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Council pushing for federal tax credits for Electric Works

(Photo supplied/Greater Fort Wayne Inc.)

FORT WAYNE, Ind. (WOWO): The Fort Wayne City Council is pushing for Mayor Tom Henry to use federal New Markets Tax Credits for the Electric Works project.

In a unanimous 8-to-0 vote last night, the Council passed a non-binding resolution that Councilman Russ Jehl told the Journal Gazette is intended to prevent the city from “negotiating against itself” as officials weigh whether they should give the mixed-use project $50-million in public funding.

Developers RTM Ventures will also meet with the city’s Legacy Joint Funding Committee today to ask for more than $13-million from the Legacy Fund. Fort Wayne has $55-million worth of tax credit authority to use this year.

The developers will also be holding a public forum next week. It’s set for Tuesday evening from 5:30pm to 7pm at the Grand Wayne Center, according to the News-Sentinel, to provide an update and answer any questions.

That forum might coincide with the release of a feasibility study on the proposed mixed-use project for the old General Electric Campus in downtown Fort Wayne. Word is that the study will confirm what the developers have said for a while now: that the project will need $65-million in local funding to survive.

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