river house 6/12/17
TRANSCRIPT
RIVER HOUSE – 6/12/17
RIVER HOUSE MIXED-USE DEVELOPMENT
Retail, Office, and Residential – Highest and Best Use
Significant Economic Impact and Public Benefit
Neighborhood Collaboration and Input
High Quality, Sustainable Development
Broad Ripple Ave.
Canal Towpath
River House
EXISTING SITE CONTEXT
RIVER HOUSE DEVELOPMENT
RIVER HOUSE PROGRAM
Retail - 3,875 sf
Office - 3,195 sf
Apartments - 84,652 sf 86 units | 15% - studios | 66% - 1 bedroom | 19% - 2 Bedroom
Parking Garage - 26,568 sf
Parking CountCode Required Parking - 83
Provided Parking - 98 |85 Garage spaces | 6 Surface | 7 on street spaces
Public Parking – 10 spaces available nights and weekends, 7 Full time on street spaces
RIVER HOUSE DEVELOPMENT
Total Development Budget
$18,099,040
Economic Impact
200 Construction Jobs | 35 Permanent Jobs
Bondable Increment Generated
$4,200,000
TIF Request
$2,463,714 *13.61% of Total Development*
*59% of Increment*
TIF ASSISTANCE
Demolition, Soil Stabilization,
Site Development
Demolition, Soil Stabilization,
Site Development
Utilities and Pole Removal
New Metal Power Pole
TIF ASSISTANCE
Demolition, Soil Stabilization,
Site Development
Utilities and Pole Removal
Rain Garden Storm System Rain Gardens
Permeable Pavers
TIF ASSISTANCE
Demolition, Soil Stabilization,
Site Development
Utilities and Pole Removal
Rain Garden Storm System
10’ Riviera Trail
Lookout Point
10’ Riviera Trail
Future River Walk
TIF ASSISTANCE
Demolition, Soil Stabilization,
Site Development
Utilities and Pole Removal
Rain Garden Storm System
Public Plaza
10’ Riviera Trail
Sidewalks, Plaza, Street Prints Repaving
Repave Riviera Dr.Ladder Crosswalks
TIF ASSISTANCE
Demolition, Soil Stabilization,
Site Development
Utilities and Pole Removal
Rain Garden Storm System
Parking Garage
10’ Riviera Trail
Sidewalks, Plaza, Street Prints Repaving
Parking Garage
TIF ASSISTANCE
Demolition, Soil Stabilization,
Site Development
Utilities and Pole Removal
Rain Garden Storm System
10’ Riviera Trail
Sidewalks, Plaza, Street Prints Repaving
Parking Garage
Monon Trail Improvements
Monon Trail Intersection Improvements:Safety, Lighting, Accessibility, Paving Landscaping
TIF ASSISTANCE
Demolition, Soil Stabilization,
Site Development
Utilities, IPL Pole Removal
Rain Garden Storm System
10’ Riviera Trail
Sidewalks, Plaza, Street Prints Repaving
Parking Garage
Monon Trail Improvements
Pedestrian Trail Lighting – Monon, Canal, Riviera Dr.
22 New Pedestrian Street Lights Along Monon Trail, Canal Towpath, and Riviera Dr.
TIF ASSISTANCE
DEVELOPER COMPONENTS
Acquire Real Estate
Parking Garage
Acquire Real Estate
Construct Parking Garage
DEVELOPER COMPONENTS
Retail
Acquire Real Estate
Construct Parking Garage
Construct Retail Space
DEVELOPER COMPONENTS
Office
Acquire Real Estate
Construct Parking Garage
Construct Retail Space
Construct Office Space
DEVELOPER COMPONENTS
Acquire Real Estate
Construct Parking Garage
Construct Retail Space
Construct Office Space
Construct ApartmentsApartments
DEVELOPER COMPONENTS
RIVER HOUSE DEVELOPMENT
FINANCIAL SUMMARY
Estimate Increment Generated
$300,000 Annually, Bondable - $4,200,000
TIF Requested
$2,463,714
Requested TIF as % of Total Cost
13.61%
Private Investment
$15,635,326
Excess Generated Increment
$1,736,286