Fort Wayne Redevelopment Commission proposes creating new TIF, eliminating three others

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FORT WAYNE, Ind. (WOWO): The Fort Wayne Redevelopment Commission is proposing some big changes to the city’s tax increment financing districts.

The commission today issued a press release suggesting the Fort Wayne City Council rescind three TIF districts throughout town, while creating a new one for the downtown riverfront area.

TIF districts are set up to assist in the development of a designated area. They allow any new property tax revenue generated by increases in assessed value within that area to be used for public infrastructure projects.

The Commission says the districts they want to eliminate have either finished funding what they were created for, or haven’t collected any money for projects in their respective district anyway. For example, the Washington Center Coldwater Road TIF district was set up to fund infrastructure improvements near the I-69 interchange, which are now complete. Meanwhile, no increment was collected for any projects in the Moeller Meyer Road district and the Baker Street district.

“Tax Increment Financing is an important tool needed for infrastructure projects that support redevelopment and help increase assessed value throughout our city,” said Nancy Townsend, executive director of the Fort Wayne Redevelopment Commission. “The Redevelopment Commission is demonstrating responsible management of TIF districts by regularly evaluating them and recommending rescission when appropriate.”

The proposed Riverfront-Columbia district would support development near the Riverfront and Landing projects.

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