Fort Wayne Mayor Tom Henry has announced the projects slated to receive a total of $55 million in New Market Tax Credits. The funding is being allocated through the Fort Wayne New Markets Revitalization Fund.
Among the projects receiving funding is the $440 million Electric Works development in downtown Fort Wayne. The project, which is redeveloping the former General Electric campus into a mixed-use innovation district, will receive an additional $12 million. The city has already committed $50 million to the project and last month, the developers sent a letter to the mayor asking for an additional $15 million in financial support.
"I’m pleased the Fort Wayne New Markets Revitalization Fund is able to help fill financing gaps in such important projects," Mayor Henry said in a news release. "By working together, we are helping create jobs and provide opportunities for residents to succeed throughout northeast Indiana."
The other projects receiving funding include:
Byron Health Center – $12.5 million
- Byron Health Center is a non-profit facility that provides long-term health care, memory care, skilled nursing care and physical and occupational therapy for vulnerable populations who have multiple diagnoses. The center will be re-locating from Lima Road to the corner of Beacon Street and Lake Avenue.
Fort Wayne Rescue Mission – $10 million
- The Rescue Mission is a local non-profit organization providing restorative care to men, women and children experiencing a homeless crisis. The Mission is building a new facility at 400 E. Washington Blvd.
Fort Wayne Boys & Girls Clubs – $8 million
- The Fort Wayne Boys & Girls Clubs is a local non-profit that provides after-school and summer programs to low-income, school-aged children. A new 2.3 acre campus and building are currently under construction.
Vestil Manufacturing – $8 million
- Vestil Manufacturing is located in Angola and has plans to create up to 100 well-paying new jobs by 2021. It will construct a new 225,000 square foot fulfillment center in the area. Vestil is one of Steuben County’s largest employers and an industry leader in the manufacturing and distribution of industrial material handling equipment.
The Landing – $4.5 million
- The Landing is the historic restoration of seven buildings and the construction of one new on West Columbia Street. The project includes 70 apartments and 56,000 square feet of commercial and retail space.