City rolls out stadium plan
Cornerstone of $125 million revitalization to be unveiled today
Mayor Graham Richard’s plan to revitalize downtown Fort Wayne calls for a $125 million public-private investment that would include condominiums, shopping and a city-owned baseball stadium ready for opening day 2009.
The mayor plans to announce the details of the project, tentatively known as “Harrison Square,” during an event today. Deputy Mayor Mark Becker emphasized the announcement will be only an update on the project, as many steps must be taken before it becomes a reality.
The project would be in the area bounded by Jefferson Boulevard and Harrison, Brackenridge and Ewing streets. It would initially include a new hotel, 60 condominiums, 30,000 square feet of retail space, a 900-space parking garage and a $30 million minor-league baseball stadium.
Becker said the stadium would have 5,000 fixed seats as well as additional seating.
Where is that $125 million going to come from?
The hotel is crucial because it will provide some of the tax dollars the city would use to finance other parts of the project. According to the city, of the initial $125 million, about half will be financed through private developers and half from public money.
Becker said Hardball [Capital, owners of the Fort Wayne Wizards] has pledged $5 million toward the construction of the new stadium, which he said is rare for publicly financed stadiums. The city will borrow money for the project, including $16 million for the stadium. The debt will be paid back with tax money captured by special downtown taxing districts, he said.
The city also will likely borrow about $12 million that will be paid back from county economic development income tax revenues that are normally used for downtown investment. This part would likely happen even without the project, Becker said.
When all phases of the project are completed, Becker said, the overall spending would be 60 percent private and 40 percent public.
Someone has to have a dissenting opinion. Anyone, anyone?
Councilman Don Schmidt, R-2nd, was one of the members briefed on the proposal but said he was concerned that the city would be paying for most of the baseball stadium.
“It appears to me the developers are well short on what they need to do for a baseball stadium,” he said.
Schmidt said the hotel, retail and housing parts of the project could be built without a publicly funded stadium.
Much more at the link...If this is the kind of thing that interests you.
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