Board extends parking garage bond by year
An agreement funding the expansion of the Civic Center garage was tweaked Thursday morning by the Fort Wayne Allen County Capital Improvement Board.
The board approved the bond lawyer’s recommendation to extend the bond for another year. That bond will provide about $7 million to a project that will add two levels to the top of the structure at Calhoun Street and Jefferson Boulevard.
That means the maximum term of the bond would be 31 instead of 30 years, said Nancy Townsend, Fort Wayne’s redevelopment director. The city’s redevelopment department is working on the project.
The bond will fund what CIB member and local developer Don Steininger called “a great addition” to downtown amenities after looking at renderings of several alternatives. “It’s going to make a very attractive parking garage.”
The final design has not been selected, but board member Tim Pape, a former city councilman, said the project was important because the parking garage is one of the first experiences had by visitors to downtown.
“To make a statement to them I think we ought to value that design,” he said.
The bond will be for about $8.3 million, with the amount over construction costs going to interest and carrying costs. A public hearing and other action will take place at the board’s June 7 meeting.
In other business, the board learned that a groundbreaking for the Fox & Main boutique hotel will take place in upcoming weeks. The board also tweaked an agreement on that project by adding a construction monitoring component to address expenditures of funds.
Fort Wayne’s Elevatus architectural firm will do project inspections and provide information to Centier Bank where funds will be held, the board was told.
The board also passed a modification to an easement agreement for the planned connector from the Foellinger-Freimann Botanical Conservatory to the Embassy Theatre and Grand Wayne Center.
All votes were unanimous.