City, Purdue researchers
develop new partnership
By Heather Mangold
City
Editor
On Aug. 27 the West
Lafayette redevelopment commission will respond to a proposal made by
the Purdue Research Foundation to designate $1.2 to $1.3 million to
assist with the park's newest development phase.
The next development
phase for the research park would include developing building lots intended
to draw high-tech companies to settle in the research park and the West
Lafayette area.
Purdue Research
Foundation members and West Lafayette city officials met last week to
discuss the future partnership in local economic development.
West Lafayette mayor
Sonya Margerum said, "I'm extremely pleased with the announcement of
the new partnership, or continuing partnership with PRF (Purdue Research
Foundation); we feel this is very beneficial for both parties."
The proposal, which
was introduced on Aug. 16, asks that the city of West Lafayette use
tax increment financing funds to assist the park in its newest phase.
According to a news release, the funds would supplement the foundation's
investment of more than $614,000 in the project.
Included in the
project is the extension of Win Hentschel Boulevard into the northeast
quadrant of the research park as well as infrastructure for the lots
to be developed and sold by the foundation. This infrastructure would
include storm sewers, curbs and gutters, sidewalks and common areas,
street and traffic signs, berming, seeding and pavement markings, according
to the release.
In return for the
designation of the tax increment financing funds, the park suggested
that it would like to donate three parcels of land to the West Lafayette
Parks Association.
The first parcel
includes four acres north of the research park, which ties into West
Lafayette's existing trail system. The second parcel includes six lots
in the University Farm subdivision and the last parcel is a 19-acre
plot adjacent to West Lafayette's celery bog.
Joe Payne, West
Lafayette parks superintendent, said in a news release that the parcel
of land north of the research park is an important piece of property
for the city greenway system, which is connecting parks with residential,
business and retail areas.
Payne is not alone
in his enthusiasm for the donation.
"(The donation)
will enhance the community and will help our park too," said Michelle
White, interim senior vice president and treasurer for the Purdue Research
Foundation. "It's just a nice amenity to the park system."
Margerum recognizes
this partnership with the foundation as an opportunity as well.
"As the research
park develops, more companies come in, and this will generate more income
and allow us to add additional infrastructure," said Margerum. "This
is a good partnership with PRF."
The city of West
Lafayette will not be the only entity enjoying a continuing partnership
with the foundation.
In a press release,
Kenneth Burns, Purdue's executive vice president and treasurer, said,
"Purdue University is fortunate to be located where city officials understand
the value of what is being accomplished at the Purdue Research Park.
As the research park expands, it is important that we also work to enhance
the quality of life in the area along with its economic vitality."
Last year the city
participated in the advancement of the park's first phase of development.
This phase included the extension of Wen Hentschel Boulevard from U.S.
52 to Kent Avenue. Soon after, a group of investors started to build
a $6 million office building on the boulevard, called Visitech I, according
to the release. High-tech companies will be offered rental space in
the facility when construction is completed this fall.
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