Downtown Fort Wayne Project Receives Tax Credits, Regional Cities Funding
The Northeast Indiana Regional Development Authority, or RDA, announced today The Landing project in downtown Fort Wayne will receive tax credits, along with Regional Cities Initiative money, to help fund the $34.5 million project. The Landing is part of the Road to One Million, which aims to increase Northeast Indiana’s population.
The director of the Road to One Million, Michael Galbraith, says the project will now be part of the state’s Industrial Recovery Tax Credit, which is designed to revitalize older, formerly industrial buildings.
He estimates the tax credits could bring in about $2 million. That’s on top of $4.8 million from Regional Cities Initiative funds.Fort Wayne’s Legacy Joint Funding Committee also approved a $2.5 million loan for The Landing last year.
Galbraith says the project could attract a younger, more educated population to downtown Fort Wayne.
“That’s sort of where people are looking to go,” he said. “They want to be able to have an easier time of mixing all of the elements of their lives to live, work and play.”
Northeast Indiana was awarded $42 million of Regional Cities Initiative funding, and Galbraith says they have a little less than $9 million left. There are seven projects waiting for approval that will likely take the rest of the funds.