Following governor approval, State Street Redevelopment Project achieves commercial, financial close

WEST LAFAYETTE, Ind. (March 16, 2016) – Yesterday, the City of West Lafayette and Purdue University Joint Board overseeing the delivery of the State Street Redevelopment Project reached financial close with Plenary Roads State Street (PRSS), achieving the final step needed for official kickoff of the project.

At its meeting last Thursday, the Joint Board and its advisers announced that it had received Gov. Mike Pence’s approval of the public-private agreement (PPA), pursuant to the requirements of Indiana’s Build-Operate-Transfer (BOT) statute IC 5-23-1-1 et seq., and that commercial close had been achieved. Negotiations with PRSS, as well as talks between the city and Purdue, resulted in an expanded project scope which will include completion of the entire Perimeter Parkway.

The expanded project scope will include improvements along Airport Road from U.S. 231 to State Street, as well as McCormick Road from State Street to Stadium Avenue. Both segments will feature enhanced roadways, street trees and improved drainage.

“The addition of these segments to the original scope gives us the complete package we were hoping for,” said Ken Sandel, chairman of the Joint Board. “The Perimeter Parkway will accommodate through traffic and allow us to deemphasize State Street as a thoroughfare which was one of our main goals.”

Gov. Pence’s approval of the PPA echoes the sentiments made by city and university leaders about the project’s unique partnership, said City of West Lafayette Mayor Dennis.

“This project is a living, breathing example of a remarkable partnership between the city and Purdue who are working together to make our community better,” Dennis said. “Our hope is that this partnership sets a blueprint for other communities and for future projects at this level.”

Under the terms of the PPA, PRSS is responsible for financing, designing and constructing the project, and for maintaining the pavement for a 22-year period following project completion. PRSS will transfer responsibility for the project back to the city after the operations period. The Plenary Roads State Street developer team is comprised of Plenary Group USA Ltd., Rieth-Riley Construction Co. Inc., Janssen & Spaans Engineering Inc., and Shrewsberry & Associates LLC.

Project design finalizations are currently underway and construction will be complete by December 2018. 

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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 project and to view project documents, visit www.statestreetwl.com.