Local News

Lawsuit over Riverfront-area properties settled

(Photo Supplied / Riverfront Fort Wayne)

FORT WAYNE, Ind. (Press Release): The Fort Wayne Board of Park Commissioners, Red Bird Properties and Cambray and Associates have reached agreements on the core settlement terms for property acquisitions and relocation expenses of the final three riverfront properties located in the area planned for Riverfront Development Phase 1.

The basis of final settlement amounts to be paid to the property owners included review and consideration of the rising values of downtown development projects. Red Bird Properties will be paid $1,300,000 and Cambray and Associates will be paid $850,000 in settlement of their respective damages from the condemnation proceedings.

The core settlement terms agreed upon are being incorporated into more detailed purchase agreements for the parties to finalize and sign. Once the purchase agreements are signed, a closing date for the transfer of the properties will be scheduled.

To allow ample time for Red Bird and Cambray to transition their business operations to other locations, the Park Board will not take immediate possession of the property following the closing dates of the sales. The possession date agreed upon will, however, allow the Riverfront construction timeline to proceed on schedule.

Once property closings have been completed, the condemnation lawsuits will be dismissed.

RELATED: Fort Wayne Eminent Domain Suit Near Settlement

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