STATE STREET CORRIDOR

Transcription

1 CITY OF WEST LAFAYETTE AND PURDUE UNIVERSITY STATE STREET CORRIDOR March 11,

2 March 11, STATE STREET CORRIDOR

3 AGENDA STATE STREET CORRIDOR 1. Project Fundamentals Project History Project Goals and Objectives Importance of Completion Project Governance (MOU) 2. Corridor Vision Base Project Innovation and Collaboration Operational Strategy 3. Delivery/Procurement Advisor Team Procurement Schedule/Delivery Schedule Financing 4. Closing Remarks 5. Questions & Answers March 11,

4 PROJECT FUNDAMENTALS PROJECT BACKGROUND Previous Studies PU Parking & Transportation Plan (2001) WL/PU Transportation Plan Update (2003) PU Campus Master Plan (2009) State St. Master Plan (2013) PU Campus Traffic Plan Synthesis Report (2014) Recent Construction Harrison St. Construction (2012) Jischke Drive to Sheetz Street U.S. 231 Construction (2013) Other Developments State Highways Relinquished to the City (2013) (US231, SR26, SR126, SR526, SR43 & SR443) Purdue Campus Annexed into the City Limits (2014) City Becomes a Class II City (2016) March 11,

5 PROJECT FUNDAMENTALS PROJECT GOALS & OBJECTIVES Improve Traffic Safety and Mobility All Users: Vehicle, Bike, Pedestrians, Transit Simplify Transportation Network Perimeter Parkway One-Way to Two-Way Conversions Consistent Wayfinding Construct New Gateways and Transportation Expansion Downtown and Village Campus Western Gateway Provide Enhancements Streetscape, Pedestrian Amenities, Parking Improvements Inform Stakeholders Before, During and After Website: March 11,

6 PROJECT FUNDAMENTALS IMPORTANCE OF COMPLETION Purdue University s 150 th Anniversary Spring 2019 Development Opportunity throughout Corridor Downtown and Village Campus West End Gateway District March 11,

7 PROJECT FUNDAMENTALS PROJECT GOVERNANCE Joint Board (City and Purdue) Purpose Participation & Authority Memorandum of Understanding (MOU) Signed and Approved: West Lafayette City Council Trustees of Purdue University Build, Operate, Transfer (BOT) Statute Adopted: West Lafayette City Council March 11,

8 CORRIDOR VISION SCOPE OF THE PROJECT Base Project State Street U.S 231 to Tapawingo Drive Perimeter Parkway Williams Street Extension River Road Airport Road McCormick Road Stadium Avenue One-Way Conversions Cherry Lane Extension March 11,

9 STATE STREET CORRIDOR March 11,

10 STATE STREET CORRIDOR March 11,

11 STATE STREET VISION Near Tapawingo Drive Existing Conditions Near Tapawingo Drive Existing Conditions Chauncey Village Existing Conditions Near Tapawingo Drive Proposed Streetscape Near Tapawingo Drive Proposed Median Chauncey Village Proposed Conditions March 11,

12 STATE STREET VISION Through Campus Existing Conditions West of Airport Road Existing Conditions Through Campus Proposed Streetscape West of Airport Road Proposed Conditions March 11,

13 STATE STREET CORRIDOR March 11,

14 PERIMETER PARKWAY VISION Harrison Aerial Proposed Treatment March 11,

15 STATE STREET CORRIDOR March 11,

16 STATE STREET CORRIDOR March 11,

17 STATE STREET CORRIDOR March 11,

18 PERIMETER PARKWAY VISION March 11,

19 STATE STREET CORRIDOR March 11,

20 STATE STREET CORRIDOR March 11,

21 INNOVATION AND COLLABORATION TECHNOLOGY CORRIDOR Driven by Technology City s Advanced Traffic Management System (ATMS) Potential Partnerships Purdue University and the City of West Lafayette Industry Research and Development Google, Nvidia, Audi, Honda, Goodyear, Solar Roadways, Etc. Think to the Future of Transportation March 11,

22 OPERATIONAL STRATEGY DEVELOPER RESPONSIBILITIES Corridor and City ATMS Routine & Preventative Maintenance Rehabilitation Cycles (Resurfacing) Lighting, Landscaping and Amenities March 11,

23 PROCUREMENT PROCESS ADVISOR TEAM Technical Financial Legal March 11,

24 PROCUREMENT PROCESS Key elements of the proposed project structure include: Private developer/investors raise(s) finances for upfront capital costs The developer accepts the responsibility and risk related to design, construction, O&M and lifecycle performance in return for an Availability Payment revenue stream Availability payments do not begin until facility is operational and payments are used to do the following: Repay debt Cover operations, maintenance, and lifecycle cost Provide a reasonable return on equity Contract will specify detailed performance requirements, with full availability payments contingent upon the developer s performance Payments are subject to deductions for inadequate performance Source of funding to make availability payments is contemplated as Tax Increment cash flow Subject to affordability considerations March 11,

25 PROCUREMENT PROCESS TOTAL DURATION: MONTHS Perform Market Soundings RFQ Create Shortlist Issue Draft RFP Complete RFP Review Obtain feedback on key project terms Issue Request for Qualifications, receive Statements of Qualification Evaluate submissions, shortlist predetermined no. of firms Issue the draft RFP to shortlisted proposers Shortlisted firms review and comment on the draft RFP Issue Final RFP Receive Bids Preferred Bidder Commercial Close Financial Close Issue final RFP to the shortlisted firms Receive committed bids from the proposers, review against evaluation criteria Select one proposer as Preferred Bidder Finalize contract and reach Commercial Close Secure financing for the project and reach Financial Close March 11,

26 PROJECT SCHEDULE March 11,

27 QUESTIONS & ANSWERS FOR MORE INFORMATION VISIT: March 11,