FORT WAYNE, Ind. (WOWO): A new TIF district for Fort Wayne.
The City Council last night approved the creation of a new Tax Increment Financing District for the downtown riverfront area by a 6-2 vote, according to the Journal Gazette.
It’ll run along the St. Mary’s River from Calhoun to Harrison Streets, stretching south to Berry Street, and includes The Landing and the Superior Lofts developments. Voting against it were Republicans Jason Arp and Russ Jehl. Arp said he’d rather businesses invest in the area on their own.
The idea of a TIF district is to focus any property taxes collected within it toward infrastructure and streetscape improvements specifically set aside for that specific area, in the hopes of luring businesses to open up shop within the district.