FORT WAYNE, Ind. (WOWO): Construction on “The Landing” might be delayed because it lost a major source of funding.
The U.S. Department of the Treasury decided to deny Fort Wayne the New Market Tax Credits when the latest recipients were announced last month, according to the News-Sentinel. The Model Group, which is the project’s developer, planned on getting $6.7 million in credits.
City spokeswoman Mary Tyndall told the News-Sentinel this will cause delays, but doesn’t expect it to be fatal to the project. She said the Model Group has experience and will be able to compensate for the loss.
The city of Fort Wayne has already pledged $7.5 million in New Market credits, but the developer was counting on more.
Landing backers plan to make their case for funding to the Fort Wayne City Council and the Regional Development Authority on Jan. 17.
The slogan for The Landing is “Making history again” and Fort Wayne leaders want the project to cement downtown Fort Wayne as “a regional destination for all of northeast Indiana.”
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