The Northeast Indiana Regional Development Authority (RDA) and The Model Group announced today that the region has identified supplemental resources to support The Landing development in Fort Wayne, which is part of the Road to One Million plan.
The $34.5 million project, which will redevelop seven buildings and two parking lots on West Columbia Street in Fort Wayne into a mixed-use development, has been approved to receive funds through the state’s Industrial Recovery Tax Credit (IRTC), also known as the DINO tax credit which provides an incentive to revitalize older buildings. The tax credit was identified as a funding resource after other anticipated funding was not readily available. The tax credit will allow the Northeast Indiana RDA to recommend a lesser amount of Regional Cities Initiative funding to the project and to reallocate resources to more quality of place projects across the 11-county region.
The RDA board will recommend funding for The Landing at $4,807,523 rather than the originally requested $6,904,023 discussed in its February board meeting. With the change, the board will have an additional $2 million to invest in regionally transformative projects, and it plans to consider funding seven pending projects in Wabash, Whitley, Noble and Allen counties at the upcoming RDA meeting on Tuesday, April 11, at the Honeywell Event Center, 275 W. Market St., Wabash, IN.
“The approval of the DINO tax credits allows the RDA to consider funding for other regional projects, and that is a big win for the region. This success is because of our teamwork as a region. Without these funds, the RDA’s only option would have been to consider big reductions in possible awards to the seven pending projects. In Northeast Indiana, collaboration is critical. Because of that strength, the RDA can continue the Road to One Million plan to attract talent to Northeast Indiana’s 11 counties,” said Michael Galbraith, director of the Road to One Million.
“To attract and retain talent to increase our regional population and make Northeast Indiana a magnet for growth, the RDA needs to continue to fund regional projects. Thanks to the collaboration and creativity of Michael Galbraith, the Model Group, and all of our regional partners, we can continue to serve our communities and invest in quality of place assets,” said Bob Marshall, executive vice president of Campbell & Fetter Bank.
“It has been a pleasure to work with the RDA and IEDC to move The Landing project forward, further propelling Fort Wayne’s revitalization. The Landing development and Fort Wayne will be stronger because of the other projects that are able to be supported by the Northeast Indiana RDA,” said Jason Chamlee, developer at Model Group.
Regional Cities Initiative funding for The Landing at $4,807,523 has been conditionally approved by the IEDC, subject to approval of funding for a federal historic tax credit.
Leveraging a combination of expertise and creativity, the Fort Wayne Downtown Development Trust, Greater Fort Wayne Inc., the City of Fort Wayne, the IEDC, the RDA and the Model Group collaborated to successfully add the additional funds to the project.
As of today, the Northeast Indiana RDA has recommended $31.7 million in funding to the IEDC, leveraging $209.5 million in private investment in the region.
The RDA is responsible for disbursement of the $42 million in funding granted to the region through the Regional Cities Initiative. The Northeast Indiana Regional Partnership, which helped lead the effort to secure the Regional Cities Initiative funding, also provides staffing support to the RDA.
The purpose of the Regional Cities Initiative funding is to attract and retain talent by providing financial support for game-changing quality of place projects that will increase economic growth, lead to population growth and enhance the region’s national brand identity. Northeast Indiana won the Regional Cities grant in 2015 with its Road to One Million Plan that outlines more than 70 projects and $1.5 billion in investment over the next 10 years.