Commission approves TIF District for Electric Works

(Photo Supplied/Greater Fort Wayne Inc.)

FORT WAYNE, Ind. (WOWO): A Tax Increment Financing District has been approved for Fort Wayne’s ambitious Electric Works project.

The city’s Redevelopment Commission gave preliminary approval for the TIF Monday, which would allow those in charge of the project to collect property taxes generated within the area directly and apply that money toward infrastructure and other improvements.

The News-Sentinel reports that TIF revenues could cover at least part of the $7.1-million worth of public improvements related to the mixed-use project.

Negotiations continue between RTM Ventures and the City over $62-million in public funding that the developers say they need to make the project happen.

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