Fort Wayne, Ind. – A purchase agreement is in place for the City of Fort Wayne to buy the North River property from Calhoun Investments, LLC.
The North River property is comprised of 29 acres bounded by Clinton, Fourth and Harrison streets and serves as an important gateway into downtown. The site was previously used as a rail yard and scrap yard, dating back to 1902. The land has not been actively used since 2006.
“This is a tremendous next step in our ongoing efforts to ensure Fort Wayne is a point of destination for economic development opportunities, job growth and quality of life amenities that businesses and residents desire,” said Mayor Tom Henry. “We’re looking forward to what opportunities will be possible for private development as a result of the City having control of the North River property.”
Under the purchase agreement, the City of Fort Wayne would purchase the property in its current condition and assume responsibility for any future environmental remediation, if it’s required. The future use of the property will determine the necessary site preparation or remediation.
Next steps in the process:
*Nov. 13; Fort Wayne Redevelopment Commission to consider becoming the title holder of the North River property
*Nov. 14; Introduction of ordinance to City Council for the City of Fort Wayne to assume responsibility for any future environmental remediation, if required, at the North River property
*Nov. 16; Allen County-Fort Wayne Capital Improvement Board (CIB) to consider a $4.63 million funding commitment to the City of Fort Wayne Redevelopment Authority to purchase the North River property. The CIB funding would be interest-free and repaid as future development warrants. No deadline would be required for repayment.
*Nov. 21; City Council discussion and possible preliminary vote on the ordinance
*Nov. 28: City Council possible final passage of the ordinance
*Dec. 1; Closing between the City of Fort Wayne and Calhoun Investments, LLC