Electric Works, Rescue Mission and four others likely to receive millions in tax credits
Electric Works and five other projects are likely to receive support from the City of Fort Wayne New Markets Revitalization Fund, Mayor Tom Henry announced Thursday. The six projects and their estimated allocation amounts include:
Byron Health Center, $12.5 million. Byron Health Center is a non-profit facility that provides long-term health care, memory care, skilled nursing care and physical and occupational therapy for vulnerable populations who have multiple diagnoses. As The News-Sentinel first reported, the center will be relocating from Lima Road to the corner of Beacon Street and Lake Avenue, with the county planning to market its current site for possible redevelopment.
Electric Works, $12 million. Electric Works is the adaptive re-use of the former GE campus south of downtown, and developers are seeking $65 million in local public funding for the $220 million first phase. The developers’ funding plan anticipates $30 million in New Market Credits, meaning they will have to look for additional credits elsewhere. Members of City Council have said they want the credits to be considered part of the $65 million package, but that is not currently the case.
Fort Wayne Rescue Mission, $10 million. The Rescue Mission provides shelter and other services to men, women and children experiencing homelessness and is building a new $17.5 million facility at 400 E. Washington Blvd.
Fort Wayne Boys & Girls Clubs, $8 million. The organization provides after-school and summer programs to low-income, school-aged children. A new 2.3 acre campus and building are currently under construction on Fairfield Avenue.
Vestil Manufacturing, $8 million. Vestil is located in Angola and plans to create up to 100 well-paying new jobs by 2021. It will construct a new 225,000-square-foot fulfillment center in the area. Vestil is one of Steuben County’s largest employers and an industry leader in the manufacturing and distribution of industrial material handling equipment.
The Landing, $4.5 million. The Landing is the historic restoration of seven buildings and the construction of one new on West Columbia Street. The $35 million project includes 70 apartments and 56,000 square feet of commercial and retail space.
Officials announced in February Fort Wayne had been awarded $55 million of the federal New Market Tax Credits. The amount is larger than the city’s two previous New Market awards combined, the last coming in 2014 with an award of $33 million.
The Fort Wayne New Markets Revitalization Fund (FWNMRF) is a subsidiary company formed by the city of Fort Wayne. It is a certified Community Development Entity eligible to apply for New Markets Tax Credits from the U.S. Treasury. The New Markets Tax Credit Program was enacted by Congress in 2000. and allows private investors to receive a tax credit against their federal income tax in exchange for investment in low-income communities.
“I’m pleased the Fort Wayne New Markets Revitalization Fund is able to help fill financing gaps in such important projects,” Henry said in a statement. “By working together, we are helping create jobs and provide opportunities for residents to succeed throughout northeast Indiana.”