Pedcor Presentation

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  • 1. Company Background • Pedcor was formed in 1987 when principals Bruce Cordingley and Gerald Pedigo partnered to develop the first Low Income Housing Tax Credit (LIHTC) affordable housing community in the State of Indiana • Today, Pedcor develops, constructs, owns and manages over 10,000 affordable and market rate apartment units in 14 states: - Arizona - California - Indiana - Illinois - Kentucky - Michigan - Ohio - Missouri - Iowa - Nebraska - Tennessee - Louisiana - Alabama - Virginia
  • 2. Background (cont.) • Pedcor has engaged in more than ninety (90) real estate joint ventures; all of which have been successful. • Pedcor is a national leader in its niche. • International City Bank, in which Pedcor owns an 84% interest, on a dollar for dollar basis, is one of the most profitable financial institutions in the United States of America.
  • 3. Principals The principals of the Pedcor Companies are: – Bruce Cordingley • Involved with commercial and residential development and financing since 1971 • Education – Purdue University (BS-Industrial Management) – Harvard Law School (JD) – Indiana University (MA-Economics) – Gerald Pedigo • Involved in residential and commercial real estate since 1958 • Began his own homebuilding firm in 1962 • Education: – Butler University (IN) – Phil Stoffregen • Involved in residential and commercial real estate since 1984 • Education – Indiana University (BS-Business Finance) – Indiana University (MBA-Financial Economics) – Indiana University (JD)
  • 4. Organization and Structure The Pedcor Companies include four main organizations: Pedcor Bancorp and Pedcor Financial, LLC Pedcor Investments, LLC Pedcor Management Pedcor City Center Development Company
  • 5. Pedcor Bancorp • Bank holding company formed in 1996 • Owns 84% of International City Bank in Long Beach, CA • Provides several forms of real estate financing through its bank subsidiaries to support the local community • Total assets, of International City Bank, increased nearly 25% from $116.8 Million in 2000 to $145.8 Million in 2001. In 2002, total assets grew 12% to $163.5 Million. Total assets were $211 Million as of 2004 and $224 Million as of 2005.
  • 6. Pedcor Financial, LLC • Thrift holding company formed in 2000 • Owns 100% of Pedcor Financial Bancorp, which owns 89% of Fidelity Federal Bancorp • Fidelity Federal Bancorp is a $217 million thrift holding company of United Fidelity Bank in Evansville, IN • Provides credit facilities to Pedcor-related housing and commercial properties
  • 7. Pedcor Investments, LLC • Develops affordable housing apartment communities across the country • Partners with other financial institutions to finance its apartment communities
  • 8. Pedcor Management • Collects and accounts for over $30 million in annual gross rental income from the various apartment communities that Pedcor Investments develops • Maintains an average occupancy level of 93% for its portfolio • Encompasses complete apartment community management - Formulates and implements marketing and leasing strategies - Selects and trains on-site managers and support staff
  • 9. Pedcor City Center Development Company (PCCDC) • Established in 2004 to support the development of Pedcor’s office campus in Carmel, IN • Mayor Jim Brainard approached Pedcor’s CEO, Bruce Cordingley, in 2004 with the opportunity to be a part of the City’s redevelopment plans • Since 2004, PCCDC has taken on several projects in Carmel: – Carmel City Center – Carmel Old Town Shops – Indiana Design Center – The Commons at City Center
  • 10. Vision Becomes Reality Inspired by Mayor James Brainard, Carmel City Center will be a vibrant and elegant downtown neighborhood alive with commercial, civic, cultural, recreational and residential activities and enjoyed by residents, the community and visitors alike. “When I began my door-to-door campaign in Carmel eight years ago, the one thing I kept hearing from people was that there is no place in Carmel to go eat dinner and see a show.” “Carmel needs a center, a true downtown, so we thought it was important to build one.”
  • 11. Revitalizing Downtown Carmel • City purchased about 80 acres of undeveloped land and made it ready for development • Created Planned Unit Development for City Center with unique zoning plan and architectural standards • Created TIF district to generate funds; development paid for primarily with TIF funds • City had not used Carmel Redevelopment Commission (CRC); activated CRC 1st time in Carmel, members were appointed to facilitate • redevelopment in the city • CRC consists of 5 members; 3 appointed by mayor; 2 by council
  • 12. Carmel’s Master Plan Takes Shape
  • 13. First Retail Opened in February of 2002 Schwinn was the first to build within in the redevelopment plans Rotary Plaza, Tunnel Café and Schwinn bike rentals are located along the popular Monon Trail
  • 14. First Restaurant Opened in the Spring of 2002 Local well-know establishment, Shapiro’s Delicatessen, was the first restaurant establishment built within the City’s plans to revitalize its downtown.
  • 15. First Residential Opened Spring 2002 • August 2001 – laid cornerstone for AMLI apartments, which are now more than 90% occupied • AMLI has invested $15 million in this project in land acquisition and construction costs
  • 16. Residential Development Opened in 2002 Ryland built owner-occupied townhomes along City Center Drive.
  • 17. Further Development Commercial & Residential Flagstar Bank Hoosier Realty The Commons at City Centre
  • 18. Carmel Arts & Design District • City invested $12 million for infrastructure improvements • Carmel’s Arts & Design District increases property values • District is home to unique retail, restaurants, art galleries, boutiques and residences
  • 19. Carmel Civic Square City Hall Carmel Fire Department Carmel Police Department
  • 20. Pedcor Corporate Campus Pedcor built their new corporate headquarters directly across from the Carmel City Center site, and it overlooks the beautiful AMLI reflecting pool and Veteran’s War Memorial
  • 21. Forming A Partnership In 2004 the Carmel Redevelopment Commission (CRC) granted Pedcor City Center Development Company the Carmel City Center project. The City of Carmel and Pedcor Companies have formed a public-private partnership to develop Carmel City Center Groundbreaking Ceremony March 23, 2006
  • 22. Carmel City Center
  • 23. Project Description Carmel City Center • Carmel City Center will be an upscale, mixed-use development in the heart of downtown Carmel • The development will feature high-end apartments, condominiums and penthouses, a hotel, spa, state-of-the-art Carmel Performing Arts Center, retail and restaurant offerings, an outdoor amphitheater, green spaces and public art • Pedestrian friendly areas - retail stores near the sidewalks • Small piazzas and public spaces encouraging people to gather and spend time there • Parking mostly underground • Buildings compatible with Georgian-style architecture to complement adjacent developments
  • 24. Investment in City Center • In excess of $42 million in private sector investment in land and building improvements to date; Pedcor committed $55 million for new section of City Center • Carmel will finally have a downtown; a central focus; a place to gather – a City Center • United with the Civic Square government complex and stretching toward Old Town and Carmel’s Arts & Design District • Creating a unique place for residents of and visitors to Carmel • Helping make Carmel the best place to live, work and raise a family
  • 25. Guiding Principles • Mixed Use / No zoning • Pedestrian-based / de-emphasize cars • Hierarchy of buildings • Harmony with land and built surroundings • Human Scale • Enclosures – sense of security • Aesthetics • Density • Learn from thousands of years of urban design
  • 26. Carmel City Center Pedcor and the City of Carmel envision Carmel City Center as a destination spot, a cultural gathering place for citizens and visitors to shop, dine and be entertained. This dense and innovative development is based on the New Urbanism concept.
  • 27. New Urbanism • New Urbanism is a development concept that is becoming popular with developers and urban planners in “edge cities”, large suburbs surrounding traditional metropolitan cities • These developments are characterized by: – Buildings close to the street – Increased density – Hidden or underground parking – Focus on aesthetics, beauty and special placement of civic uses and community sites – Ample green space – Keeping everything within walking distance – Mixed use of office, retail, residential and entertainment venues – A focus on sustainability, energy efficiency and minimal adverse environmental impact • Carmel’s Mayor and Pedcor’s principals see the potential for additional city center developments across the country as New Urbanism continues to spread