From the Fort Wayne Journal-Gazette:
The announcement that Ash Brokerage would move its national headquarters to downtown Fort Wayne as part of a $71 million development was hailed by city officials.
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City officials plan to disclose their plans publicly for the project, which includes an $11.7 million parking garage. The details will be released Monday.
Though the final amounts have yet to be set and separate bodies need to approve the moves, the estimated $19.5 million in costs the city is responsible for will come from:
•The Capital Improvements Board
•The Legacy Fund
•The Civic Center Tax Increment Finance District
The Civic Center TIF district covering the area uses the increase in property taxes from new development to pay for capital improvements in the district. Usually, those improvements are infrastructure improvements, such as sewers or roads, that enabled the development in the first place, but the money can also be spent on improvements that have a public benefit.
Redevelopment Director Greg Leatherman said the Civic Center TIF district’s biggest obligation is to make loan payments on Grand Wayne Center. Officials also recently said the TIF district would give $750,000 toward the Embassy Theatre Foundation’s efforts to bring life to the long-defunct Indiana Hotel.
Officials said the TIF has about $5.2 million on hand, enough to cover the $4.3 million cost of the land. The property comprises nearly a city block between Wayne and Berry streets from Webster to Harrison streets, with the exception of the five-story brick building at Berry and Webster, home to attorneys Shambaugh, Kast, Beck & Williams.
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See the full article here:
http://journalgazette.net/article/20131006/LOCAL/310069935/0/SEARCH
