Tuesday, September 18, 2007

Redev Press

Loan OK aids start of project
$18 million to finance work on Harrison Square garage

"Fort Wayne city officials are a step closer to getting the money needed to start Harrison Square construction this year.

The Fort Wayne Redevelopment Commission on Monday unanimously approved an $18 million short-term loan for the $120 million public-private development. The City Council is expected to discuss the loan today and may cast a preliminary vote."

"Greg Leatherman, deputy director of development, said the short-term loan will allow work to begin on the project this year as the city waits for state approval on a $45.9 million bond to finance the project.

The short-term loan – which will be paid off by the bond – will give the city $12 million to construct the parking garage, $3 million for excavation and soil removal and $3 million for underground utility work, Leatherman said."

$18M in Harrison Square funds approved
City Council to discuss anticipatory notes tonight

"Because the commission approved the funding, the BAN will be discussed by City Council tonight, with a possible final vote Sept. 25."

"At the commission’s meeting last month, [John] Wernet said the city is allowed to issue up to $18 million in anticipatory bonds while it waits for final approval from Cheryl Musgrave, commissioner of the state’s department of local government finance, of a $50 million bond to fund the revitalization project."

"In other business, Commission president Christopher Guerin, issued a statement in response to comments made by Republican mayoral candidate Matt Kelty who said he would review and audit all city commissions and boards and remove all conflicts of interest.

“I think it’s clear that Kelty’s statement is meant to refer to the Redevelopment Commission, at least in part. … It’s also clear that this statement implies impropriety if not corruption on the part of volunteers who work without compensation for the good of the city. I think Mr. Kelty owes this commission and all of the other appointed boards in this city, an apology.”"