06 04-2020 6201 N College Ave, Project Update

Indianapolis 317.639.6151 | 888.639.6151 Evansville 812.401.6151 | 888.639.6151 Bloomington 317.639.6151 | 888.639.6151Indianapolis 317.639.6151 | 888.639.6151 Evansville 812.401.6151 | 888.639.6151 Bloomington 317.639.6151 | 888.639.6151
www.WoodenLawyers.com
6201 N. College Ave.
2019‐CMP‐852
June 4, 2020
Project by: Midtown Development Partners LLC

Indianapolis 317.639.6151 | 888.639.6151 Evansville 812.401.6151 | 888.639.6151 Bloomington 317.639.6151 | 888.639.6151
AERIAL OF SITE ‐‐ NORTH

Aerial Context Map: NORTH

Green Screen – Examples

Lower Level Parking Plan (51 spaces): NORTH

First Floor Plan ‐ NORTH

Second & Third Floor Plans (shows workforce housing as well) ‐ NORTH

Fourth Floor Plan – NORTH

Project Statistics

Generated Increment & Breakdown of Public Benefit
Estimated Bondable Increment Generated: $5,760,000
Requested TIF Support: $4,800,000 (80%) of Total Bondable Increment
Breakdown of Public Benefit:
• Demolition of existing buildings: $150,000
• Sitework for mass excavation: $250,000
• Sidewalks & curbing: $125,0000
• Architectural design standards:
• Materials/windows: $300,000
• Front steps and walkway to address floodplain: $110,000
• Streetscape improvements and planters: $50,000
• Site Utility Work (water, storm, fire, & sanitary): $250,000
• Utility Extensions to new Structure(s): $120,000
• Soil stabilization and earth retention: $125,000
• Waterline (for domestic to 2 buildings): $80,000
• New site lighting & exterior lighting in common areas: $75,000
• Storm & Sanitary sewer: $200,000
• Irrigation & landscaping: $160,000
• Poured & Precast concrete: $2,000,000
• 1% for Public Art: $48,000
• 1% developer “match” for “Broad Ripple Avenue Streetscape Project”: $48,000
• Masonry (above‐standard designs for both buildings): $500,000
• Tenant Improvement Work & Investment (as Tenant’s investment in the project is one of the primary
catalysts for long‐term job creation) : $2,000,000
• Workforce Housing: $3,600,000 investment
= Total costs of $10,191,000.00, as detailed above

Use of Midtown TIF Funds:
• Public street, sidewalk, and landscape improvements
• 1% For Public Art = $48,000
• 1% Developer “match” to support the Broad Ripple Avenue Streetscape Redevelopment Project = $48,000
• Structured parking
• Demolition, site excavation, and prep
• Landscaping, streetscape, upgraded front steps to address flood‐plain
• Utility relocation, storm water management, and soil stabilization
• Workforce Housing – project will include thirty‐six (36) residential units for Workforce Housing tenants

Summary of Objectives Achieved for Midtown Economic Council (“MEC”) as related to 6201 N. College Ave. Project
MIDTOWN GOALS AND OBJECTIVES
• Consistent with Transit Oriented Development (TOD) Principles
 Located along a key transportation and commercial corridor (College Avenue), the project is among the first Transit Oriented Developments (TOD) proposed in
the Midtown TIF since the City’s first “Bus Rapid Transit System” opened the Red Line in October of 2019.
• Transit supportive of residential density
 With the presence of the Red Line “stop” near the primary entrance to this development as well as street parking, new structured parking on‐site, and
available parking in the Broad Ripple Garage, modes of transit can both sufficiently serve and provide convenient access in a variety of manners to the
residential and office portion of the subject development. Site is easily accessible via public transportation and vehicular transportation, as well as offering
convenient access to pedestrians in the area and individuals using bikes and other methods of transportation on the Monon Trail (1 block away).
• Urban in design/include an appropriate strategy for parking
 The project has received zoning and land use support from the Broad Ripple Village Association, Midtown Indianapolis, Inc., The Metropolitan Development
Commission, and the City of Indianapolis. As for the design aesthetics, the developer worked closely with the BRVA and neighboring residents to create a
modern, urban aesthetic for the new structures, while being sensitive and understanding to incorporate changes to design of the structures as requested based
upon feedback from the BRVA and the local community. As for parking, the development will provide 51 onsite parking “below‐grade”, with off‐site parking
available in the adjacent Broad Ripple Parking Garage.
• Mixed‐use
 Project incorporates all Office, Residential, and Retail Uses, seamlessly blending 1) Class‐A office space, 2) limited 1st floor commercial space, and 3)
residential apartment units designated as Workforce Housing.
• Equitable in providing jobs, attracting residents, and benefiting existing residents and businesses
 The project is estimated to create significant high‐wage employment opportunities and bring much needed day‐time employment and day‐time activity at a
key gateway to Broad Ripple Village. Businesses will benefit from the increased daytime population frequenting their stores and restaurants, while residents
will benefit from the $24M investment in the community as well as more high‐wage earners looking to potentially establish full‐time residency in Broad
Ripple and continuing to invest in improving the quality of the neighborhood and surrounding community.
• Contributes or enhances the public realm
 This development will be transformational for Midtown and Broad Ripple in a positive way by serving as a catalyst for additional office developments in the
Broad Ripple area and day‐time support for existing Broad Ripple businesses.  The public will be benefited by increased job opportunities, a local company
reinvesting in the neighborhood where they were founded (and they will continue to grow and invest in Broad Ripple), the availability of new Workforce
Housing units that will be made available to the public, and the Developer’s commitment to not only provide 1% of Midtown TIF funds for Public Art, but to
simultaneously “match” this 1% Midtown TIF to support the Broad Ripple Avenue Streetscape Redevelopment Project (or a similar MEC project).

06 04-2020 6201 N College Ave, Project Update

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06 04-2020 6201 N College Ave, Project Update