The Fort Wayne City Council’s Regulations committee recommended the city allocate money from the Legacy Fund to create a $2.5 million revolving fund to help small businesses in low-income areas.
At its meeting on Tuesday, the committee voted seven to zero with one abstention and one absence to send the Legacy Fund Committee’s proposal of creating a revolving pool to micro finance small businesses in low-income communities to the general council with a do-pass recommendation.
The Fort Wayne Legacy Fund is meant for city projects that will have a lasting impact on the community, typically like new buildings downtown or park expansions.
Second District Republican City Councilman Russ Jehl authored the bill. He said he’s passionate about the idea because it reminded him of his own small business days. Tuesday night, he said he spoke with the late Mayor Tom Henry before he died about the proposal. Jehl said Henry was a strong supporter.
“He was ready to support it and felt so strongly that he actually encouraged me,” Jehl said. “He said ‘You don’t even have to take this to the committee. I support this.’”
Jehl and Henry eventually agreed taking the proposal through the Legacy Fund Committee, as is normal procedure for Legacy Fund projects, would be best. When the Legacy Fund Committee first heard the proposal, Democratic At Large City Councilwoman Michelle Chambers voted no. Tuesday night, after amendments to the bill better aligned the project with Legacy project standards, Chambers voted yes.
“I believe we have parameters in place that will keep this program transformational,” Chambers said during discussion.
Brightpoint is the largest human services organization outside of the local hospital groups in Northeast Indiana and will oversee the revolving fund under the proposal. Jehl is an unpaid officer on the Bright Point board and abstained from voting due to the appearance of a conflict of interest.
Republican At Large City Councilman Tom Freistroffer was absent Tuesday night. The bill passed seven to zero.
The project still needs final approval from the general Fort Wayne City Council before small business owners can apply. Jehl said he expects that final passage to happen late this year or early next year.
