City seeks downtown cash
Resolution asks for $27 million to help finance Harrison Square
http://www.fortwayne.com/mld/fortwayne/news/local/17042966.htm
From the article:
"Deputy Mayor Mark Becker said $6 million of the CEDIT money will be repaid from taxes generated by the proposed development. An additional $7 million to $8 million of the $26 million will pay for interest cost. Becker said the city plans to commit $1 million of CEDIT revenue annually for 20 years to pay for a bond to help finance the project."
"The financing resolution will be introduced to the City Council on Tuesday, but there is unlikely to be any formal discussion until April 17. Becker said he is confident agreements with the owner of the Fort Wayne Wizards and with a hotel developer can be finalized before that meeting."
Saturday, April 7, 2007
CEDIT Request
Posted by brian spaulding at 4/07/2007 08:10:00 AM
Labels: CEDIT, City Council, Financing, Harrison Square, Memorial Stadium
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3 comments:
"Becker said the administration plans to brief the council on details of the financial agreements individually before the meeting April 17. The council could give preliminary approval of the project at that meeting but would not be able to formally approve it until April 24."
Although the council COULD give preliminary approval they certainly should NOT. They should discuss the proposal and give the community 2 weeks to discuss the details as well.
The very idea that the council would be briefed on the proposal right before a vote where they approved it would be nothing short of a political farce...
They do not yet have even a preliminary proposal from Hard Ball Capital - at least not one they want to let the public know about. They seem to be having real problems in working out anything with White/Acquest on their reponse to the hotel RFP. They only got one response to the hotel RFP after Becker said they expected "three or four". They indicated no desire to go to any entity other that Hardball on the Harrison Square project (insuring that a baseball stadium WOULD be included). And they have not yet worked out anything with Lincoln on the majority of the land that will be needed for phase one of HS. So they will probably be very "brief" with the individual council members before the April 17 meeting. This administration does major things very "briefly" and asks for a huge dose of "faith". For example: Ardmore between Jefferson and Taylor will become an official truck route on December 31, 2007 no matter what gets done or doesn't get done. John K.
Hey - maybe that's what our mayor means by "lean" - you disclose as little as possible to get your way.
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