Mayor Tom Henry’s plan for the city’s $75 million “Legacy” fund calls for $30 million to be set aside for the long-term, while millions more could go toward a list of special projects.
For the first time, Henry publicly discussed his plans for the money Tuesday in a news conference and presentation to City Council. Under the mayor’s plan, the city would use up to $7 million of the money in the next two years for projects focused on downtown, riverfront and youth development.
“The Legacy process has allowed us to look to the future, to think long-term, to be bold,” Henry said in prepared remarks.
The city can already access about $48 million of the total fund – created from Indiana Michigan Power’s lease and purchase of the old City Light utility – with $30 million to be saved and the other $18 million available for projects. Another $28 million will come over the next 12 years in annual payments from I&M.
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Any spending from the Legacy funds will likely require approval by both the mayor and a 6-3 “super majority” of council. An ordinance setting ground rules for accessing the funds is expected to come before council Tuesday.
The Legacy money has already dominated recent council discussions, with some Republicans arguing that the funds should go toward property tax relief or pressing needs such as street repairs.
But council – even members who disagree with Henry’s philosophy on the money – gave the mayor’s ideas a warm reception Tuesday.
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