Ft. Wayne MarketLocal News

Council approves taxable bonds for Electric Works

Photo Supplied/Electric Works

FORT WAYNE, Ind. (WOWO): The developers of Electric Works have another revenue source available now.

The Fort Wayne City Council approved up to $31.5-million in taxable economic development revenue bonds for the project last night, according to the Journal Gazette, on a 6-3 vote. Councilmen Russ Jehl, Paul Ensley, and Jason Arp voted “no.”

It still needs final approval in a second Council vote.

The bonds are described as an “alternative financing tool” versus a conventional loan, and gives developers the ability to buy bonds to fund the next phases of project, once they find a revenue source to do so.

City redevelopment manager Joe Giant told the Council that the bonds will be repaid using taxes collected within the project’s boundaries.

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