FORT WAYNE, Ind. (WANE) City Council has approved a motion Tuesday night to create a Tax Increment Financing (TIF) district for the Riverfront Development project. The area at The Landing and Columbia Street will help fund the river project.
Council also agreed to rescind three TIF districts: Washington Center and Coldwater Road district, Moeller Meyer Road district and the Baker Street district. TIF areas allow for new property tax revenue generated by the increases in assessed value within the district to be used for public infrastructure projects.
Just last month, council members approved a major contract for the first phase of the multi-million dollar project.