FORT WAYNE, Ind. (WFFT)- The Fort Wayne city council discussed a resolution Friday outlining the funding for the $300 million Electric Works project.
The over 30 acre former GE campus is set for renovation, but without an initial review of the plan for funding, developers won't be able to get the loans required for the project to go through.
Points for council to consider
- A $6 million loan out of the Legacy Fund.
- A grant from the Legacy Fund of about $7.5 million.
- $500,000 annually from 2020-2026 from Ft. Wayne CEDIT revenues.
- $3 million from the Legacy Fund for debt reserve for a bond.
- Consider a lease purchase agreement as a property tax backer.
- Possibility of a bond issuance from road purchases.
- Possibility of a $6 million TIF bond.
City council members, Geoff Paddock and John Crawford, are looking at different options for public funding to match what has been raised privately.
Council will not consider any formal requests yet.
"We'll ask the city council to at least give their thumbs up that this is a worthwhile project, that this is something that we need to concentrate now on the next few months to put some public dollars together. We'll also be making some suggestions on where that might come from," said Geoff Paddock, 5th district.
The resolution will be introduced Tuesday at the city council meeting. The meeting is open to the public.