3. Company Background
• Pedcor was formed in 1987 when principals Bruce Cordingley and Gerald Pedigo partnered to
develop the first Low Income Housing Tax Credit (LIHTC) affordable housing community in the
State of Indiana
• Today, Pedcor develops, constructs, owns and manages over 10,000 affordable and market rate
apartment units in 14 states:
- Arizona
- California
- Indiana
- Illinois
- Kentucky
- Michigan
- Ohio
- Missouri
- Iowa
- Nebraska
- Tennessee
- Louisiana
- Alabama
- Virginia

4. Background (cont.)
• Pedcor has engaged in more than ninety (90) real estate
joint ventures; all of which have been successful.
• Pedcor is a national leader in its niche.
• International City Bank, in which Pedcor owns an 84%
interest, on a dollar for dollar basis, is one of the most
profitable financial institutions in the United States of
America.

5. Principals
The principals of the Pedcor Companies are:
– Bruce Cordingley
• Involved with commercial and residential development and financing since 1971
• Education
– Purdue University (BS-Industrial Management)
– Harvard Law School (JD)
– Indiana University (MA-Economics)
– Gerald Pedigo
• Involved in residential and commercial real estate since 1958
• Began his own homebuilding firm in 1962
• Education:
– Butler University (IN)
– Phil Stoffregen
• Involved in residential and commercial real estate since 1984
• Education
– Indiana University (BS-Business Finance)
– Indiana University (MBA-Financial Economics)
– Indiana University (JD)

9. Organization and Structure
The Pedcor Companies include
four main organizations:
Pedcor Bancorp and Pedcor Financial, LLC
Pedcor Investments, LLC
Pedcor Management
Pedcor City Center Development Company

10. Pedcor Bancorp
• Bank holding company formed in 1996
• Owns 84% of International City Bank in Long Beach, CA
• Provides several forms of real estate financing through
its bank subsidiaries to support the local community
• Total assets, of International City Bank, increased nearly
25% from $116.8 Million in 2000 to $145.8 Million in
2001. In 2002, total assets grew 12% to $163.5 Million.
Total assets were $211 Million as of 2004 and $224
Million as of 2005.

11. Pedcor Financial, LLC
• Thrift holding company formed in 2000
• Owns 100% of Pedcor Financial Bancorp, which owns
89% of Fidelity Federal Bancorp
• Fidelity Federal Bancorp is a $217 million thrift holding
company of United Fidelity Bank in Evansville, IN
• Provides credit facilities to Pedcor-related housing and
commercial properties

12. Pedcor Investments, LLC
• Develops affordable housing apartment communities
across the country
• Partners with other financial institutions to finance its
apartment communities

13. Pedcor Management
• Collects and accounts for over $30 million in annual
gross rental income from the various apartment
communities that Pedcor Investments develops
• Maintains an average occupancy level of 93% for its
portfolio
• Encompasses complete apartment community
management
- Formulates and implements marketing and leasing strategies
- Selects and trains on-site managers and support staff

14. Pedcor City Center Development
Company (PCCDC)
• Established in 2004 to support the development of Pedcor’s
office campus in Carmel, IN
• Mayor Jim Brainard approached Pedcor’s CEO, Bruce
Cordingley, in 2004 with the opportunity to be a part of the
City’s redevelopment plans
• Since 2004, PCCDC has taken on several projects in Carmel:
– Carmel City Center
– Carmel Old Town Shops
– Indiana Design Center
– The Commons at City Center

15. Vision Becomes Reality
Inspired by Mayor James Brainard,
Carmel City Center will be a vibrant and elegant
downtown neighborhood alive with commercial, civic,
cultural, recreational and residential activities and
enjoyed by residents, the community and visitors alike.
“When I began my door-to-door campaign in Carmel
eight years ago, the one thing I kept hearing from
people was that there is no place in Carmel to go eat
dinner and see a show.”
“Carmel needs a center, a true downtown, so we
thought it was important to build one.”

16. Revitalizing Downtown Carmel
• City purchased about 80 acres of undeveloped land and made it
ready for development
• Created Planned Unit Development for City Center with unique
zoning plan and architectural standards
• Created TIF district to generate funds; development paid for
primarily with TIF funds
• City had not used Carmel Redevelopment Commission (CRC);
activated CRC
1st time in Carmel, members were appointed to facilitate
•
redevelopment in the city
• CRC consists of 5 members; 3 appointed by mayor; 2 by council

17. Carmel’s Master Plan Takes Shape

18. First Retail
Opened in February of 2002
Schwinn was the first to
build within in the
redevelopment plans
Rotary Plaza, Tunnel Café
and Schwinn bike rentals are
located along the popular
Monon Trail

19. First Restaurant
Opened in the Spring of 2002
Local well-know establishment, Shapiro’s
Delicatessen, was the first restaurant
establishment built within the City’s plans to
revitalize its downtown.

20. First Residential
Opened Spring 2002
• August 2001 – laid cornerstone for
AMLI apartments, which are now more
than 90% occupied
• AMLI has invested $15 million in this
project in land acquisition and
construction costs

21. Residential Development
Opened in 2002
Ryland built owner-occupied townhomes
along City Center Drive.

22. Further Development
Commercial & Residential
Flagstar Bank
Hoosier Realty
The Commons at City Centre

23. Carmel Arts & Design District
• City invested $12 million for
infrastructure improvements
• Carmel’s Arts & Design District
increases property values
• District is home to unique retail,
restaurants, art galleries, boutiques
and residences

24. Carmel Civic Square
City Hall
Carmel Fire Department
Carmel Police Department

25. Pedcor Corporate Campus
Pedcor built their new corporate headquarters
directly across from the Carmel City Center site,
and it overlooks the beautiful AMLI reflecting pool
and Veteran’s War Memorial

26. Forming A Partnership
In 2004 the Carmel Redevelopment Commission (CRC) granted
Pedcor City Center Development Company the Carmel City Center
project.
The City of Carmel and Pedcor Companies have
formed a public-private partnership to develop
Carmel City Center
Groundbreaking Ceremony
March 23, 2006

27. Carmel City Center

28. Project Description
Carmel City Center
• Carmel City Center will be an upscale, mixed-use development
in the heart of downtown Carmel
• The development will feature high-end apartments,
condominiums and penthouses, a hotel, spa, state-of-the-art
Carmel Performing Arts Center, retail and restaurant offerings,
an outdoor amphitheater, green spaces and public art
• Pedestrian friendly areas - retail stores near the sidewalks
• Small piazzas and public spaces encouraging people to gather
and spend time there
• Parking mostly underground
• Buildings compatible with Georgian-style architecture to
complement adjacent developments

32. Investment in City Center
• In excess of $42 million in private sector investment in
land and building improvements to date; Pedcor
committed $55 million for new section of City Center
• Carmel will finally have a downtown; a central focus; a
place to gather – a City Center
• United with the Civic Square government complex and
stretching toward Old Town and Carmel’s Arts & Design
District
• Creating a unique place for residents of and visitors to
Carmel
• Helping make Carmel the best place to live, work and
raise a family

33. Guiding Principles
• Mixed Use / No zoning
• Pedestrian-based / de-emphasize cars
• Hierarchy of buildings
• Harmony with land and built surroundings
• Human Scale
• Enclosures – sense of security
• Aesthetics
• Density
• Learn from thousands of years of urban design

34. Carmel City Center
Pedcor and the City of Carmel envision
Carmel City Center as a destination spot, a
cultural gathering place for citizens and
visitors to shop, dine and be entertained.
This dense and innovative development is
based on the New Urbanism concept.

37. New Urbanism
• New Urbanism is a development concept that is becoming popular
with developers and urban planners in “edge cities”, large suburbs
surrounding traditional metropolitan cities
• These developments are characterized by:
– Buildings close to the street
– Increased density
– Hidden or underground parking
– Focus on aesthetics, beauty and special placement of civic uses and community sites
– Ample green space
– Keeping everything within walking distance
– Mixed use of office, retail, residential and entertainment venues
– A focus on sustainability, energy efficiency and minimal adverse environmental impact
• Carmel’s Mayor and Pedcor’s principals see the potential for
additional city center developments across the country as New
Urbanism continues to spread