The Northeast Indiana Regional Development Authority says a newly-identified tax credit will allow it to recommend less Regional Cities Initiative funding than originally requested for the $34.5 million Landing project in downtown Fort Wayne. The authority says the extra $2 million can now go to other regional projects.
The Landing project involves redeveloping seven buildings and two parking lots into a mixed-use development. The effort is part of northeast Indiana’s Road to One Million plan, aiming to increase the region’s population to one million.
The RDA says it has been approved to receive funds through the state’s Industrial Recovery Tax Credit program, which provides incentives to efforts to revitalize older buildings. The authority says it will only recommend $4.8 million in Regional Cities Initiative funding, rather than the originally-requested $6.9 million considered at its February board meeting. The board will consider projects in Wabash, Whitley, Noble and Allen Counties for the additional $2 million.
In January, the Fort Wayne City Council approved the use of $2.5 million from the Legacy Fund for the project.