News release from the City of Fort Wayne:
Mayor Henry announces six projects to receive New Markets Tax Credit investments
(May 24, 2018) – Mayor Tom Henry today announced the City of Fort Wayne New Markets Revitalization Fund, LLC (FWNMRF) anticipates investing in six projects located throughout northeast Indiana. The six projects, and their estimated allocation amounts, include:
- 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 re-locating 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.
“I’m pleased the Fort Wayne New Markets Revitalization Fund is able to help fill financing gaps in such important projects,” said Mayor Henry. “By working together, we are helping create jobs and provide opportunities for residents to succeed throughout northeast Indiana.”
The Fort Wayne New Markets Revitalization Fund (FWNMRF) is a subsidiary company formed by the City of Fort Wayne. It is a certified Community Development Entity eligible to apply for New Markets Tax Credits from the U.S. Treasury. The New Markets Tax Credit Program was enacted by Congress in 2000. It allows private investors to receive a tax credit against their federal income tax in exchange for investment in low-income communities.
In February, the FWNMRF received $55 million in New Markets Tax Credits allocation authority. FWNMRF received previous allocations of $15 million in 2008 and $33 million in 2014.