6.D.(1) Staff Report - Laserfiche WebLink

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The estimated redevelopment cost for this target area is $8.5 million, and will be a multi- year project. This cost includes acquisition, demolition, relocation, and professional services. Area 2: Ignition Park West The areas to the east and south of Ignition Park have been studied, and inconsistent uses have been or are in the process of being redeveloped. The area west of Prairie was recently brought to the forefront when a special exception was requested for a wrecker service in this area, which was not considered consistent with the planned future for Ignition Park. There are currently several properties that could be available for acquisition once the process is complete. There are also some properties that are or have recently been behind in property tax payments. These properties bound the west side of Prairie from Indiana Ave to Sample, and from Sample west to Webster. Estimated redevelopment cost for this target area is $5 million, and will also be a multi- year project. This cost includes acquisition, demolition, relocation, and professional services. The largest old brick building about '/2 block west of Prairie on Sample could be demolished and recycled by a private entity. If this occurs, the estimated cost of this project would be lowered by over $1 million because of lower demo costs. Area 3: Ivy Tech / Gorny Plaza Ivy Tech: There are four properties in this new area which would be acquired and eventually transferred to Ivy Tech for much needed expansion of classrooms, storage, and parking. Staff has been contacted by two of these property owners, indicating their willingness to work with the Commission once the Plan amendment process is complete. Staff asks that these properties be added in case agreement cannot be reached to acquire properties included for Ivy Tech last year, and is not in addition to those properties. Staff feels having options will enable better negotiations. These properties consist of: • Four parcels of the Sinco property on Sample and Ohio • Five parcels of the Enyart property on Sample and Ohio • Three parcels of the Mason Heating & Air Conditioning property on Sample and Ohio • One vacant lot on Ohio. Like last year's agreement, this would be a joint effort between the Commission and Ivy Tech, with the Commission purchasing the properties and Ivy Tech doing the interior work to turn these buildings into classrooms and / or storage areas. Attached is a letter from Ivy Tech's Chancellor, detailing their plans for these buildings if acquired. Estimated redevelopment costs for this area are estimated to be $1.4 million, which include acquisition, relocation, and professional services. What We Do Today Makes A Difference!