Wednesday, February 9, 2005
John Perlich, Public Information, 427-6957
www.cityoffortwayne.org
Fort Wayne, Ind. - Mayor Graham Richard tonight announced his "Invest Fort Wayne" initiative that sets a goal of $1 billion of urban investment in the City over the next three years. Mayor Richard made the announcement during his Report to the People speech at the Southeast Area Partnership.
$1 Billion Invest Fort Wayne
* Tax incentives
* Investment Partnership - City, Alliance, DID
* Urban Investment Strategy
"We must strengthen our city with a goal for significantly increasing urban investments," said Mayor Richard. "Making these investments help us build a better city to retain and gain jobs. We are actively pursuing investments that are innovative and inspiring."
Two Community Revitalization Enhancement Districts (CRED) help Fort Wayne offer tax incentives to investors. The downtown CRED district allows the City to capture increased sales and income tax dollars generated by new investment in downtown. It also allows for a 25% investment tax credit for qualified investment that occurs downtown. The CRED district for the Southtown area offers similar benefits to investors.
The City will partner with the Fort Wayne-Allen County Economic Development Alliance and the Downtown Improvement District (DID) to create an investment partnership. Members of each entity will work together to aggressively seek the interest of developers to make investments in the City.
The City-County joint comprehensive plan (Plan-it Allen!) will include components of an urban investment strategy to examine how to effectively attract businesses and jobs to the community. The plan is expected to be complete in late 2005.
"We have set an ambitious goal," said Mayor Richard. "We must be willing to set ourselves apart from everyone else if we are to become a city that is known for being a leader in developing the very best investment opportunities."
Recent investments by Verizon and Fort Wayne Newspapers give the City a jump-start on reaching the $1 billion goal by January 2008. Verizon's fiber to the premise program is a $65-$75 million investment. Fort Wayne Newspapers' new printing press and facility is a $35 million investment. The commitments from Menards and STAR Financial Bank at Southtown Centre will add to the investment total.
"Our commitment to increased infrastructure investments over the past five years has positioned us to attract innovative and high-tech jobs," said Mayor Richard. "Investors know Fort Wayne is a city where we do the basics well. The City provides excellent water and sewer services, fast permitting and good roads. We are prepared to bring the most innovative businesses to the community."
Recap of Mayor's previous Report to the People sessions Jan. 24/Downtown Rotary (Report to the People preview) Mayor Richard emphasized the importance of innovation and investment and announced his support of House Bill 1283, House Bill 1182 and Senate Bill 51. Those particular bills in the Indiana General Assembly encourage investment in Fort Wayne through tax abatements, tax increment financing and the selling of tax credits.
Feb. 1/Greater Fort Wayne Chamber of Commerce Mayor Richard announced his Innovation Initiative that supports new business development and job creation. The Innovation Initiative includes an Innovators Forum, the formation of venture capital funds, and iTeams for Broadband.