FORT WAYNE, Ind. (WOWO): Fort Wayne Mayor Tom Henry announced the Electric Works project as one of six recipients of New Markets Tax Credits from the city’s New Markets Revitalization Fund today.
The mixed-use development on the site of the city’s former General Electric campus will get $12-million, according to an announcement Mayor Henry made at 11 am. The fund distributes federal dollars that allow private investors to receive a tax credit against their federal income tax in exchange for investment in certain communities.
The city got $55-million in New Markets Tax Credits in February, after getting $15-million in 2008 and $33-million in 2014.
Find the full list of recipients below:
· 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. The center will be relocating from Lima Road to the corner of Beacon Street and Lake Avenue.
· Electric Works, $12 million. Electric Works is the adaptive re-use of the former GE campus in near southwest Fort Wayne.
· Fort Wayne Rescue Mission, $10 million. The Rescue Mission is a local non-profit organization providing restorative care to men, women and children experiencing a homeless crisis. The Mission is building a new facility at 400 E. Washington Blvd.
· Fort Wayne Boys & Girls Clubs, $8 million. The Fort Wayne Boys & Girls Clubs is a local non-profit that provides after-school and summer programs to low-income, school-aged children. A new 2.3 acre campus and building are currently under construction.
· Vestil Manufacturing, $8 million. Vestil Manufacturing is located in Angola and has 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 project includes 70 apartments and 56,000 square feet of commercial and retail space.