Legacy Fund currently at half its 2015 amount

(Darrin Wright/1190 WOWO 107.5 FM)

FORT WAYNE, Ind. (WOWO): Fort Wayne’s Legacy Fund is almost half what it was just three years ago.

Then, there were about $48-million in the fund, made up of cash by the sale of the city’s old power utility. But now there’s just over $25-million, thanks to grants committed to projects like Electric Works and Riverfront Development.

The Journal Gazette reports that Legacy Joint Funding Committee Chairman Kyle Kerley told the City Council Tuesday if no more grants are issued past the $7.5-million in pending requests, it’ll still take 16 years to get the Fund’s balance back over $30-million.

The good news is the City’s expecting to get a $16.4-million boost to the fund from Indiana Michigan Power in the near future. Councilman Geoff Paddock says there is a “pretty strong checks and balances system that’s been created” to maintain the Fund.

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