Fort Wayne Mayor Tom Henry today announced the City of Fort Wayne will move forward with a proposal for the creation of a Quimby Village Tax Increment Finance (TIF) district.
Leaders from the Fort Wayne Redevelopment Commission, south Fort Wayne neighborhoods, and area businesses joined Mayor Henry and elected officials at the Clyde Theatre in Quimby Village.
“We want to be in position to help encourage economic growth,” said Mayor Henry. “This effort, combined with the recent hiring of a specialized retail recruitment firm, will assist us in our ability to enhance retail opportunities and private investment in south Fort Wayne.”
The proposed TIF district is roughly bounded by Bluffton Road to the south, Broadway to the east, Nuttman and Kinsmoor avenues to the north and Brooklyn Avenue to the west.
Creation of the district will allow any new tax revenue generated by improvements within the area to be used for public infrastructure projects, such as roads, streetlights, sidewalks, etc.
The resolution creating the district will be considered by the Fort Wayne Redevelopment Commission on December 14, 2015. If approved, it will go before the Fort Wayne Plan Commission and City Council, and then it will once again be brought before the Redevelopment Commission. Final adoption could be complete by February 2016.
A recent analysis of commercial opportunities found demand for as many as 120 new retail shops and restaurants in south Fort Wayne. That analysis recommended infrastructure improvements in the Quimby Village area, as well as the hiring of a firm specializing in retail recruitment. The City recently contracted with Indigo Centers of Birmingham, Mich., to recruit businesses to south Fort Wayne.
Renovation of the Clyde Theatre is ongoing and was included in the Regional Cities proposal recently submitted to the Indiana Economic Development Corporation. If Northeast Indiana’s proposal is selected, funding could be available to assist with transforming the Clyde Theatre into a 2,200 capacity multifunctional performing arts and special events center.