FORT WAYNE, Ind. (WOWO): The Fort Wayne City Council issued the first loan ever out of the city’s Legacy Fund Tuesday night.
On a 7-2 vote, the Council approved a loan of $2.5-million to developers The Model Group for the Landing redevelopment project along Columbia Street. The developers say funding for the $32-million project, which will include apartments, restaurants, and retail, will also come from several other sources, including a request for Regional Cities funding.
Republicans Paul Ensley and Jason Arp voted against the loan.
City Spokesman John Perlich released the following statement:
“Tonight’s vote by City Council to approve Legacy funding in the form of a loan for The Landing project shows our collective effort to continue the momentum and investments we’re experiencing in the City of Fort Wayne.”
“Quality of place is a key component to economic development efforts. A vibrant, urban neighborhood such as The Landing will enhance our region’s ability to recruit and retain talent and bolster our ability to attract and grow businesses and employers. ”
“The Landing will serve as a gathering place and provide a unique setting for housing, retail, office and restaurant options in a live, work and play environment that people and businesses are seeking.”
“The Landing will combine the rehabilitation of historic buildings with art, culture and entertainment to draw a diverse and engaged demographic to our urban center.”
“Our downtown is thriving, neighborhoods are growing and we’re seeing a positive business climate with job growth and expansion projects.”
“In order to continue this success, we can’t stop. We must be committed to moving forward in the right direction to make Fort Wayne and northeast Indiana a point of destination.”
“By working together, we can make a meaningful and lasting difference in our community and region.”