Joint Board approves recommendation to issue contract to developer/operator for State Street Redevelopment Project

WEST LAFAYETTE, Ind. (Feb. 22, 2016) – Today, the City of West Lafayette and Purdue University Joint Board overseeing the delivery of the State Street Redevelopment Project accepted a recommendation to formally award the contract for the project to Plenary Roads State Street, who was preliminarily selected as the developer for the project on Jan. 21.

At a meeting of the Joint Management Team held just prior to today’s Joint Board meeting, Don Petersen, Managing Director of Energy and Construction at Purdue University and the Joint Board’s authorized representative for the project, recommended the Plenary Roads State Street team to the Joint Board for final selection as the developer.

At its subsequent meeting, the Joint Board adopted a resolution to accept the recommendation of the Joint Management Team. The public-private agreement (PPA) will now be submitted to the Governor for approval.

Subject to fulfilling this requirement, the Joint Board expects to complete the process and achieve commercial close with the selected developer by the end of March, with financial close to occur soon thereafter.

“We are thrilled to be kicking off this exciting project after investing nearly three years of hard work and dedication into the planning,” said City of West Lafayette Mayor John Dennis. “The city and the university have truly collaborated in an unprecedented way and we eagerly anticipate seeing our community’s vision come to life.”

“It’s great to have reached this decision point,” said Purdue University President Mitch Daniels. “Of course, planning and doing are different things, so now’s when the important part begins.”

For more information about the State Street Redevelopment Project and to view project documents, visit www.statestreetwl.com. 

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The State Street Redevelopment Project is a collaborative effort between the City of West Lafayette and Purdue University to improve quality of life by transforming State Street into a more desirable destination for the local community and visitors. For more information about the State Street Redevelopment Project, visit www.statestreetwl.com.