FORT WAYNE, Ind. (WOWO) – The Fort Wayne Redevelopment Commission entered into an agreement on Monday, July 13, 2020, to create a new U.S. 30 business and technology park, support an industrial “shell” building near the airport, and agreed to purchase a property from Norfolk Southern Railway.
According to the Redevelopment Commissioner Director Nancy Townsend, “The actions taken today by the Fort Wayne Redevelopment Commission will make us even more competitive in attracting new jobs and growing our economy.”
The Redevelopment Commission took ownership of close to 150 acres of real estate in the northeast corner of U.S. 30 and Flaugh Road in the northwest part of the city back in 2015. Since then the commission has prepared the land for a business and technology park.
An agreement that was entered into with Michael Kinder & Sons (MKS), calls for MKS to build their corporate headquarters on the site with at least a $3 million dollar investment. Also, MKS has agreed to create five “shovel-ready” sites for development which includes installing all utilities and infrastructure which will cost just over $4.5 million. In turn, MKS will be reimbursed with tax increment revenue that is generated by the new development.
The Redevelopment Commission has decided to invest in the construction of a new shell building that will be constructed by GH Land Company, LLC. The new shell building is going to be located on around 21 acres near the Fort Wayne International Airport. The size of the building will be 150,000 square feet and could be expanded to 240,000 square feet.
The Commission indicates that they will reimburse the developer the interest paid on their construction loan until the building is purchased or leased by a business or for three years, whichever comes first. The total paid by the commission to GH Land will not exceed $1,236,468.
GH Land has already developed a building close to this property that will be used by Amazon Services.
The final agreement made by the Commission will go toward advancing the Riverfront Fort Wayne Development.
The Commission will enter into a purchase agreement with Norfolk Southern Railway for close to 7.5 acres located along the north side of the St. Marys River. This stretch of the river runs from Degroff Street to North Calhoun Street. The purchase agreement was originally negotiated by Headwaters Junction in 2019. Headwaters Junction is going to transfer that agreement to the Fort Wayne Redevelopment Commission.
The price for the purchased land is $520,000 with $468,000 coming from local income tax revenue which still needs approval from the Fort Wayne City Council. This stretch of land will be used for private development and for public spaces.