Fort Wayne Announces Tax Credit Investment For Six Projects

May 25, 2018

Credit Zach Bernard/WBOI News

Mayor Tom Henry announced the City of Fort Wayne’s New Market Revitalization Fund would make a $55 million investment to be spread across six projects.

The Fund is a subsidiary company and makes Fort Wayne eligible to apply for federal New Market Tax Credits. This is not the first time the City has received allocations for the fund; it was granted $15 million in 2008, and $33 million in 2014.

Among these projects is Electric Works, receiving the second-largest share of the funding at $12.5 million. With questions surrounding the project’s future in the last few months, spokesman Kevin Erb says the funding is a relief.

“It’s a strong sign of support and a strong investment on behalf of the community, and Electric Works and our vision, so we’re excited and we’re grateful,” said Erb.

Wednesday night, Fort Wayne’s Legacy Committee voted 7-2 in favor of the Community Development Office developing a funding plan for the Electric Works. With big strides in less than 24 hours, what’s next for the project?

“We hope to have kind of a working agreement and full picture of that within the next week, and that will be a big next step for us,” he said.

Here is the full list of projects, and the amount of money allocated to them:

  • 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.