From the Fort Wayne Journal-Gazette:
Mayor Tom Henry today saluted the $3.4 million in taxpayer savings earned through the recent refinancing of the Grand Wayne Center’s expansion and renovation debt. Current low interest rates allowed local officials to capitalize on cost savings applicable to the downtown convention center’s bond.
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Prior to this action, the amount being repaid by the City, the Redevelopment Commission and Grand Wayne Center totaled $31.85 million. After refinancing, the amount being paid off is $25.13 million.The debt is scheduled to be erased by 2028.
The original bond was issued to finance the expansion and renovation of the Grand Wayne Center, making it Fort Wayne’s premier downtown convention center and a highly competitive Midwest event venue. The project included real estate acquisition, demolition, site preparation, environmental remediation and construction, along with the acquisition of furniture, fixtures and equipment. Aside from the bond, additional funding was provided by the City, Allen County, Fort Wayne Community Foundation and the State of Indiana.
According to Visit Fort Wayne data, the convention and tourism industry brings $466 million annually into the local economy, sustains 7,700 jobs and pays $13 million in local taxes.
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http://www.journalgazette.net/article/20120515/BLOGS01/120519693/0/SEARCH
