Pressing Forward

State board recommends Harrison Square bond be approved
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"The board of the Department of Local Government Finance has recommended by a 4-2 vote the $50 million bond lease for Harrison Square be approved.

The final decision rests with Sharon Musgrave, commissioner of the department. It was uncertain when that might come."

Harrison Square finances clear state board
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"The board recommended approval of the city’s $45.9 million bond lease to Department of Local Government Finance Commissioner Cheryl Musgrave, who has up to 90 days to make a final decision."

"“It is a once-in-a-lifetime opportunity for Fort Wayne,” said Fort Wayne City Councilman Sam Talarico Jr., R-at large. “It does not change the landscape for local taxpayers. We need a victory like this in Fort Wayne.”"

"Board member Dave Christian – one of the “no” votes – was concerned that the city had not locked up the Fort Wayne Wizards for the length of the bond. Instead, the Wizards have entered into a 20-year agreement to use the stadium, with two five-year extension options."

"Kalb said 70 percent of the city is against the project, which one commission member claimed to be unsubstantiated and unfounded."

"But Talarico conceded there have been at least three polls on the project, and there are always more opposed than in favor. He argued, though, that some polls included county residents who are unaffected and that the wording of some surveys was not precise."

State board OKs Harrison Square
Now, city awaits state official's final approval of project's financing
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"Greg Leatherman, deputy director of community development, said until final approval, the city won’t order items such as steel or concrete for the project, but will be able to continue demolition of properties on the project site and prepare the site for construction."

"The group was asking for a property tax backer that would give the city a lower interest rate, saving about $4 million, but had to prove to the board there were enough revenue sources to repay the bond so property taxes wouldn’t be used. Instead, the bond will be repaid with CRED, CEDIT and TIF money."

"A longtime opponent of the project, resident John Kalb, also made the trip to Indianapolis to address the board. He described what he saw as missteps by the city and outlined the lack of public support for the project. He asked the board to delay its vote for a month, but the board decided against his request."