6 projects receive New Markets Tax Credit investments

6 projects in Northeast Indiana are one step closer to coming to life thanks to the city of Fort Wayne's New Markets Revitalization Fund.

Posted: May. 24, 2018 5:55 PM

FORT WAYNE, Ind. (WFFT)-  6 projects in Northeast Indiana are one step closer to coming to life thanks to the city of Fort Wayne's New Markets Revitalization Fund.

Byron Health Center, Electric Works, Fort Wayne Rescue Mission, Fort Wayne Boys & Girls Club, Vestil Manufacturing and The Landing all received these allocation amounts from the City of Fort Wayne:

1. Byron Health Center: $12.5 million
2. Electric Works: $12 million
3. Fort Wayne Rescue Mission: $10 million
4. Fort Wayne Boys and Girls Clubs: $8 million
5. Vestil Manufacturing: $8 million
6. The Landing: $4.5 million

"$55 million in this latest round. It certainly is a major win for the City of Fort Wayne and for all of Northeast Indiana," said Fort Wayne Mayor Tom Henry.

Kevan Biggs of RTM Venture says he's hopeful that city's contribution will influence more people to invest in the electric works project. The project will re-develop the former General Electric campus.

"Certainly it was very important to receive a meaningful allocation from Fort Wayne as the lead CDE. That helps allow CDEs to be comfortable to come in and consider allocation for our project too," said Biggs.

Although $12 million certainly helps, electric works needs $40 million of allocation to fund the project.

"We actually have secured a second allocation from another CDE and we're still seeking a few more to get a few more to get to our total amount," said Biggs.

People who live in West Central area say, they're excited about Electric Works.

"Things we're looking forward to is being able to walk 2 blocks and be able to pick up fresh fruit, fresh vegetables and meat and walk home. Just those amenities that many large cities have that Fort Wayne is aspiring to have," said resident Andrew Stout.

And look forward to its economic impacts.

"I believe there's going to be a lot of job creation out of this. We're also going to see a lot of tax revenue. Our property value is going to go up which doesn't affect everyone else, but us paying more taxes on them does," said Stout.

The Fort Wayne Rescue Mission has a net gain of about $2.5 million. That money will go towards building a new facility on E. Washington Street.

"We've been working on building a facility that could potentially house 324 persons," said Rescue Mission CEO and Senior Pastor Donovan Coley.

The Rescue Mission hopes to break ground this fall. Coley says he's glad to have the city's support.

"The City of Fort Wayne recognizes the significance of not hiding the homeless, but to show case what the community can do by taking care of the least among us."

Electric Works and developers of Fort Wayne's farmer's markets are hoping to hear your feedback about a new year-round public market at the former GE campus.

The new location will have open-air and enclosed spaces for both the summer and winter markets.People are asked to fill out a 10-minute online survey by June 15. Results from the survey will be analyzed and considered in future planning. To take the survey, visit www.surveymonkey.com/r/ElectricWorksPublicMarket. There's also a Spanish language version at www.surveymonkey.com/r/ElectricWorksMercadoPublico.

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