the phase one residential project as the construction will begin as the phase one is completed allowing for the developer
from one location to the next with ease.
STATE OF THE REGION
& QUALITY OF PLACE
VISION & STRATEGY PROJECTS
STAKEHOLDERS, EXECUTION
& STRUCTURAL CHANGES
BENCHMARKING
& MEASUREMENT
ect Budget & Funding
17_EC_Market District Blue Zone Initiative
REGIONALCITIESOFNORTHERNINDIANA.ORG |
261
ADDITIONAL SUPPORT