The Fort Wayne Redevelopment Commission is proposing that City Council rescind three TIF districts (officially known as Economic Development Areas) and create one Riverfront-Columbia TIF district. The proposals will be introduced to City Council this evening.
The three areas to be rescinded include the Washington Center Coldwater Road district, the Moeller Meyer Road district and the Baker Street district. TIF, or tax increment financing, districts are set up to assist in the development of a designated area. They allow any new property tax revenue generated by increases in assessed value within that area to be used for public infrastructure projects.
The Washington Center Coldwater Road TIF district was set up to fund infrastructure improvements near the I-69 interchange which are now complete, and no increment was collected for any projects in the other two districts.
“Tax Increment Financing is an important tool needed for infrastructure projects that support redevelopment and help increase assessed value throughout our city,” said Nancy Townsend, executive director of the Fort Wayne Redevelopment Commission. “The Redevelopment Commission is demonstrating responsible management of TIF districts by regularly evaluating them and recommending rescission when appropriate.”
The proposed Riverfront-Columbia TIF district would support infrastructure development near the Riverfront Fort Wayne and The Landing projects. The district would include areas on the south side of the St. Marys River, bounded roughly by Calhoun and Harrison streets to the east and west, Berry Street to the south and the river to the north.
The resolutions calling for the rescission of the TIF districts and the creation of the Riverfront-Columbia district have already been approved by the Fort Wayne Redevelopment Commission and the Fort Wayne Plan Commission. If approved by City Council, they will go back to the Redevelopment Commission for final adoption in October 2016.