FORT WAYNE, Ind. (WANE) – In a 5-4 vote, Fort Wayne City Council approves additional funding for Superior Lofts. The site for Superior Lofts, which is located west of Allen County Jail on Superior Street, was once a manufacturing building in 1905. The building has been vacant since 2010 but will soon be renovated into an apartment and retail space.
The project will cost an estimated $9.8 million dollars. After a source of funding fell through the developers needed $1 million to complete the project. City officials went before council Tuesday night asking to use a special tax funding to complete the project.
City Council voted in favor of paying the developer through Tax Increment Financing (TIF). For the first couple of years the money generated from property tax would pay to the developer instead of the city.
Councilman Geoff Paddock, 5th District, said this is a project that would help the city grow and bring more attraction to downtown. Paddock said there has already been great success with the new developments downtown that have used similar methods of funding.
“We wouldn’t be building the Ash Brokerage project,” he said. “We wouldn’t be building a Cityscape Flats. We wouldn’t be renovating the Randall Lofts and Superior Lofts if we didn’t have a package that we can put together like this.”
Councilman Paul Ensley, 1st District, voted against using TIF to pay the developer.
“I’m concerned this is not good policy,” said Ensley. “To have developers come back to the city for more money or tax incentives after some has already been approve.”
RealAmerica began their first construction about a month ago after having a ground breaking ceremony. The development of Superior Lofts is moving forward and is scheduled to open in the summer of 2018.