Council Press

Bond vote gets early nod
Anticipatory bonds are for Harrison Square garage
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"In a vote involving Harrison Square that mirrors the others, City Council preliminarily approved bonds for the $125-million-to-$160-million downtown revitalization project by a 5-3 vote."

"Greg Leatherman, deputy director of community development, said Musgrave has sent the city a letter saying she will exercise an extension option, giving her until January to make a decision. Because the city wants to begin construction of the development’s parking garage in October, it is necessary to use the anticipatory bonds."

Harrison Square gets bridge loan
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"The Fort Wayne City Council gave a preliminary go-ahead Tuesday to begin construction of Harrison Square this year."

"The short-term loan will allow the city to begin work on the project this year as it waits to secure a $45.9 million bond to finance the public portion of the project."

"If the bond fell through, Leatherman said the money would likely be used to construct a parking garage for a future project on the site, at the southwest corner of Jefferson Boulevard and Harrison Street. He said revenue from a special taxing district that includes Jefferson Pointe would be used to pay off the short-term loan if the full bond is not approved."

"Crawford said the state was only approving whether to allow the city to back the bond with property taxes as a way to secure a lower interest rate, a step officials said could save millions. Crawford said the project could still go forward if the state rejected that request, it would just cost more."

"Leatherman also said negotiations are going well on the proposed skywalk linking the Courtyard to Grand Wayne Center, a link the hotel developers demanded. The original deadline to complete negotiations for the walkway is this week, but Steve Brody, project manager for the city, said the hotel developers have been amenable to extending that deadline a few weeks."

Mall Money to Pay for Early Construction of Harrison Square
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"In a preliminary vote Tuesday night, council members decided five to three to borrow $18 million in property taxes from the Jefferson Pointe area to begin building Harrison Square.

A final vote will come next week, but approval of the loan is expected since it's likely the Councilmen will vote as they did tonight."

"City officials, along with Wizards owners Hardball Capital, are holding a press conference Wednesday morning regarding Harrison Square. "

City Council Okays Harrison Square Loan
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"Fort Wayne's city council last night preliminarily approved an $18 million loan from the Jefferson Pointe taxing district. The funds would be used to for construction of the Harrison Square project.

But this is an interim loan as the city waits for approval from the state on bond financing. Fort Wayne's Redevelopment director Greg Leatherman says the loan will help accomplish two aspects of the project. "It enables us to enter leagalling the contracts that obligates us to pay the funds. Some of it will be paid later, but it will be there so we can enter in the contracts. Other portions of the 18-million are actually going to be spent over the next several months to pay for excavation, to pay for instillation of pipes, sewer pipes, water pipes underground for the entire project to get started."

"Mayor Graham Richard and other city officials as well as a representative from Hardball Capital, the owner of the Wizards, plan to deliver a progress report on Harrison Square this morning."