News release from the City of Fort Wayne:
City details public investment in downtown development
(October 7, 2013) – The City of Fort Wayne has outlined details of its monetary commitment to the recently announced $71 million development in downtown that includes a new national headquarters for Ash Brokerage and a residential development led by Hanning & Bean Enterprises.
The total public-private partnerships would result in $51.6 million in private dollars ($19.6 by Ash and $32 million by Hanning & Bean) and $19.5 million being invested by the City of Fort Wayne. The City anticipates its investment would come from a combination of tax increment financing (TIF) funds through the Fort Wayne Redevelopment Commission, Legacy funds, and support from the Allen County-Fort Wayne Capital Improvement Board (CIB).
Highlights of City’s $19.5 million investment:
- $11.7 million – parking garage
- $4.3 million – land acquisition
- $2.7 million – site preparation
- $750,000 – streetscape improvements
The City’s public investment package will be presented to the Fort Wayne Redevelopment Commission on Monday, Oct. 14. The meeting will be held at 4 p.m. in Room 030 on the Garden Level of Citizens Square, 200 E. Berry St.
The Redevelopment Commission will be asked to take action on portions of the investment package. Examples include approving land acquisition and entering into a contract for the design of the parking garage. Seeking approval for a bond to finance the parking garage and site preparation will occur at future Redevelopment Commission meetings.
City officials will also make a presentation to the CIB at its meeting on Thursday, Oct. 17. The City will request funding to assist with the financing of the City’s investment in the project.
In the coming weeks, City officials will come before City Council to request Legacy funds in the amount of $1-2 million. City Council would also be asked to approve bond financing that first will be presented to the Redevelopment Commission for approval in the near future.
Ash Brokerage plans to build its corporate headquarters in downtown with 95,000 square feet of office space. The project would also include a parking garage and 21,600 square feet of first-floor retail space. More than 200 employees would be part of Ash’s move to downtown. Ash also anticipates increasing its local workforce with 115 additional jobs over the next few years.
Hanning & Bean Enterprises plans to construct a residential development, including apartments, condominiums, and street-front townhouses. The development would total 80 apartments (94,000 square feet), 10-14 condominiums (26,000 square feet), and six street-front townhouses (13,500 square feet). There would also be a rooftop park/green space on top of the parking garage.
The integrated initiative will result in new knowledge-based jobs, hundreds of construction jobs, housing, and retail in the core of the city. The new developments would be bordered by Wayne, Harrison, Berry, and Webster streets and utilize nearly a full square block. It’s anticipated construction would begin in March 2014 and take nearly two years to complete.
The news release from the recent announcement, along with renderings, video from the news conference, and a copy of the Memorandum of Understanding may be accessed here.