Financial First Steps

Harrison Square land will have to be appraised
http://www.fortwayne.com/mld/newssentinel/news/local/16935925.htm

From the article:

"But the Harrison Square land purchase wasn’t typical. City officials took out land options and agreed to purchasing prices behind closed doors. This prevented land owners from inflating their asking price -- as city officials said would have happened had word leaked out about the city’s $125 million-to-$160 million downtown revitalization project."

Taxing district boundaries could be extended
It would benefit the city’s proposed downtown revitalization efforts
http://www.fortwayne.com/mld/newssentinel/business/16939475.htm

From the article:

"The Fort Wayne Redevelopment Commission on Monday voted to expand the Jefferson/Illinois Economic Development Area. The measure will move to the plan commission and City Council in coming weeks."

"The newest proposal would allow the city to further expand the district to include the property from Jefferson to the north, Harrison Street to the east, Baker Street to the south and Ewing Street to the south, not including the Federal Building."

Southwest taxes might help build Harrison Square
http://www.fortwayne.com/mld/fortwayne/news/local/16938632.htm

From the article:

"The city is estimated to be providing just less than half of the project’s initial cost. Of the city’s share, 20 percent would come from economic development income taxes and 80 percent would come from taxes or credits that can be spent only in designated areas."

"For example, before Apple Glen was built, the property there generated relatively little in property tax revenue. After it was developed, the revenue rose dramatically because it is taxed as a shopping center instead of an empty field."

Marriott financing has gap of $6M
If extra funds aren’t secured, hotel may need to be downgraded
http://www.fortwayne.com/mld/fortwayne/16939585.htm

From the article:

"“There’s no single magic bullet, and if there was only one way to deal with this, I’d be worried,” Leatherman said. But in addition to design changes, he said, the city also is working to free up more money for the project, mostly in the form of additional tax credits."

"One possible change, he said, would be the elimination of meeting rooms, which would save money and eliminate competition with other nearby facilities, including the adjacent Grand Wayne Convention Center."

"If the hotel design departs significantly from the city’s original specifications, he said developers who expressed an interest but did not submit a proposal could be given a chance to reapply."