- Briefing Room
West Lafayette, Indiana
|Project Sponsor / Borrower||
City of West Lafayette, Purdue University
|Value Capture Techniques||Tax Increment Financing|
Local Road / Multimodal Redevelopment
The City of West Lafayette and Purdue University are jointly delivering the State Street Redevelopment Project to provide aesthetic and functional improvements to both the City of West Lafayette and Purdue University. Transportation infrastructure enhancements will improve safety, mobility, and livability. The project includes new gateways into West Lafayette and Purdue University, streetscape and pedestrian amenities to enhance community and campus resident cohesiveness, and expanded transportation infrastructure to accommodate planned and future growth of West Lafayette and the University.
The $123 million project extends along State Street from the Wabash River through downtown West Lafayette and Purdue University's campus to its intersection at U.S. 231. The project will shift through-traffic off of the State Street corridor - a former state highway now under local control - and convert it into a two-way street with wider sidewalks, bicycle facilities, transit stops, street lighting, landscaping, public spaces, and public art. The project also includes the conversion of several intersecting one-way streets to two-way facilities and involved milling and resurfacing the existing streets, installing new pavement markings and signage, and converting traffic signals.
The project is being delivered through a 22-year design-build-finance-maintain P3 agreement between the project sponsors and Plenary Roads State Street, a private consortium. Under the terms of the agreement, the private consortium is responsible for financing, designing and constructing the project, and for maintaining the pavement for a 22-year period following project completion. It will be compensated with availability payments following project completion. The private consortium will transfer responsibility for the project back to the city after the operations period, with at least 6 years of remaining pavement life, for a total performance commitment of 28 years.
Private partner's financing sources
|Project Delivery / Contract Method||
Design-build-finance-maintain Availability Payment Concession (25 years)
Plenary Roads State Street
|Project Advisors / Consultants||
KPMG - Financial advisor
Parsons - Technical advisor
Barnes & Thornburg - Legal advisor
SMBC - Senior Credit Facility
Babson Capital - Senior Notes
|Duration / Status||
Financial close achieved March 16, 2016.
Construction began July 2016 and is expected to be complete by December 2018.
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