In partnership with Carnegie Mellon University, RIDC developed and completed the Collaborative Innovation Center (CIC) in 2005. The 136,000 square foot dry-lab research building provides office and lab space for technology companies wishing to collaborate with Carnegie Mellon to create innovative new concepts and products for the marketplace.
The building received a Gold Core and Shell Leadership in Energy and Environmental Design (LEED) Certificate from the U.S. Green Building Council for its high level of sustainability and efficiency. Developed by the U.S. Green Building Council, LEED evaluates projects in several categories, such as water efficiency, energy and atmosphere, materials, and resources and indoor environmental quality.
The Collaborative Innovation Center is located on the campus of Carnegie Mellon University. RIDC has considerable experience with complex financing layering and structures such as was used in this project. The property is owned by Carnegie Mellon University and leased to RIDC through a Ground Lease and RIDC constructed and owns the building.
The project financing included:
- Nationwide Life Insurance Company
- Tax Increment Financing
- Pennsylvania Industrial Development Authority Loan
- Opportunity Grant
- Infrastructure Development Program Grant
- Redevelopment Assistance Capital Program Grant
Each funding sources has specialized program requirements ranging from: competitive bidding to advertised bidding, monitoring PA prevailing wage to Davis Bacon wages, project cost "match" elements, and eligible financing uses.
A detailed matrix was developed and this $30 million project was completed having met all the program requirements of the various funding sources.
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