FORT WAYNE, Ind. (WANE) Fort Wayne City Council will consider removing three of the city’s Tax Increment Financing districts and creating another at the emerging downtown riverfront.
The Fort Wayne Redevelopment Commission said Tuesday it will ask City Council to rescind three of the city’s Economic Development Areas, and create one that would support infrastructure development near the riverfront and The Landing projects. The three areas to be rescinded include the Washington Center Coldwater Road district, the Moeller Meyer Road district and the Baker Street district.
The proposals will be introduced to City Council Tuesday.
“Tax Increment Financing is an important tool needed for infrastructure projects that support redevelopment and help increase assessed value throughout our city,” said Nancy Townsend, executive director of the Fort Wayne Redevelopment Commission. “The Redevelopment Commission is demonstrating responsible management of TIF districts by regularly evaluating them and recommending rescission when appropriate.”
TIF districts allow for new property tax revenue that is generated by increases in assessed value within the specified area to be used for public infrastructure projects.
The commission said it hopes to establish a Riverfront-Columbia TIF district in an area south of the St. Marys River, bounded roughly by Calhoun and Harrison streets to the east and west, Berry Street to the south and the river to the north.
The commission said in a release that the Washington Center Coldwater Road TIF district was set up to fund infrastructure improvements near the I-69 interchange, updates that are now complete, and no increment was collected for any projects in the other two districts.