(WOWO), Fort Wayne, Ind.- Biggs Development will need a very pretty penny in order to move forward with their first phase of development.
$65 million is the number laid in front of the Fort Wayne City Council by Biggs Tuesday. That only covers the cost for work on the west campus where General Electric used to call home. The development also says that an additional $35 million will be needed to work on the east side of the campus.
If funded, local money would come from three sources; property tax revenue from a tax increment financing district that covers the campus, the Allen County-Fort Wayne Capital Improvement Board, and the Fort Wayne Legacy Fund.
The project is expected to generated more than $100 million in tax revenue over a 20 year time period. An estimated $440 million is the projected total cost to cover the project.