The Capital Improvement Board voted unanimously Tuesday to issue $45 million in bonds to the Electric Works project to redevelop the old General Electric plant on the city's southwest side.
The Fort Wayne Redevelopment Authority will begin to issue bonds after all other funding sources are secured.
The majority of funds for the $248 million project, which includes residential, educational, office and retail spaces, will come from federal, state and private entities.
The CIB plans to make annual debt payments using income from Allen County’s Food and Beverage Tax.
According to the Journal-Gazette, the Fort Wayne City Council, Allen County commissioners, the Legacy Joint Funding Committee and the Downtown Development Trust have pledged a combined $20 million, which includes $3 million in remediation money from the county and the CIB to the project.
Construction for Electric Works is expected to begin in the second half of next year. The more-than $200 million project slated for the old General Electric plant is to be paid for by a combination of public and private dollars. It covers about 39 acres, 18 buildings and about 1.2 million square feet.