DEAR WAYNEDALE READERS
I am pleased to report to you that the City of Fort Wayne is in a strong overall financial position. We have capacity to fund Harrison Square and future community projects.
We project CEDIT revenues to increase between 2008 and 2017, which would allow for future projects beyond Harrison Square. The City’s cumulative CEDIT receipts over the next five years are expected to be at $111 million and $228 million over the next 10 years. We expect to have $5 million in CEDIT over the next five years and $19 million over the next 10 years of available CEDIT-project capacity. CEDIT revenues are resources specifically designed to spur and support economic development initiatives.
Jefferson Pointe Tax Increment Financing (TIF) has a projected gross balance of $50 million, of which $25 million will be dedicated to Harrison Square. That would leave another $25 million for community-improvement projects within the Jefferson Pointe taxing district over the life of the district.
A TIF district is also in the place for the North River area. We have worked to strategically implement TIF districts that benefit the entire community. Recently, the City and County announced the formation of the North River Downtown Task Force to address the development of land just north of the city center and the St. Marys River. The area encompasses the OmniSource property north of the river and alongside its banks between North Harrison and Clinton streets.
The Community Revitalization Enhancement District (CRED) for downtown allows the City to capture increased sales and income tax dollars generated by new investment in downtown. CRED will assist in the public financing portion of Harrison Square.
The Community Trust Fund is projected to have a balance of more than $50 million over the next five years and nearly $74 million over the next 10 years that could be used for additional projects. The fund was established in the 1970’s when the City leased its light and power utility to Indiana and Michigan Power.
Our commitment to fiscal responsibility and thoughtful planning has put our community in a positive position to gain and retain high quality jobs and businesses. We have a great opportunity to create a unique downtown development and regional destination. We also are prepared to capitalize upon additional catalyst possibilities to make Fort Wayne and the region more competitive.
Our commitment to innovative, cost-effective government has saved taxpayers over $10 million since 2000. These savings enhance the City’s ability to meet responsibilities as we work to create and attract jobs and businesses to keep Fort Wayne and northeast Indiana growing.
Graham Richard
Mayor
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