City Council approves $4.1M bond for Skyline Tower

(Photo Supplied/Ash Brokerage)

FORT WAYNE, Ind. (WOWO): The Fort Wayne City Council has approved the city’s share of the Skyline Tower project.

The Council voted 6-2 to approve a $4.1-million bond issue during their Tuesday night meeting, with the money coming from tax increment financing, or TIF, money generated by property taxes in and around the project area. The Journal Gazette reports that Councilman Russ Jehl didn’t vote due to a business relationship he has with Great Lakes Capital, which is building the tower.

The rest of the funding for the project will be coming from state and federal tax credits, and there’s also a request to use almost $3-million of Fort Wayne’s $42-million in Regional Cities grant money on construction costs.

Officials expect the residential portion of the tower to open in late 2017.

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