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Warsaw Technology Park

Warsaw Technology Park. October 8 , 2013. The Case for Expansion. Retention of existing Warsaw based businesses Modern facilities Lack of state of the art park with shovel ready sites Respond to a competitive environment for modern advanced manufacturers Within Indiana Regionally

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Warsaw Technology Park

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  1. Warsaw Technology Park October 8, 2013

  2. The Case for Expansion • Retention of existing Warsaw based businesses • Modern facilities • Lack of state of the art park with shovel ready sites • Respond to a competitive environment for modern advanced manufacturers • Within Indiana • Regionally • With shovel ready sites • With a speculative building and future speculative opportunities

  3. Criteria for Tech Park Development • Insure the availability of a speculative building to respond to the market • Insure the availability of substantial land position for long term growth of existing and new businesses in Warsaw • Shovel Ready Land means • All utilities • Drainage • Roads • Zoned • Use locally based partners who continue to invest here • Create scale adequate for larger users • Large enough park to manage per acre infrastructure costs

  4. Benefits of Location Existing advanced manufacturing facilities nearby will attract more Existing infrastructure adjacent to property US 30 access and exposure Ability to phase addition of infrastructure Flexibility of lot sizes Located in existing TIF Proximity of Ivy Tech is attractive to employers

  5. Transaction Overview Acquisition of Kerlin Parcel Property exchange with Ivy Tech Development Agreement with Westhill Development

  6. Kerlin Property Acquire approximately 92 acres from Kerlin Family Purchase price is $2.0M Closing by December 15, 2013 Subject to survey, title, and environmental review by purchaser

  7. Ivy Tech Property Exchange • Exchange of 4 Ivy Tech parcels for ROW and temporary construction easement • Parcels to Westhill via redevelopment commission (RDC) – C2, D3, E2 • Parcels for right of way (ROW)- N • Parcel from Westhill to Ivy Tech via RDC – K • Relocation of entry to Ivy Tech Campus that: • Integrates the campus with the tech park • Aligns the entrance with Polk Drive to East • Access Ivy Tech through Parcel K

  8. Westhill Development Agreement • Developer Requirements • Construct spec building of 40,000 s.f. • Commence by 1/1/14 with permits and design • Complete by 12/31/14 • Acquire 6 acres of Kerlin property inclusive of ROW for $150,000 • Agree to purchase the development portion of Kerlin property over seven years (one five year extension option) for $1,432,500 ($32,000/acre). • Build the road to city specifications then dedicate the road to the city at construction cost to the RDC plus $80,000 • Obligation to bid work to local companies • Contribute ROW along Silveus, Polk Extension, and 300 North

  9. Spec Building Features Located on Parcel D Minimum of 40,000 s.f. with expansion capacity to 60,000 s.f. 24 feet clear ceiling height Pre-cast concrete construction Mezzanine capable Heavy duty asphalt as appropriate in truck courts Minimum four truck docks Two drive in bays

  10. RDC Obligations • Acquire Kerlin property for resale of development parcels to Westhill • Acquire the phase I road and ROW upon completion by Westhill by May 31, 2014 • Acquire the extended ROW upon completion by Westhill • Required within 60 months of execution of agreement • Complete the property exchange with Ivy Tech • Provide areas of Parcel C-1 for future benefit of the development as requested • Provide real property tax abatement on the spec building • Commit to consideration of property tax abatement on future buildings

  11. Economic Summary • RDC Commitment • Kerlin Acquisition $2,000,000 • ROW – phase I (est.) 835,000 • Less Westhill Purchase (150,000) • Total 2013/14 $2,685,000 • ROW – Phase II (by 12/31/18) $2,995,300 (inclusive of lift station) • Less Westhill Purchase (1,432,500) • Net RDC Investment $4,247,800 • Tax Abatement on Spec Building

  12. Economic Summary Estimates based on 2013 per sf industrial building construction costs Spec Building Investment $ 2,800,000 Future Park Buildings (660,000 sf.) $38,750,000

  13. Economic Summary Estimated private investment of $41,550,000 consisting of an estimated 660,000 s.f. of modern manufacturing and light industrial space Public infrastructure and land investment estimated at $4,250,000.

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