Last month, the city of Fort Wayne announced a proposal to build a $71 million complex in the heart of downtown, which includes the headquarters for Ash Brokerage, upscale condos, and a parking garage.
Most of the project is privately funded, with the city paying $19.5 million.
Today, at the city's Redevelopment Commission meeting, John Urbahns, Fort Wayne Director of Community Development, broke down the city's plan to pay its share of the project.
It proposed $4.3 million for the land acquisition for all the property, covering the city block of Harrison, Wayne, Webster and Berry Streets-
$2.7 million to demo the site-
$11.7 million for the parking garage-
$750,000 to beautify the streets.
Now, nearly five million of that is cash already in hand from the commission's tax increment financing funds.
They plan to ask the city council for up to $2 million dollars in Legacy Funds, and for $6.5 million from the Capital Improvements Board.
Urbahns says the remaining money can be generated without coming out of your pocket.
"It will not be paid back through property taxes, it won't be a general obligation bond or any of that sort. It will be a revenue bond with dedicated increment to pay for it... The majority of this project will pay for itself as the tax phase-in works off, and there's tax increment created, and then the participation of the capital improvements board will be key in moving this project forward as well,” Urbahns says.
Urbahns says acquiring all the land, and the necessary funding, could take the next several months.
He says construction could start by next march, with the project finished by the end of 2015.
Copyright 2013 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.