RICHMOND INDIANAOPPORTUNITY ZONEPROSPECTUS

DEAL FLOW | PAGE 22
RICHMONDINDIANA.GOV | JANUARY 2020 | PREPARED BY THOMAS P. MILLER & ASSOCIATESRICHMOND IS RISING.
Richmond, Indiana is a business-friendly community with a deep
cultural history tied to art, music, and architecture. The city ofRichmond provides residents with a great balance between work andlife. Richmond promotes a strong commerical and industrial sector,
supporting a variety of employment opportunities, low residential
taxes, high-quality amentities, and abundant opportunity forbusiness growth. In addition, Richmond is a state leader in economic
development and redevelopment practices. With natural resources, a centralized regional
location near six major highways and four interchanges on I-70, public utilities and land,
and a dedicated staff, the City of Richmond is committed to business attraction, retention,and expansion. Partnerships between the City, the Economic Development Corporation,
the Center City Development Corporation, and the Chamber of Commerce have yieldedsignificant and impactful results. With two designated Opportunity Zones, now is an ideal
time for investors to join the inclusive growth taking place in Richmond.
Noted for its rich collection of historic homes and other architecture, Richmond has beenformally recognized by historians and architects. Richmond has five large historical
districts and several individual buildings listed in the National Register of Historic Places,
the Historic American Buildings Survey, and the Historic American Engineering Record.
Moreover, Richmond is a Stellar Community (community that has been designated by theState of Indiana as a place that has identified comprehensive and collaborative plans for
economic and community development), and effectively leverages being in the heart of
the Crossroads of America.
Richmond is home to four higher education learning institutions: Earlham College, Indiana
University East, Ivy Tech Community College of Indiana, and the Purdue Polytechnic
Institute of Richmond. The area also features Richmond High School, which includes theRichmond Art Museum and Civic Hall Performing Arts Center on the high school campus.
Richmond’s art and music environment brings a unique, rich authentic experience toresidents and visitors. From local plays at the Civic Theatre, to live music from theRichmond Symphony Orchestra and famous artists at the Richmond Art Museum, thearea provides a unique environment to appreciate the arts. Known as the “cradle ofrecorded jazz,” Richmond’s robust music history features the Gennett Walk of Fame andthe former home of the Starr Piano Company.

2

TABLE OF CONTENTSACKNOWLEDGEMENTS............................................................................................................4
ABOUT OPPORTUNITY ZONES................................................................................................6
COMMUNITY ASSETS................................................................................................................8
ARTS & CULTURE.....................................................................................................................10
SPORTS & RECREATION.........................................................................................................11
HISTORIC ARCHITECTURE.....................................................................................................12
RICHMOND EDUCATIONAL ASSETS.....................................................................................14
WORKFORCE PROFILE...........................................................................................................16
LARGEST EMPLOYERS...........................................................................................................20
DEAL FLOW............................................................................................................................22
KESSLER PROPERTIES...........................................................................................................24
ELDER-BEERMAN DEPARTMENT STORE REDEVELOPMENT..........................................26
KNOLLENBERG’S BUILDING REDEVELOPMENT................................................................28
HITTLE BUILDING REDEVELOPMENT...................................................................................30
DOWNTOWN AREA RESIDENTIAL DEVELOPMENT............................................................32
ADDITIONAL REAL ESTATE OPPORTUNITIES.....................................................................34
CENSUS TRACT 0200 DEMOGRAPHICS...............................................................................38
CENSUS TRACT 0900 DEMOGRAPHICS...............................................................................40
PARTNER WITH US...................................................................................................................423

ACKNOWLEDGEMENTS
The City of Richmond, Indiana, the Economic Development Corporation ofWayne County, and the Wayne County Area Chamber of Commerce would
like to thank all who have been contributors to the development of thisOpportunity Zone Prospectus.

CITY OF RICHMOND
Mayor David M. Snow
Beth Fields, Director of Infrastructure and Development

ECONOMIC DEVELOPMENT CORPORATION
OF WAYNE COUNTY
Valerie Shaffer, President
Sarah Mitchell, Manager of Existing Business and Education

WAYNE COUNTY AREA CHAMBER OF COMMERCE
Melissa Vance, President & CEO

4

5

ABOUT OPPORTUNITY ZONES
Opportunity Zones offer a new economic development tool that promotes investment in distressed
census tracts through legislation enacted by the Federal Tax Cuts and Jobs Act of 2017. 8,700
census tracts across the United States have been designated as Opportunity Zones by the U.S.
Department of Treasury, incentivizing investments in business growth, housing improvements,
and infrastructure.

A Vehicle for Economic Growth
U.S. investors could potentially generate an estimated $6.1 trillion in unrealized capital gains.
Opportunity Zones promote economic development by providing federal capital gains tax
advantages for investments made in these areas. Investors can realize deferral and reduction ofcapital gains taxes in investments held for at least 5 years with additional incentives available forinvestments maintained in Opportunity Zones for 7 and 10 years. To be eligible, investments must
be made through Qualified Opportunity Funds, which are vehicles formed for investing in qualified
Opportunity Zone property.
There are over 8,700 Opportunity Zones throughout the United States creating competition
among communities to attract investment. Richmond offers two zones, which have seen recent
investments and seek to leverage different strengths and opportunities within their respective
areas.
The northernmost Zone (Census Tract 0200) includes downtown Richmond, the Depot District,and the Starr Historic District all of which are notable for historic architecture and buildings. Thezone has a population of 3,845, 375 businesses, and supports over 5,300 jobs. A map of Census
Tract 0200 is on page 34.
The southernmost zone (Census Tract 0900), covers the southern part of the city and contains
predominantly residential and industrial development and redevelopment opportunities. The zone
has a population of 5,484, and over 115 businesses that support over 2,800 jobs. A map ofCensus Tract 0900 is on page 36.
The City has identified an initial set of potential development opportunities within the RichmondOpportunity Zones capable of leveraging new investment. Many of these potential projects alignwith local economic development strategies such as the revitalization of downtown. The city aims
to make downtown Richmond a destination where people can live, work, and play. Local leadershiphas identified buildings that could be redeveloped to support this vision. These redevelopment
opportunities are presented in the deal-flow section of this prospectus.
Richmond is prepared to market their prospects directly to investors through a marketing programthat utilizes collateral materials, social media, and community websites to highlight Opportunity
Zone investment opportunities in commercial and residential redevelopment.
6While each Opportunity Zone offers investors the same federal capital gains tax advantages, allZones are not created equal. All Opportunity Zones will compete for the large pool of investment,
but some Zones will stand out immediately due to obvious pro-investment market conditions.
For Richmond, pro-investment market conditions that make the community stand out include alarge inventory of redevelopable buildings in downtown and historical districts with character thatcannot be replicated. Because of Richmond’s committed local leadership and favorable businessenvironment, the community offers a stable framework for sustainable and collaborative capital
investment.
Most Zones given their designation as “distressed,” will have to strategically position themselvesto attract investors. This prospectus positions Richmond to leverage infrastructure and cultural
strengths to promote redevelopment. Richmond’s civic leaders are intentional about utilizing
the Zones for inclusive, sustainable growth that will be truly transformative for the region.
Ultimately, Richmond’s Opportunity Zones can further community development goals and build
on $26,632,910 commercial and residential investment development in 2018.

OPPORTUNITY FUND OVERVIEWOpportunity Funds are investment vehicles set up for the purpose of investing in Qualified
Opportunity Zone Property (QOZP). To be eligible for related incentives, reductions, and deferrals,
investments must be made in Qualified Opportunity Funds. Any taxpayer can create an Opportunity
Fund through a self-certification process which can be satisfied by completing tax form 8996 andfiling this form as an attachment to their Federal income tax returns for the taxable year in which
the gain would have been recognized if it had not been deferred. Completing the self-certification
process allows funds to make eligible investment in any of the nation’s 8,700+ Opportunity
Zones though all funds are required to hold at least 90% of assets in QOZP. QOZP may include
stock, partnership interests, and business property. It should be noted that investments made byopportunity zones are limited to equity investments in the three types of QOZP.

3 Main Benefits of Opportunity Fund Investing:
DEFER PAYMENTOpportunity Funds allow investors to defer paymentof their current capital gains until December 31st,2026.

REDUCE OWED TAXESOpportunity Fund investing reduces the tax
investors owe by up to 15% after seven years.

PAY ZERO TAX ON FUTURE GAINSInvestors can enjoy tax free capital gains earned
from investments through the Opportunity Fund on
future gains if held for ten years.
7

COMMUNITY ASSETS
Transportation
ROADS // Wayne County, Indiana is withina day’s drive of 80% of the U.S. market. The
location in East Central Indiana provides several
alternatives for distribution and transportationneeds.
Wayne County is conveniently located in proximity
to four major metropolitan areas in the Midwest.
The location of the area allows for unbounded
economic opportunity for businesses andconsumers. The area drive time from Richmond/
Wayne County is approximately:●● 1 hour 15 minutes to Indianapolis,
Indiana;●● 45 minutes to Dayton, Ohio;●● 1 hour 25 minutes to Cincinnati, Ohio;and●● 4 hours to Chicago, Illinois.

MAJOR ROADS:Interstate 70 // East to West;connects to 75 and 69
Interstate 75 // North to SouthInterstate 69 // North to SouthU.S. 40 (National Road) // East toWest
U.S. 27 // North to SouthU.S. 35 // Southeast to Northwest
State Road 227 // North to SouthState Road 38 // Northeast from
Richmond
State Road 121 // East to West,ending at the Ohio state line

AIRPORT // Wayne County is near three international airports: the Dayton International
Airport (DAY), the Cincinnati/Northern Kentucky International Airport (CVG), and theIndianapolis International Airport (IND), where the second largest FedEx Express Hub in theworld is located. In addition, the Richmond Municipal Airport (RID) offers an option for businesstravelers who wish to fly directly into Wayne County. Lighted runways, pilot lounge, fuel, hangars,
freight handling, and a conference room are just some of the amenities found at the Richmondairport.
RAIL // Indiana sits at the center of America’s 139,500-mile rail network. Hoosiers claim close
to 4,000 miles of track operated by five major Class I rail lines, allowing maximum connectivity
and rapid connection to the state’s major ports. Within Wayne County, Norfolk Southern operates
25 miles of major north-south Class I rail and 1,400 miles of rail throughout Indiana. The rail
company also operates an intermodal facility, in nearby Cincinnati, Ohio. CSX provides 1,900
miles of track throughout the state with operation of an intermodal facility in Indianapolis. All-rail
shipping of trans-Pacific containerized goods from the West Coast Canadian ports of Vancouverand Prince Rupert B.C. to Indianapolis can be found at CN-INRD Intermodal Facility located on
Senate Avenue in Indianapolis. Developed from a unique partnership between CN and Indiana
Railroad Company, this intermodal facility can move Indiana products to Asian markets in 21 days
while avoiding overcrowded rail yards in Chicago.
8Connectivity of Class I rail service throughout Wayne County and Indiana is enhanced byseveral short lines. C & NC Railroad is a short-line operator that runs between New Castle andConnersville and connects to the main CSX and Norfolk Southern lines in the area. Indiana
Eastern Railroad provides 11 miles of track service in Wayne County connecting to the CSX
system.
PORTS // More than half the state’s border is water (Lake Michigan, Ohio River, Wabash
River), which includes 400 miles of direct access to two major freight transportation routes:
The Great Lakes/ St. Lawrence Seaway (via Lake Michigan) and the Inland Waterway System(via the Ohio River). Indiana ships about 70 million tons of cargo by water each year. Ports arelocated at Burns Harbor, Jeffersonville, and Mount Vernon.
INDIANA FRESHWATER PORTS
Port

Location

AccessBurns Harbor
JeffersonvilleMount Vernon

225 miles NW
176 miles SW
254 miles SW

Great Lakes, Atlantic Ocean
Mississippi and Ohio Rivers, Gulf of Mexico
Mississippi and Ohio Rivers, Gulf of Mexico

Source: Ports of Indiana

9

ARTS & CULTURE
The arts are a popular attraction in Wayne County, Indiana. There are local plays at the Civic
Theatre, live music from the Symphony, and works of famous artists displayed at the Richmond
Art Museum, all of which come together to bring a rich and vibrant cultural experience to residents
and tourists. Eastern Indiana has been home to major influencers of the American art scene; thearea was even an important center for art in the Midwest during the 19th century.
The area comes alive in everything from whimsical pottery fashioned by the Overbeck sisters to
the magnificent collection of American Impressionist paintings found at the Richmond Art Museum.
Today, the Richmond Art Museum celebrates Wayne County’s colorful heritage by hosting PleinAir events each year. You can watch artists set up their easels in and around Richmond to capture
the beauty of eastern Indiana. This is a unique opportunity for serious art collectors, casual art
enthusiasts, tourists, and residents to buy original art fresh off the easel. As you travel throughout
the city, you’ll discover vibrant murals woven along city streets representing Wayne County’s
history and imagination.
Moreover, performing arts add to the fabric of Wayne County. National touring acts and the best
local talent energize audiences through artistic expressions of theatre, dance, and music. The
Civic Hall Performing Arts Center brings an incredible variety of performances to the stage,
including music, dance, and family programs. With community theatre alive and well at theRichmond Civic Theatre and college level performances taking place at Earlham College andIndiana University East, there are ample opportunities to enjoy the arts. Richmond is also one of
the smallest communities to have a professional symphony, the Richmond Symphony Orchestra.
The Symphony Orchestra has been entertaining the community since 1956.
Richmond’s designation as the “cradle of recorded jazz” underscores the significance of musicin the city. The incorporation of the respected Starr Piano Company in Late 1800 brought Henry
Gennett to Starr, who gave the company a new entrepreneurial boost, furthering the footprint of thecompany in Richmond. Gennett had a recording department at the south end of the Starr complex
that recorded thousands of acoustic and electric recordings featuring blues, jazz, country, andclassical, among others. There were also several famous names who recorded at the studio suchas Louis Armstrong and Jelly Roll Morton.
Richmond has had Murals Trail artists travel from as far away as Italy to work their magic toportray beauty and culture throughout the county. In 2013, Richmond’s murals helped land theregion a national honor from the Paint Quality Institute as one of America’s Prettiest Painted
Places. Over 70 vibrant murals are woven along city streets in an inspiring collage of Richmond/
Wayne County’s historic past. Along this self-guided trail through Wayne County, the details andartistic abilities showcased in these public works of art are stunning.

10

SPORTS & RECREATION
Communities that offer ample recreational activities often directly reap the benefits. From
Richmond’s perspective, offering opportunity for leisure and frequent community interaction
positions the area to compete in a 21st century dynamic, and creative economy.
Wayne County offers a wide variety of opportunities for recreation, encouraging both leisure andhealth. There is opportunity to try a new sport, experiment with a different exercise routine, catcha football, basketball, or soccer game, or even explore a novel hiking location. The list of things to
do in Richmond is diverse, and features events and activities for everyone. From trail running tofishing, there is no shortage of activity here.
You can catch athletic games from the area’s local high schools, as well as a wide variety of athletic
events held by the Earlham College Quakers and the Indiana University East Red Wolves. Thereis also the opportunity to play pickelball at one of the new courts or even catch the Richmond Jazz,
who play in the Great Lakes Summer Collegiate Baseball League. Aside from sports, Richmondoffers ample parks and green spaces that can support a range of recreational activity. These
include parks maintained and operated by the Richmond Parks and Recreation Department andnon-profit trails such as the Cardinal Greenway Rail Trail.
PARKS PROGRAMSBOATING

MODEL AIRPLANES& R.C. CARS

BIRD WATCHINGHORSEBACK RIDING,HIKING, & WALKING

FITNESS & EXERCISEFACILITIES

Wayne County offers exciting assets for business, and more importantly, residents. The area
features outdoor experiences such as:●● The Cope Environmental Center, which offers programs, demonstrations, and research;●● The Hayes Aboretum, which offers nature programs, hiking trails, and a nature center; and●● Richmond Parks and Recreation, which operates and maintains 19 parks and over 1,000
acres of land, and also over 200 acres for recreational water usage.
In addition, there are four public trails available outside of the specific options listed above. The
Cardinal Greenway Rail Trail, which is a private, not-for-profit organization that encompasses the
Cardinal Greenway, White River Greenway, Historic Wysor Street Depot and Cardinal Equestrian
Trail, is the longest rail-trail in Indiana spanning 62 miles. The trail spans from Marion, Indiana
through Muncie to Richmond in East Central Indiana. The community ensvisions that the trail will
be continuous and eventually link to trails in Illinois and Ohio. The system will be easy to reach,simple to navigate, and safe to use, with regular maintenance, sound security, and connections
to community destinations along the route. As a public resource, Cardinal Greenways will offer
education, wellness programs, environmental awareness, and recreation for a wide range ofaudiences.
11

HISTORIC ARCHITECTURE

Historic architecture in a community has value beyond its aesthetic beauty – it adds to a community’squality of life, which in turn creates jobs, attracts investment, creates affordable housing, spurs
economic development, and increases property values. Compelling architecture makes goodplaces where people want to live, work, and play. Richmond’s historical assets and architecture
create an exciting and rich cultural experience for city residents. Richmond takes pride in their
historical architecture and it certainly shows. There is a wealth of styles, from pioneer-built log
cabins to Art Moderne. The Starr Historic District is particularly noteworthy.
The Starr Historic District comprises an area of the near north side of Richmond, bounded on thesouth by North “A” Street, on the north by North “E” Street, on the west by the alley between North
9th and 10th Streets, and on the east by North 16th Street. This area contains 120 structuresof historical significance. The focal point of this historic district is the Wayne County HistoricalMuseum between 11th and 12 Streets on North “A” Street. The district is an early Victorianneighborhood, perhaps one of the finest remaining in the Midwest.
Another significant example of Richmond architecture is preserved in the Historic Depot District.
Bustling with activity, the Depot District, designed by Daniel Burnham, is alive with shopping,dining, entertainment and historical attractions such as the 1902 Pennsylvania Railroad Depot
and the world-renowned National Model T Ford Museum. There is also a locally owned coffee
shop, restaurants, antiques and art, and a winery and brewery. The district often hosts live musicvenues and several free community festivals.
Richmond’s emphasis on historical architecture is prominent in its local governance. The RichmondHistoric Preservation Commission was established in the Indiana General Assembly and is now
part of the Indiana Code. The mission of the commission is to:●● Identify buildings, structures, sites, and objects which are architecturally or historicallysignificant within the boundaries of Richmond, Indiana.
●● Provide preservation guidelines and plans that help advise other agencies andstakeholders on matters concerning historic sites and structures.
●● Assist and educate the public about the unique and diverse heritage of Richmond.
12

The creation of the commission shows
thatRichmond clearly recognizes the
economic benefits of historic preservation.
The Richmond Neigborhood Restoration
is another significant bright spot for thecommunity. The company prioritizes
stimulating and revitalizing Richmond’s
historic neighborhoods through economic
and community development, citizen
participation, and historic preservation.
Historic preservation creates jobs and spurs
economic development in the community.
In a typical rehabilitation project, 60-70% of
the cost is labor. These laborers are typically hired locally, which then keeps their spending rightin Richmond. Rehabilitation costs are also roughly the same or less than building a new structure.
For example, building a new structure requires the demolition of a large existing building, the costsavings from rehabilitation will be between 3% and 16%. Also, life spans for new buildings areoften 30-40 years, while those of most historic structures exceed 100 years.
Additionally, historic preservation brings more to a community in benefits, including:
INCREASING PROPERTY VALUES // In a study of National Register Districtsin Philadelphia, homes in historic districts received a sales price premium of 131%
over comparable property in undesignated properties.
CONSERVES RESOURCES // Approximately 25% of the material being added
to the landfills is demolition and construction waste.
USES EXISTING PUBLIC INVESTMENTS // Directs development to places
where infrastructure is already in place.
SUPPORTS SMALL BUSINESS // Older buildings make ideal locations forsmall, independent businesses and startups.
ATTRACTS TOURISTS // Cultural heritage travelers on average spend $623 pertrip compared to $457 for all U.S. travelers.
CREATES AFFORDABLE HOUSING // In 2005, over 1,000 units were createdin historic buildings using the Federal Rehabilitation tax credits.

13

RICHMOND EDUCATIONAL ASSETS
Access to high-quality K-12 education is a compelling asset for Wayne County and Richmond.
There are five public school districts in the county as well as several private school alternatives
for K-12 students. There are two vocational career centers that serve the county with one locatedat Richmond High School. There are four non-public and public charter school options in the area
as well.
Higher education’s large presence in Richmond contributes to the highly educated pool oftalent. Richmond’s higher education institutions also serve as anchors to their respective areas,
stimulating local economies and providing a source of employment to residents and commuters.
Richmond is within a one-hour drive of eight quality higher education institutions.
IVY TECH // RICHMOND, INDIANAA statewide, open-access, community college, Ivy Tech provides residents of Indiana withprofessional and technical degrees as well as the lifelong training needed for successfulcareers, personal development, and active citizenship. Through its affordable, quality
educational programs and services, Ivy Tech strengthens Indiana’s economy and enhances its
cultural development.
Ivy Tech offers a variety of programs for students as well as short-term programs and training
services available on demand for immediate upgrade of skills and industry-related certification
opportunities.
INDIANA UNIVERSITY EAST (IU EAST) // RICHMOND, INDIANA
Indiana University East offers all the advantages of an Indiana University education and a
degree that is respected throughout Indiana, the nation, and the world. IU East offers over
50 Indiana University bachelor’s and master’s degree programs in social and behavioral sciences,
arts and humanities, business, nursing, education, and technical and professional fields. Students
at IU East will find all the services and opportunities of a large university combined with theadvantages and atmosphere of a small college.
IU East is one of eight campuses of Indiana University. The university also offers programs at
its regional centers in New Castle, Connersville, and Lawrenceburg. Several online degreecompletion programs are also available. More than 95 percent of alumni stay in the region to live
and work.
PURDUE POLYTECHNIC // RICHMOND, INDIANA
Purdue Polytechnic is engaged with business and industry in numerous ways.
Purdue offers certificate and degree programs to support apprenticeship and professional
development programs. Purdue Polytechnic can also deliver tailored training or credit courseworkat business sites and can provide onsite registration support.
14

In addition to the traditional classroom setting, some courses may also be taken online, throughstreaming video, and during accelerated weekend formats. The University’s expertise is available
through local faculty and students, as well as through its Technical Assistance Program (TAP).
TAP provides technical and organizational help (gratis and contracted), as well as placementof summer interns. Partnered research projects can also be coordinated through the local
Purdue Polytechnic – Richmond office.
EARLHAM COLLEGE // RICHMOND, INDIANA
Founded by the Religious Society of Friends (Quakers) in 1847, Earlham College isa distinguished liberal arts college that draws students from 42 states and 81 foreigncountries. Among the nation’s academically strongest liberal arts colleges, the institution offers
programs in the sciences, humanities and peace, and global studies. Earlham is consistently
ranked as one of the nation’s top colleges for undergraduate study abroad.
The College has one of only three U.S.-based Japan information centers and offers programs
and consulting services for companies seeking to establish business contacts in Japan and thePacific Rim.
EARLHAM SCHOOL OF RELIGION // RICHMOND, INDIANA
Rooted in the Christian Quaker tradition of contemplation that inspires action,
Earlham School of Religion prepares theologically diverse students for a pluralistic
world. The curriculum unites spiritual formation, academic study, social engagement, and vitalministry.
BETHANY THEOLOGICAL SEMINARY // RICHMOND, INDIANA
Bethany Theological Seminary is a theological school and academy for the Churchof the Brethren. The school was founded in Chicago in 1905 and later moved toRichmond, Indiana as an affiliate of Earlham College, as both are schools founded by historic“peace churches” (Brethren and Quaker).
For over 100 years, the Theological Seminary has been offering Master of Divinity degrees andundergraduate training with a current focus on peace studies and youth/young adult ministries.
BALL STATE UNIVERSITY // MUNCIE, INDIANA
Founded in 1918, Ball State University has grown into a first-rate research university
offering over 190 undergraduate and preprofessional programs, as well as over 140
graduate programs including certificates and master’s, specialist, and doctoral degrees.
Many of Ball State’s programs consistently rank nationally, including programs in architecture,
entrepreneurship, telecommunications, and education. Ball State is a public university certified by
the Higher Learning Commission. Located in Muncie, Indiana, the University is located within an
hour’s drive of Wayne County.
MIAMI UNIVERSITY // OXFORD, OHIOOne of the oldest public universities in the U.S., this liberal arts university is also known
as the “Yale of the West” and ranks among the nation’s top universities for quality ofteaching and overall student experience. Miami University offers degrees in over 120 areas ofstudy and 60 master’s and doctoral degree programs. Miami University is located just over the
Indiana state line in Oxford, Ohio and is within a 40-minute commute of Wayne County.
15

WORKFORCE PROFILE
The majority (75%) of Wayne County’s residents, which includes Richmond, have at least a highschool diploma. Additionally, approximately 43% of residents have a college degree or havecompleted some college.
EDUCATIONAL ATTAINMENT
EducationLess Than 9th Grade
9th Grade to 12th GradeHigh School Diploma
Some College
Associate's Degree
Bachelor's Degree
Graduate Degree and Higher

16% of Population

Population

5.1%
10.1%
40.3%
19.7%
8.0%
9.6%
7.1%
100%

2,319
4,606
18,342
8,984
3,661
4,353
3,229
45,493

TOP INDUSTRIES, WAYNE COUNTY
Industry
Health Care and Social Assistance
Manufacturing
Government
Retail Trade
Accommodation and Food Services
Administrative and Support and Waste
Management and Remediation Services
Other Services (except Public Administration)
Construction
Educational Services
Finance and Insurance

Educational Services2018 Jobs% of Jobs

5,991
5,948
4,833
3,923
2,956

20%
20%
16%
13%
10%

2,045

7%

1,333
1,191
1,131
972
30,322

4%
4%
4%
3%
100%

Finance & Insurance

Construction
Healthcare & Social Assistance
Other Services (except Public
Administration)

Administrative & Support& Waste Management& Remediation

Accommodation& Food Services
Manufacturing

Retail Trade

Government

Source: ESRI

17

TOP OCCUPATIONS, WAYNE COUNTY
Occupation
Office and Administrative Support
Production
Food Preparation and Serving Related
Sales and Related
Healthcare Practitioners and TechnicalTransportation and Material Moving
Education, Training, and LibraryManagement
Installation, Maintenance, and Repair
Healthcare Support
Building, Grounds Cleaning, and MaintenanceConstruction and Extraction2018 Jobs% of Jobs

5,001
3,939
3,238
3,141
2,866
2,741
2,105
1,484
1,351
1,271
1,212
1,091
29,440

17%
13%
11%
11%
10%
9%
7%
5%
5%
4%
4%
4%
100%

WORKFORCE SHED, WAYNE COUNTY
Total Jobs // 33,726		
Source: ESRI

18

Resident Workers // 32,339		

Commuters // 1,363

19

LARGEST EMPLOYERS
Wayne County is home to a number of companies representing several industry sectors. The
top employer in the area is Reid Health, which is a general hositpal for the region that employs
over 2,500 people. The second largest employer in the area comes from the public sector, with
Richmond Community Schools providing over 700 jobs in the region. Over the last three years,
Richmond has received commitments exceeding $77 million in capital investment and a total of
550 new job commitments across all industries.
MAJOR EMPLOYERS
Company

Product

Reid HealthRichmond Community Schools
BeldenSugar Creek Brandworthy Food Solutions
Richmond State Hospital
Primex Plastics Corporation
Wayne County Government
City of Richmond
Earlham College
Color Box
Indiana University East

Healthcare
Education
Wire Product Manufacturer
Food Processor
Hospital
Plastic Sheeting Manufacturer
Municipality
Municipality
Higher Education
PackagingHigher Education
Automotive Component
Manufacturer
Food Re-Distribution
Customer Service Center
Extruded Plastics Manufacturer
Aluminum Die Casting

Mosey Manufacturing
DOT Foods, Inc.
Wolverine Worldwide
Berry Global
Omen USA

Employees
2600
723
707
500
435
420
400
400
388
370
350
300
270
208
200
200

Wayne County’s $2.7 billion GRP indicates that the region harbors a robust economy that is thepulse of Eastern Indiana.
WAYNE COUNTY GROSS REGIONAL PRODUCT // $2,787,550,221
The largest increase in jobs in Wayne County comes from the General Medical and Surgical
Hospital category, which brought over 1,000 new jobs to the area from 2013 to 2018. The secondand fifth largest increases in jobs come from food manufacturing with a combined 500 jobs added.
Additionally, the third and fourth spots are occupied by medical oriented positions in the realm ofhome health care. These occupations brought a combined 350 jobs to the region. As shown, the20

medical field and food manufacturing have started to expand thier footprint further into Eastern
Indiana, and one can see why.
JOB GROWTH
NAICS

Description

622110311511561320621610311991

General Medical and Surgical Hospitals
Fluid Milk ManufacturingTemporary Help Services
Home Health Care Services
Perishable Prepared Food Manufacturing
Freestanding Ambulatory Surgical andEmergency Centers
Corrugated and Solid Fiber Box Manufacturing
Wood Kitchen Cabinet and Countertop
Manufacturing
Janitorial Services
All Other Plastics Product ManufacturingColleges, Universities, and Professional
Schools

6214933222113371105617203261996113102013 Jobs 2018 Jobs

2013-2018
Change

1751
98
1055
242
79

2783
391
1252
354
184

1032
293
197
112
105

132

237

105

347

451

104

30

132

102

120
194

216
279

96
85

885

967

82

21

DEAL FLOWThe “Deal Flow” projects in the Richmond Opportunity Zone Prospectus (first edition), represent
priorities identified by the community and its leadership. It is our desire to work closely, andin the right circumstances, partner with investors to ensure successful outcomes. The public/
institutional investment identified in each project is subject to a full understanding of each project,
its objectives, and what is needed for success. Our leadership looks forward to engaging withyou to perform the due diligence that is necessary to realize successful implementation of future
developments.

Kesslers Buildings
The two buildings sit at the prominent
corner of 10th and Main Street
in Richmond’s central business
district. They are adjacent toseveral businesses, restaurants,
and entertainment venues including
the civic theatre across the street.
Directly across 10th Street, theproperty has a 12-parking space
surface lot. There is street parking
on both Main and 10th Streets aswell as several large surface parking
lots within a 2-block radius. Thesebuildings present a downtown mixeduse redevelopment opportunity that
supports both commercial businesses
and residential units.

22

Elder-Beerman Dept.
Store Redevelopment
The recently closed (August 2018)
Elder-Beerman Department store
is located at 601 E. Main Street inRichmond, Indiana. The department
store served as a major anchor in
downtown Richmond for 45 years.
The two-story, 103,000 square footbuilding has access to a 1-acresurface parking lot and an adjacentparking garage. The Elder-Beerman
property is owned by the Economic
Development Corporation of Wayne
County (EDC). The EDC is organizing
local leadership to establish a reuse program for the site which will
likely include the OZ Incentive,
Tax Increment Financing and local
participation in the implementation ofa mixed-use concept for the building
and surrounding properties.

Figure 1: 0200 Census Tract includes downtown and resdidential neighborhoods

Knollenberg’s & Hittle
Buildings Redevelopment

Downtown Area
Residential Development

Downtown Richmond represents
some of the finest downtown
historic buildings in Eastern Indiana
especially within the Whitewater
Valley. Richmond’s Opportunity Zone
encompasses much of downtown
Richmond and this historic fabric of
the City. With common ownership,
both the Knollenberg’s and Hittle
buildings are contributing historic
assets to the Richmond’s Downtown
Historic District. The goal of thisredevelopment project is to provide amixed-use of residential apartmentson the upper levels and commercial
space on the street level.

The Downtown Area represents
the near north neighborhood of
downtown Richmond as well as theStarr Historic District, a nationallyrecognized historic district. This
area is comprised of a number ofresidential structures, many withhistoric significance. The area’s
diverse housing stock includes larger
homes as well as modest cottages,
which have served Richmond’s
business executives as well as theiremployees. Its diverse housing
stock, including larger mansionlike homes and modest cottages,
has served Richmond’s commercial
opportunities.

23

KESSLERS PROPERTIESPROJECT TYPE // DOWNTOWN MIXED-USE
OPPORTUNITY DESCRIPTION
The Kesslers properties are located at 920 and 930 E. Main Street Richmond Indiana. The
buildings were occupied for most of their history by a sporting goods store, its storage, andsupport office space. While the buildings were separately built, they have connected floors 1-3.
The building specs are provided below.
KESSLERS BUILDINGS
Building

Number of Floors

920 E. Main Street // Built in 1924 5 with Basement
930 E. Main Street // Built in 1914 3 with Basement
TOTAL

Floor Plate Sq. Ft. Total Sq. Ft.
7,840
5,500
13,34047,04022,00069,040The buildings sit at the prominent corner of 10th and Main Street in Richmond’s central business
district. It is adjacent to several businesses, restaurants, and entertainment venues including
the civic theatre across the street. Directly across 10th Street, the building’s owners possess a
12-parking space surface lot. There is street parking on both Main and 10th Streets as well as
several large surface parking lots within a 2-block radius.
The Kesslers properties are privately owned. The property owners are interested in selling theproperty and/or partnering in their redevelopment. The City of Richmond and its leadership haveidentified these buildings as well as the 900 Block of Main Street as priorities for downtown
revitalization attention. It is possible that other properties in this block will be available forredevelopment.

Figure 1: Kesslers Building Street View

24

Figure 2: Kesslers Building Aerial

POTENTIAL PROJECT // 920 AND 930 EAST MAIN STREETBoth Kesslers properties are in good condition and are occupied. Given the buildings’ location,
the ground levels are well positioned for retail and/or office frontage on Main Street. The upper
floors provide either additional commercial opportunity or offer future residential potential. The
upper floors of the 2 buildings will accommodate between 26-42 rental units subject to unit andfloor plate configuration. Commercial rental space exceeds 13,000 square feet not including thebasement with the same square footage.
The properties qualify for historic and new market tax credits as well as opportunity zone funding.
They are also located in a downtown Tax Increment Finance (TIF) district.
THE RICHMOND COMMUNITY
The Kesslers properties are located on East Main Street with easy access to State Road 27 andRichmond’s near eastside neighborhoods and a retail corridor. This location offers maximum
flexibility in accommodating a mixture of uses ranging from residential to a variety of commercial
types. The surrounding area is walkable and provides easy access to a variety of services. The
area has also seen recent investment of bike paths, which have increased the accessibility of thearea.
Richmond is home to both Earlham College and IU East. The Cardinal Greenway Trail connects
to downtown and is the longest continuous trail in Indiana. The greater Richmond region has apopulation of 262,448.

PROJECT SOURCES & USES SUMMARY
Uses
Aquisition & Renovation
A&E
Financial Packaging
Contingency$$/Sq. Ft.
$7,304,000.00$292,160.00$636,908.80$365,200.00$8,598,269.80

SourcesOZ Investment
NMTC Debt
NMTC Equity
Historic Tax Credits
Public Investment*$105.79
$4.23
$9.23
$5.29
$124.54
Percent$3,439,308.00$1,719,654.00$859,827.00$859,827.00$1,719,654.00$8,598,269.00

40%
20%
10%
10%
20%
100%

*Public investment assumes a combination of local, state, and federal
funding sources.
*Terms and participation subject to project requirements and discussion.

25

ELDER-BEERMAN DEPARTMENTSTORE REDEVELOPMENT
PROJECT TYPE // DOWNTOWN MIXED-USE
OPPORTUNITY DESCRIPTION
The recently closed (August 2018) Elder-Beerman
Department store is located at 601 E. Main Street RichmondIndiana. The department store served as a major anchor in
downtown Richmond for 45 years. The two-story, 103,000
square foot building has access to a one-acre surface
parking lot and an adjacent parking garage.
The Elder-Beerman property is owned by the City ofRichmond. The Economic Development Corporation ofWayne County (EDC) is organizing local leadership toestablish a re-use program for the site which will likely include the OZ Incentive, Tax Increment
Financing and local participation in the implementation of a mixed-use concept for the building
and surrounding properties.
POTENTIAL PROJECT // 601 EAST MAIN STREETThe Elder-Beerman project potentially involves two distinct types of development activity. First is
the adaptive re-use of the former Elder-Beerman building. The second is the development andrepurposing of the surface parking lot immediately to the south. At a high level, the two distinct
development opportunities are below.
1. Adaptive Re-use of Elder-Beerman // The single parcel was built for a single user, adepartment store. Like many downtowns and malls, the future of the big box retailer is limited.
Going forward, two or more users are likely tenants. The building has over 300 feet of Main
Street frontage and on 6th Street over 280 feet. With just over 50,000 square feet on the firstfloor, several storefronts are possible along the Main and Sixth Street frontages. The first floor
will accommodate a wide number of configurations given its significant scale and rectangularshape. The second floor is somewhat more restricted in accommodating numerous business
opportunities. Its direct connection
to the parking garage to theeast does suggest one or morelarge office users or possibly a
residential opportunity.
2. DevelopmentofAdjacent
Surface Parking Lot // The
adjacent parcel immediately tothe south of the Elder-Beerman
26

property provides importantsouthern access and a dropoff point for the property as
well as a complementarydevelopment
opportunity.
The parking garage to theeast of the Elder-Beerman
building reduces the need fora large adjacent parking lot.
The most likely development
opportunity for this spaceis likely residential and/or
possibly small-scale offices
and retail.
Some surface
parking could be preserved toprovide convenient short-termparking along with the 6th andMain Street parking that iscurrently available.
RICHMOND COMMUNITY
The
formerElder-Beerman
Department Store building isconveniently located at thewestern edge of the Richmond’s
central business district andadjacent to its government district
which includes City Hall, County
Offices, and the Public Library.
The property is surrounded bynumerous service businesses
including banks, restaurants
and a drug store. The downtown
area is home to 123 businesses
and organizations. Downtown
residential living is an emerging
market. Accordingly, development
could have connectivity with the
downtown bike path.

ELDER BEERMAN ADAPTIVE
RE-USE & SITE REDEVELOPMENT
Key Assumptions
Elder Beerman 2 Floor Adaptive
Re-UseAdaptive Re-Use Construction Cost
Southern Adjacent Parcel
Up to 40 Housing Units
Construction Cost
Available Parking
GarageAdjacent Lot

103,000 sq. ft.
65 sq. ft.
46,550 sq. ft.
900 sq. ft. each
150 sq. ft. each
438 Spaces
335 Spaces
103 Spaces

PROJECT SOURCES & USES SUMMARY
Elder- Beerman Only

Uses
Acquisition
A&E
Adaptive Re-Use
New Construction
Parking Garage
Improvements
Financial
PackagingContingency

Elder-Beerman& Southern
Adjacent Parcel$695,000$313,140$9,983,227-$695,000$453,140$9,983,227$5,400,000$100,000$100,000$626,282$906,282$1,252,563$12,970,212$1,812,563$19,350,212

EB & SA
ParcelSourcesEB Only

OZ Investment
NMTC Debt
NMTC Equity
PublicInvestment*$7,133,517 10,642,617$3,242,553 4,837,553$1,297,021 1,935,021

55%
25%
10%

$1,297,021

10%

1,935,021

Percent

Richmond is home to both Earlham$12,970,212 19,350,212
100%
College and IU East along with
*Public investment assumes a combination of local, state, andseveral other quality institutions
federal funding sources.
of high education discussed in*Terms and participation subject to project requirements andmore detail on pages 16 anddiscussion.
17. The Cardinal Greenway Trailconnects to downtown and is thelongest continuous trail in Indiana.
The greater Richmond region (500 mile radius) has a population of 262,448.
27

KNOLLENBERG'S BUILDINGREDEVELOPMENT
PROJECT TYPE // IN-FILL RESIDENTIAL – DOWNTOWN MIXED-USE
Downtown Richmond represents some of the finest downtown historic buildings in eastern
Indiana especially within the Whitewater Valley. Richmond’s Opportunity Zone encompasses
much of downtown Richmond and this historic fabric of the City. Many buildings in downtown
are historically significant including the Knollenberg’s building, which was built in the 1880s. The
building is currently vacant, but redevelopment of the building is ideal as it is a contributing asset
to the Richmond Downtown Historic District. The building is likely eligible for federal historic tax
credits due to its status within the historic district.
The goal of this redevelopment project is to provide a mixed-use of residential apartments on
the upper levels and commercial space on the street level. Using an apartment unit default sizeof 750 SF per unit, it is estimated that 47 apartments could be created within the Knollenberg’sbuilding with approximately 18,000 SF of commercial space. The total gross square feet of thebuilding is 58,992 SF.
POTENTIAL PROJECT // 807 EAST MAIN ST
Cost associated with historic preservation tend to be higher than new construction. With anticipatedapartment rents at $0.90/SF per month and the commercial space around $10.00/SF per year,
there will remain a significant project financing gap between the cost of construction and thereturn received from future rents. Therefore, federal historic tax credits should be used to raise
additional project equity. It is anticipated that approximately $1.7M in equity may be raised by adeveloper using federal historic tax credits. This will begin to close the project financial gap, but it
will be necessary to use other sources as well. The significance of the project and its location in
the heart of downtown Richmond’s opportunity zone allows for additional OZ – Opportunity Fundinvestment to be raised providing necessary additional equity to the project. These investors
will receive significant capital gains tax shelter for a number of years while their funds remain in
the Opportunity Zone project. Furthermore, it will likely be necessary for local public/institutional
investment to be included in the project to completely close the project financing gap.
The sources and uses tables illustrate a financial approach that may provide for the preservationof significant historic buildings in downtown while generating new residential housing units andnew commercial space.
THE RICHMOND COMMUNITY
The Knollenberg building represent a catalytic redevelopment project for downtown Richmond,and the funding sources represent a variety of potential tools to make this project a reality.

28

Figure 1: Knollenburg's bulding

PROJECT SOURCES & USES SUMMARY
Total Development
Cost Estimate$12,891,549

Uses

AmountProject Development$386,777
Real Estate Acquisition$425,000
Construction$10,388,791
A/E/C Design$845,491
Legal/Finance$845,491$12,891,549
SourcesDeveloper Equity
Conventional Debt
Federal Historic Tax
Credits
OZ/Opportunity
Fund Equity
Public/Institutional
Investment*

Amount100%
Percent
3%
3%
80%
7%
7%
100%
Percent$386,746$2,449,394

3%
19%$1,675,901

13%$6,445,775

50%$1,933,732

15%$12,891,549

100%

Figure 2: Knollenberg’s and Hittle Building’s Aerial*Public investment assumes a combination of local, state, and federal funding sources.
*Terms and participation subject to project requirements and discussion.

29

HITTLE BUILDINGREDEVELOPMENT
PROJECT TYPE // IN-FILL RESIDENTIAL – DOWNTOWN MIXED-USE
Constructed in the 1870’s the Hittle Building is an example of an exceptional historic downtown
building in eastern Indiana. Along with the Knollenberg’s, the Hittle building demonstrates
Richmond’s potential to leverage the unique historic character of buildings to drive developmentin its Opportunity Zone, which covers much of downtown. The Hittle building has several longterm tenants on the first floor, however redevelopment of the upper stories is ideal as a key step
to completing the Richmond Downtown Historic District revitalization. The building is likely eligible
for federal historic tax credits due to its status within the historic district.
The goal of this redevelopment project is to provide a mixed-use of residential apartments on theupper levels and commercial space on the street level. Using an apartment unit default size of
750 SF per unit, it is estimated that 20 apartments could be created within the Hittle building withapproximately 8,000 SF of complementary commercial space. The total gross square feet of thebuilding is 24,620 SF.
POTENTIAL PROJECT // 828 EAST MAIN STREETHistoric preservation requirements will likely generate higher construction costs. With anticipatedapartment rents at $0.90/SF per month and the commercial space around $10.00/SF per year,
there will remain a significant project financing gap between the cost of construction and thereturn received from future rents. Therefore, federal historic tax credits should be used to raise
additional project equity. It is anticipated that approximately $700,000 in equity may be raisedby a developer using federal historic tax credits. This will begin to close the project financial
gap, but it will be necessary to use other sources to close the project gap. A prime locationnear downtown and historic character make additional Opportunity Fund investment possible toachieve the equity needed for project feasibility. Potential investors will receive significant capitalgains tax shelter for a number of years while their funds remain in the Opportunity Zone project.
Furthermore, it will likely be necessary for local public/institutional investment to be included in the
project to completely close the project financing gap.
The sources and uses tables illustrate a financial approach that may provide for the preservationof significant historic buildings in downtown while generating new residential housing units andnew commercial space.
THE RICHMOND COMMUNITY
The Hittle buildings represent a catalytic redevelopment project for downtown Richmond, and thefunding sources represent a variety of potential tools to make this project a reality.

30

Figure 1: Hittle Building

PROJECT SOURCES & USES SUMMARY
Total Development
Cost Estimate$5,416,971

Uses

AmountProject Development
Real Estate Acquisition
Construction
A/E/C Design
Legal/FinanceSourcesDeveloper Equity
Conventional Debt
Federal Historic Tax
Credits
OZ/Opportunity
Fund Equity
Public/Institutional
Investment*$157,979$325,000$4,243,309$345,341$345,341$5,416,971

Amount100%
Percent
3%
6%
78%
6%
6%
100%
Percent$162,509$1,029,224

3%
19%$704,20613%$2,708,485

50%$812,546

15%$5,416,971

100%

Figure 2: Knollenberg’s and Hittle Building’s Aerial*Public investment assumes a combination of local, state, and federal funding sources.
*Terms and participation subject to project requirements and discussion.

31

DOWNTOWN AREARESIDENTIAL DEVELOPMENT
PROJECT TYPE // IN-FILL RESIDENTIAL, NEW
CONSTRUCTION & REHABILITATIONOPPORTUNITY DESCRIPTION
The Downtown Area is a nationally designated historic
district. The historic district and the area adjacent to it iscomprised of primarily residential structures, many withhistoric significance. The historic district includes 160 acres
and 102 historic structures and represents “one of thebest preserved Victorian residential neighborhoods in the
Midwest”.1 The larger Downtown Area represents the nearnorth neighborhood of downtown Richmond. Its diverse
housing stock representing larger mansion like homes aswell as modest cottages, have served Richmond’s businessexecutives as well as their employees.
Many of the residential structures were built in the late 1800s through the 1930s. While thehousing stock is older, it varies greatly in condition. A significant number of homes have been wellmaintained and demonstrate the elegance and important role that this neighborhood has played in
Richmond’s history. There is a growing number of homes showing signs of deferred maintenance.
Many of these homes have transitioned within the past decade from home ownership to rental
properties. City of Richmond leadership has focused on this issue and started to organize potential
responses designed to reverse this trend of disrepair and to ultimately implement a neighborhood
reinforcement initiative with the goal of increasinghome ownership in the area.
The Downtown Area also includes a numberof commercial properties to its north as well as
along the US 40 corridors bisecting the area.
There are several attractive opportunities forrenovating and repurposing the commercial
building stock with the goal of supporting theCity’s focus on encouraging entrepreneurial
activity and returning services to the downtown
area. In addition, the area also includes several
attractive in-fill development opportunities forresidential and commercial investment.
Figures: Homes in Downtown Area District with
Redevelopment Potential

32

POTENTIAL PROJECTThe City of Richmond has
negotiated with two multiparcel
Downtown
Area
property owners. Combined
they own approximately 100
improved parcels (residential
units) and several vacant landparcels. Most of the properties
are single-family homes with
one or more rental units. The
majority of the properties
range in condition from goodto fair. Approximately 10%of the properties will need
substantial rehabilitation. The
current property owners haveexpressed a willingness to sell
the properties.
The City, along with its local
partners, wishes to accomplish
three key objectives in the
Downtown Area over the next
five years.
1. Renovate a significant
number of homes within
the area and stabilize theneighborhood,

DOWNTOWN RESIDENTIAL DEVELOPMENT
Goal: To add 175 new and/or renovated housing units.
PROJECT SOURCES & USES SUMMARY
UsesDistressed S.F. Home
Purchases
Single & Multi-Family Lots
Single-Family Development
Multi-Family Development
Home Renovation

Amount$5,000,000 100 homes$625,000$3,750,000$7,000,000$8,000,000$24,375,000

50 parcels
25
50
100
175

$15,843,750$4,875,000$1,218,750

65%
20%
5%

$2,437,500

10%$24,375,000

100%

SourcesOZ Fund
Conventional Debt
Developer Equity
Public/Institutional
Investment**Public investment assumes a combination of local, state, and federal
funding sources.
*Terms and participation subject to project requirements and discussion.

2. Initiate a process that converts a large
percentage of the rental homes to homeownership, and
3. Reinforce the Downtown Area neighborhood
into one of market choice through a seriesof area wide reinforcement activities –
private and public.
THE RICHMOND COMMUNITYThe City is willing to facilitate the disposition of
the targeted properties as a first step to accomplishing its stated objectives. It is also willing tostructure a public-private partnership that effectively advances its reinforcement goal and assists
in increasing the marketability of neighborhood and renovated homes.
In addition to the existing home rehabilitation activity, there will be opportunities for in-fill new homeconstruction and smaller scale multi-family development. Some level of commercial development
activity is also possible. The City plans to help market this effort and encourage investment in theneighborhood.
33

ADDITIONAL REAL ESTATEOPPORTUNITIESRICHMOND REAL ESTATE
In addition to the listed projects, there are other real estate properties for sale in Richmond. All theproperties stand ready for investment and feature their own unique characteristics that could beleveraged effectively for lucrative asset development.
YWCA BUILDING - 100 N 9TH STREET
100 N 9TH STREET, RICHMOND, IN 47374
PROJECT TYPE // DOWNTOWN MIXED-USE$149,900 // 19,351 Sq. Ft.
The former YWCA building is a brick building with new rubber roof, newer furnace/air conditioning
units, and central air. There are several large rooms, 3/4 gym and a large meeting room. The
building was originally built as an industrialist’s mansion, then donated to the YWCA. Ultimately,
the building boasts historic beauty as well as industrial practicality. You will find four kitchens anda ballroom with original hand painted ceiling, original ornate trim, and woodwork. The property
is handicap accessible with a cement ramp and features beautiful landscaping. With a locationon the intersection of two state highways in downtown Richmond, this makes the property very
visible to the community.
The building’s potential makes it extremely versatile, which allows for its space to be easily used
for several purposes. The property formerly had a church, food bank, youth center and an adultday care in the building with room to spare. Additionally, the location is in the Starr Historic District
and positioned in the “transition zone.” Sitting on the block with active 200 employee Insurance
Company and St. Paul’s Episcopal Church, the property can serve both drive-in and walk-in
customers. The building qualifies for a 20% historic tax credit and features the opportunity to
divide it into multiple spaces. The building is located on the corner of N. 9th and “A” streets also
known as St. Rt. 27 N. and St Rt. 40 W. in Richmond, Indiana.

34

TIVOLI BUILDING
900 E MAIN STREET, RICHMOND, IN 47374
PROJECT TYPE // MIXED-USE BUILDING
18,393 Sq. Ft.
The Tivoli building is an 89-year-old building located along
Main St. in downtown Richmond. The building had initiallybeen constructed as the Tivoli Theater which featured
movies and other entertainment offerings. The building
also included a jewelry store along with the theater since
its opening. The jewelry store expanded into the theater
lobby in the 1970s.
The two-story historic building includes a basement thathas been used for utility and storage. The first floor has
been used for general retail and the second floor has beenused for general office space. The building is currently
vacant but presents a redevelopment opportunity in
Downtown Richmond. Redevelopment could utilize thebuilding’s current configuration to include lower level
retail and upper level office space. There is also potential
to develop upper-story residential units instead of officespace in the building’s second floor. In this alternate
redevelopment scenario, the first floor could include retailor office space.
Tivoli Building Footprint

E Main Street

35

CHASE BUILDING
630 E. MAIN STREET, RICHMOND, IN 47374
PROJECT TYPE // MIXED-USE COMMERCIAL
This commercial office space, originally built in 1924, can be used for office space predominantly.
In addition, the building is located in a TIF district at the corner lot in the downtown section ofRichmond, IN at 630 East Main St. The six-story commercial office building has 37,224 sq. ft. andwas renovated in 1973. The building has special features that include:
●●
●●
●●
●●
●●

Hydraulic passenger elevators
Banking Features – record storage/doors, money vaults, night depository
Penthouse
Mezzanine
Water cooler refrigeration

The property is currently owned by Key Capital Chase, LLC.

36

BMO HARRIS BUILDING
722 E MAIN STREET, RICHMOND, IN 47374
PROJECT TYPE // MIXED-USE COMMERCIAL
Originally built 1910, this building is within a TIF district. Constructed with brick, there is 22,030 sq.
ft. and five stories available for office spaces. The property is currently owned by National Second,
LLC and some special features include:
●●
●●
●●
●●

Mezzanine
Two penthouses
Passenger elevators
Banking features – money vault/doors, record storage

The first floor was recently used in banking and features utility/storage space. The 2nd, 3rd, 4th,and 5th floors can be used for general office occupancy. Each floor has over 4,000 sq. ft. forusage, except the fifth, which has 480 sq. ft.

37

CENSUS TRACT 0200 DEMOGRAPHICS
38

POPULATION // 3,845

MEDIAN AGE // 34.2

MEDIAN HOUSEHOLDINCOME // $24,539

COLLEGE DEGREE OR
SOME COLLEGE // 40.3%

MEDIAN AGE
Opportunity Zone
Richmond
Indiana

37.6

41
37.6

MEDIAN HOUSEHOLD INCOME
Opportunity Zone

$24,539.00

Richmond$41,324.00

Indiana$54,325.00

EDUCATIONAL ATTAINMENT
Opportunity Zone

25.5%

Richmond

18.4%

Indiana

11.5%

Less than High School

34.2%

33%

36.7%
33.5%

High School or
Equivalent

27.3%
29.1%
Some College

7.3%
17.6%
25.9%

Bachelor’s
Degree or Higher

TOTAL HOUSING UNITS // 2,303
MEDIAN YEAR STRUCTURE BUILT // 1939
MEDIAN HOME VALUE
Opportunity Zone
Richmond

Indiana

PERCENT SINGLE-FAMILY HOMES
Opportunity Zone // 39%
Richmond // 65%
Indiana // 76%

PERCENT OWNER-OCCUPIED
Opportunity Zone // 29%
Richmond // 60%
Indiana // 68%

TOTAL BUSINESSES // 376
TOTAL JOBS // 5,351
LARGEST INDUSTRIES BYEMPLOYMENT:
1. Retail Trade
2. Health/Personal Care
3. Public Administration
4. Finance & Insurance
5. Accommodation/Food Services
39

CENSUS TRACT 0900 DEMOGRAPHICS
40

POPULATION // 5,484
MEDIAN AGE // 38.1
MEDIAN HOUSEHOLDINCOME // $32,805
COLLEGE DEGREE OR
SOME COLLEGE // 40.8%

MEDIAN AGE
Opportunity Zone
Richmond
Indiana

38.1

41
37.6

MEDIAN HOUSEHOLD INCOME
Opportunity Zone

$32,805.00

Richmond$41,324.00

Indiana$54,325.00

EDUCATIONAL ATTAINMENT
Opportunity Zone

21.7%

Richmond

18.4%

Indiana

11.5%

Less than High School

37.5%
36.7%
33.5%

High School or
Equivalent

28%
27.3%
29.1%

Some College

12.8%
17.6%
25.9%

Bachelor’s
Degree or Higher

TOTAL HOUSING UNITS // 2,858
MEDIAN YEAR STRUCTURE BUILT // 1959
MEDIAN HOME VALUE
Opportunity Zone

Richmond
Indiana

PERCENT SINGLE-FAMILY HOMES
Opportunity Zone // 64%
Richmond // 65%
Indiana // 76%

PERCENT OWNER-OCCUPIED
Opportunity Zone // 61%
Richmond // 60%
Indiana // 68%

TOTAL BUSINESSES // 118
TOTAL JOBS // 2,802
LARGEST INDUSTRIES BYEMPLOYMENT:
1. Retail Trade
2. Manufacturing
3. Building Material/Garden
Equipment & Suppliers
4. Health Care/Social Assistance
5. Wholesale Trade
41

PARTNER WITH US
MAYOR DAVID SNOW
50 North 5th Street
Richmond, IN 47374
P. 765-983-7208
oz@richmondindiana.gov

VALERIE SHAFFER
Economic Development Corporation of Wayne County President
900 North E Street, Suite 100
Richmond, IN 47374
P. 765-983-4769
valerie@whywaynecounty.com