Fort Wayne Redevelopment Commission OKs special taxing district for Electric Works
Even though its expected meeting with Electric Works developers was postponed, the Fort Wayne Redevelopment Commission still found a way to boost the $220 million project Monday.
The commission gave preliminary approval for creation of a “tax increment financing” (TIF) district that would make property taxes generated by Electric Works available for improvements to the project and in the surrounding neighborhoods, including streets, sewer and water lines and railroad overpasses. Public improvements connected to the project are expected to cost about $7.1 million, and TIF revenues could pay for them. TIF districts are generally approved for 25 years, and Monday’s vote would have to be ratified by the city Plan Commission, City Council and the Redevelopment Commission again before taking effect.
Representatives of RTM Ventures had been expected to be at Monday’s meeting to update the status of the proposed development agreement with the city that must be finalized before the project’s developers can qualify for a requested $62 million in public funds. But the city announced earlier in the day they would not appear but that negotiations are continuing.
Developers have estimated the project could create nearly $46 million in direct local taxes over 20 years.