Electric Works project moves a step forward
Fort Wayne’s Redevelopment Authority and Board of Public Works have reached an agreement through which public infrastructure surrounding the planned Electric Works redevelopment will be sold and then bought back after the project is complete.
The agreement, which was approved by both the Redevelopment Authority and the city’s Board of Public Works on Tuesday, stipulates that public infrastructure like streets, sidewalks and sewer lines will be given to the city’s Redevelopment Commission, sold to the Redevelopment Authority and then bought back by the Redevelopment Commission.
This complicated procedure will allow associated bonds to be paid back using city funds, which include city and county income taxes, Legacy Fund dollars and food and beverage tax funds managed by the Allen County-Fort Wayne Capital Improvement Board. A development agreement approved last week by the Redevelopment Commission and Monday by the city Plan Commission would set the terms of the program.
According to the city of Fort Wayne website, the Redevelopment Authority “is a public entity created by state statute to enable and assist with the financing of public projects,” and is different from the Redevelopment Commission. According to the city’s website, the Redevelopment Commission promotes and implements economic development projects, acting as a catalyst to redevelop blighted and other areas that have shown a cessation of growth and lack of development, especially in the downtown area.”
Tuesday’s action is another step in a multi-faceted process that officials expect will end with development of the former General Electric campus.
The city’s Legacy Joint Funding Committee, which will make a recommendation regarding whether City Council should approve a $10 million Legacy Fund request for the project, is scheduled to meet Thursday.