March 11, 2002
Greater Lafayette, Purdue Research Park receive $120,000 in grants
WEST LAFAYETTE, Ind. Central Indiana Corporate Partnership (CICP) has awarded $120,000 in grants to be used to further Greater Lafayette's economic development initiatives, including the expansion of Purdue Research Park.
CICP awarded $60,000 to the city of West Lafayette and $60,000 to the economic development group, Greater Lafayette Progress Inc. Grant stipulations mandate that each grant award be matched with at least $30,000 by the recipients. Composed of a regional group of chief executive officers, the partnership's goal is to preserve and expand current industries while diversifying central Indiana's economy by attracting technology related business.
West Lafayette officials plan to use the funds to supplement the city's investment in the Purdue Research Park expansion. The city and Purdue Research Foundation are collaborating to create the necessary infrastructure for the park's phase II expansion. The park's new 50-acre development will make 800,000 square feet of space available for high-tech business firms. The city already has committed $2.2 million of additional TIF funds for the design and installation of the infrastructure for this expansion.
"This grant may mean that we will be able to leverage even more TIF funding for use with the research park's expansion," said Josh Andrew, West Lafayette's development director.
Greater Lafayette Progress Inc. (GLPI) plans to use its CICP award to create an economic development marketing plan to attract life science, information technology and advanced manufacturing companies to settle in the area. As a basis for this marketing strategy, GLPI plans to conduct an assessment of Purdue resources, including programs, institutes, centers of excellence and faculty.
The university information will be coupled with a community audit Lockwood Greene Consulting prepared for GLPI last year. The audit compared the Greater Lafayette region with six other university communities. According to the audit, the Greater Lafayette community rated very well in comparison, with 11 of 15 factors falling in the "competitive advantage" range.
The audit found Greater Lafayette held a competitive advantage in the areas of strategic location; transportation infrastructure; employers/economic base; work force; universities, research centers and technical training facilities; K-12 education; utilities; industrial and commercial properties; economic development climate; and housing quality of life.
However, the community rated only "competitive" in the area of image, relating to how the business community (investors, businesses and site-selection consultants) view the region's economic potential.
"This audit told us that Greater Lafayette's image is mixed," said Mike Brooks, GLPI president. "While there are numerous positives and no major negative ones, the regions overall image probably does not reflect all of the region's many strengths and goals."
Brooks said that high-tech companies looking to relocate or establish a satellite office need to be aware of the advantages of being in Greater Lafayette and near Purdue.
"Our partners are working to make sure that the resources at Purdue and the Purdue Research Park don't go unnoticed," said Michelle White, interim senior vice president of the Purdue Research Foundation.
The research park currently encompasses 619 acres about two miles north of campus. Almost 150 acres have been developed with approximately 1 million square feet owned or leased by more than 100 companies. Many of these companies are developing Purdue-licensed technologies.
GLPI is a nonprofit organization created in 1983 to perform economic development activities for the communities of Lafayette, West Lafayette and Tippecanoe County.
Writer: Jeanine Phipps, Purdue Research Park public relations director, (765) 496-3133, firstname.lastname@example.org
Michelle White, (765) 494-8642; email@example.com
Josh Andrew, director of development, city of West Lafayette, (765) 775-5160, firstname.lastname@example.org
Sonya L. Margerum, mayor, city of West Lafayette, (765) 775-5100
Mike Brooks, president, Greater Lafayette Progress Inc., (765) 742-0095, email@example.com
Lee Lewellen, vice president, Central Indiana Corporate Partnership Inc., (317) 638-2440, firstname.lastname@example.org
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