International Marketplace Coalition/Lafayette Square
Lafayette Square is an international food destination near 38th Street and Lafayette Road that is home to a diverse variety of businesses, restaurants, groceries, shops, service centers, and community-serving organizations. Corridor redevelopment is supported by the International Marketplace Coalition. Website: http://www.lsacoalition.org
As a new FOCUS district (commercial), the International Marketplace has received significant technical assistance both directly and indirectly. To promote planning, $18,000 planning consultant contract was awarded to the Urban Land Institute (ULI) Indiana and a $30,000 market analysis and business revitalization plan consultant contract was awarded to Place Dynamics.
In addition, to foster commercial facade projects in the IMC, two (2) architectural design assistance contracts were awarded – a $7,200 consultant contract to Meticulous and a $3,600 contract to SODA, LLC., totaling $10,800. Additional technical assistance contracts are pending including $35,000 for a real estate development fund to cover expenses incurred to evaluate real estate proposals, contracts, bids, construction estimates, project finance and investment cash flow and return-on- investment (ROI). And lastly, a $25,000 contract to cover expenses related to small business training, coaching, and advising to small businesses and entrepreneurs located in the IMC.
In terms of façade grants $90,000 was awarded to the IMC to promote redevelopment of primarily commercial properties. Thus far in 2016, two (2) façade grants have been awarded, which include:
1) $9,300 façade grant to Abysinnia Ethiopian Restaurant at 5352 W. 38 th ; and
2) $8,000 façade grant to Sigman Cleaners at 4405 Georgetown Rd.
As recently approved facade grants, discussions are on-going to determine the need for potential project financing, brownfield grants and technical assistance. Full updates on these projects and others will be provided in the End-of- Year State Farm report. In summary, these two (2) projects included 9,227 sq.ft. of commercial (retail) space improvements. The total project costs are estimated at
$$35,568. These projects are expected to create or retain 4 jobs.
Next, as the same as 2015, in 2016, expectations are that five (5) to six (6) IMC FOCUS district façade grants will be awarded. Hence, three (3) to four (4) facade application are expected to be submitted and approved before year-end.
LISC Indianapolis has initiated a $50,000 IMC Brownfield & environmental Fund. The fund will be used to cover expenses related to characterizing environmental concerns for targeted properties of the IMC and may be used as a grant to property owners and business to address environmental expenses that are a barrier to economic growth.
In 2016, LISC Indianapolis has awarded the following project financing in the IMC FOCUS district has been approved: 1) a $796,122 bridge loan to HP Legacy, Inc. that will convert to permanent financing through a LISC/Morgan Stanley SBA 504/NMTC loan; 2) a $10,000 grant to the IMC for deal closing to cover an escrow deposit on the purchase of a new permeant home/headquarters for the IMC.
The International Marketplace CRED Business Assistance Steering Committee members are described as follows:
- One (1) member from the Indianapolis Advisory Commission on Industrial Development;
- IMC Executive Director
- One (1) member representing the City of Indianapolis, DMD; and,
- One (1) member representing the IMC board.
In addition, regarding the International Marketplace Project Review Panel, the members are described as follows:
- One (1) member from CRED District businesses;
- One (1) member from CRED district community organization; and
- One (1) member from CRED district real property owners.
The three (3) member International Marketplace Project Review Panel will participate in monthly façade review meetings under the LISC façade improvement program, as well as the IM CRED Property Improvement program, which includes all things façade (i.e. Great Places 2020 and Citywide).
The four (4) member International Marketplace CRED Business Assistance Steering Committee will convene for the purposes of making recommendations to LISC and the City regarding development investments in the CRED District.