The Fort Wayne Redevelopment Commission took the first step in approving a special tax district for the area around the proposed Electric Works project.
The 25-year Tax Increment Financing District, or TIF district, will capture the property tax revenue from the area and put it into the redevelopment and improvement of the property.
The proposed TIF District will have to be approved by the Plan Commission, the Fort Wayne City Council and then one more time by the Redevelopment Commission, according to city officials.
The more-than 200 million dollar 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.
The TIF District is part of the 29 percent of the project cost slated to come from local funds. Other local funding options include Fort Wayne’s Legacy Fund and capital improvement funds.
On Monday, Fort Wayne city officials and Electric Works Developers RTM Ventures issued a joint statement to continue negotiations on the project’s development agreement.