this is the blueprint for the LEGACY SPENDING PLAN. ANY QUESTIONS?
x NOTE: lower right last number is ZERO DOLLARS; variable is ASAP; and spent by date is Nov 2016.. (election day) hmmmm.
also note- citizen repayment date is : Infinity (you now- that math symbol- meaning we will see repayment when hell freezes over..
12 MILLION HERE 12 MILLION THERE; PRETTY SOON; YOURE TALKING ABOUT SERIOUS MONEY SPENT..
X
http://www.news-sentinel.com/apps/pbcs.dll/article?AID=/20150512/NEWS/150519961/-1/ajaxnewslist
X
25 million dollar- 7 million public cash- to build downtown "dorms"; overpriced housing speculation deal -see article below
http://www.news-sentinel.com/apps/pbcs.dll/article?AID=/20150511/NEWS/150519955/1012/LOCAL
X
COLUMN
Councilman asks: What's the plan after first $12 million is spent on riverfront development?
Council may delay action on $6 million Legacy request to seek public comment
Tuesday, May 12, 2015 - 12:01 am
Between the $3 million pledged by the Community Foundation of Greater Fort Wayne, the $3 million requested from the Capital Improvement Board and the $6 million in Legacy funds City Council is was expected to consider Tuesday, about $12 million could soon be available to begin planning and buying property for riverfront development.
But how would that money be spent, exactly? Other than identifying a source for each project -- Legacy and the Capital Board would pay for land and the foundation for some initial construction, for example -- the administration of Mayor Tom Henry has provided few public details.
Much of that reticence is both unavoidable and wise. The cost of feasibility studies, environmental reviews and many other preliminary items are undetermined, and city officials are understandably cautious about saying anything that might inflate the cost of real estate.
But the uncertainty about how that $12 million would be spent, and the fact that the city will need untold millions more without a plan in place as to where the dollars would be found or how they would be used concerns Councilman Russ Jehl, R-2nd.. It's also why City Council is expected to delay a vote on Henry's $6 million request until next week.
"I want riverfront development, and I want to vote for it," Jehl said. "As long as the administration provides a financing framework for the initial construction stages and confirms that we won't exhaust the Legacy fund in doing so, I'll gladly vote for it.
"I just want to avoid a 'We-have-to-pass-it- to-see-what's-in-it' situation. We paid $500,000 for the original (riverfront) study and got some nice photos. Now we need (millions more) to find out what we'll be doing. How will we fund the project?"
It's a good and legitimate question. City officials obviously hope to attract significant private investment to the riverfront area but have also said they want to make property "shovel ready" -- that is, already equipped with infrastructure and ready for development. And although Fort Wayne will presumably seek some of the $84 million to be available through the state's new "regional cities" program, no public commitment has been made.
That doesn't mean council shouldn't support Henry's $6 million request, but it does mean its nine members should be especially diligent about spending money in ways that produce the tangible results that will be needed to justify additional investment, especially by the private sector.
Jehl and John Crawford, R-at large, are two of council's more fiscally conservative members and neither is concerned about the possibility that approval of the $6 million would constitute a "blank check." That's because any future expenditure of more than $100,000 would require council approval (although Jehl noted that would probably require only a simple majority of five votes, not the six needed to authorize use of Legacy funds.
"We all want to do riverfront development," Crawford said.
In a sense, some of those future costs may be a result of the city's success in building excitement for the project. When the not-for-profit Downtown Development Trust was working to buy land for what became the Ash Brokerage complex now under construction downtown, the properties were purchased before the project was officially announced. But even then, word leaked out and one owner held out, receiving $875,000 for property appraised at $312,000. With riverfront plans already well publicized, owners of downtown real estate already know whether their property will be in high demand.
That won't necessarily affect the cost of land acquired through eminent domain -- condemnation would be limited to public spaces such as the proposed "promenade" -- but it could make the purchase of land for private use more problematic and expensive. A publicly stated acquisition budget would only exacerbate that problem.
Tom Smith, R-1st, said the one-week delay will give the public more time to make its feelings known. Given the contractual safeguards in place, council's approval of the $6 million request ultimately will probably be justified, especially since city spokesman John Perlich has pledged that budget details will be released over time and that "riverfront development will be a transparent process and also one that looks to protect the public with a commitment to wise investments."
The public, council and the media must hold the mayor to that promise.
This column is the commentary of the writer and does not necessarily reflect the views or opinions of The News-Sentinel. Email Kevin Leininger at kleininger@news-sentinel.com or call him at 461-8355.
City OKs deal with developer of $27 million downtown project
Work on Cityscape Flats could begin in July
Monday, May 11, 2015 - 5:12 pm
The city's Redevelopment Commission Monday finalized a deal with a Fort Wayne development firm that helps clear the way for construction of a $27 million downtown complex as early as July and protects taxpayers should the project falter.
As announced in January, Domo Development Co. will erect Cityscape Flats just west of Parkview Field, including 163 apartments, 14 row-style townhouses and other amenities. The project will include $20 million in private investment, $3.5 million in city tax incremental financing (TIF) and an anticipated $3.5 million tax abatement, which will require City Council approval. The city is also donating the land.
Redevelopment Director Justin Brugger said that if Domo cannot meet its obligations, the city can reacquire the land for a price equal to the amount invested by Domo at that point. A new developer would then be sought to complete the project using whatever improvements Domo had made.
"This is pure economic development," Brugger said, explaining that young adults often choose where they want to live even before finding a job. Cityscape Flats, he said, will appeal to so-called "Millennials," helping to keep them in Fort Wayne. The housing will be market rate, he added. TIF districts make property taxes collected within the area available for improvements within the district
The Fort Wayne Plan Commission conducted a public hearing on the project Monday, and could approve it next week.
In other business, the commission approved $65,623 in improvements to Parkview Field this year, including painting, seat improvements, carpet and security cameras. The money comes from a surcharge on tickets, and the cost of improvements does not include contributions from the owners of the TinCaps, the city's minor-league baseball team.
X DISCUSSION:
ave Our Fort Wayne History and WANE-TV NewsChannel 15shared a link.
- Well, no shocker there! But, why on earth won't the City consult with our neighborhood association when dropping these projects into our neighborhood association boundaries? Our WCNA boundaries are Calhoun Street on the east, the St. Mary's on the north and west, and Taylor Street on the south. Yes, we have a large association.My point doesn't go to whether or not I like a project although that is a big factor; it goes to the exclusion of those who tend to be the most impacted - the neighborhoods and their residents. The City has more and more moved toward a process that lacks transparency and excludes neighborhoods in the decision-making process.I favor downtown development - for the most part. But what happened to ensuring that projects follow all those "Blueprints" and studies that have been done and paid for over the last 16 years or earlier? We are on our way to pretty much gutting what little history and historic structures we have in the downtown area - all to build structures that do not necessarily fit into an older, historic downtown area.
3 hrs ·
8 years into the 10 year study...Whats your Grade for the Southeast side of Fort Wayne A-F
35,350 Views
15 Finds Out investigative reporter Adam Widener WANE-tv digs deeper into a 10-year initiative on the southeast side of Fort Wayne. 8 years into the study, we asked people to grade the city's progress?
x
No comments:
Post a Comment