Lost amid the hue and cry over a special session of the General Assembly on the state budget is some very big news for future economic development in Allen County. HEA 1514, a bill just signed by the governor, will create a new Fort Wayne-Allen County Capital Improvement Board that caps years of local efforts to put such an organization in place. A strong, focused and bipartisan effort from our area legislators ensured the passage of this law.

The new act will funnel nearly $3 million a year to the CIB from revenue derived from the county’s food and beverage tax that is not being used to pay off existing debts of the Memorial Coliseum. This new stream of revenue will be used to help support economic development efforts that would not be possible if not for this special source of funding.

For example, Allen County is home to an unusually large number of defense contractors that most areas around the country would be ecstatic to have as part of their business community. The CIB could help to further develop this cluster, such as attracting more research and development efforts to support the defense industry presence here.

Additional development in medical research that is expected to occur with the creation of a new four-year medical school in Fort Wayne could also be enabled by targeted use of the CIB’s funds.

Here, in a nutshell, is how the new CIB law will work:

•The CIB will be the same group that currently runs the convention and tourism authority. The city and county each have three appointments, and those six members choose the seventh member, who acts as the chair.

•None of this money may be used to fund current projects such as Harrison Square or the operation of the convention center. Instead, it must be used for future economic development opportunities.

•The CIB will not manage any sports facilities as they do in Indianapolis. This has gotten Indianapolis into trouble, and the new law will ensure that it doesn’t happen here.

•This legislation was negotiated carefully with the Memorial Coliseum’s management to be certain that the Coliseum will remain healthy and viable for generations to come. A specific amount of state sales and income taxes generated by the Coliseum, the new Coliseum hotel and Indiana University-Purdue University Fort Wayne will be captured to ensure that a steady revenue stream is available to cover the Coliseum’s maintenance and growth needs. The downtown convention center will also be able to retain some of the state taxes it generates to ensure its future health as well.

•The CIB should help to nurture cooperation between the city and county governments by creating a more united effort to expand the local economy.

The bottom line is that our community now has some special new tools at its disposal to help bring more jobs to Allen County. The CIB and its fresh source of revenue can also help in the ongoing effort to diversify the local economy by attracting new businesses to our region as well as new families. A growing, healthy community is the key to keeping our area one of the best places in the nation to own a home, raise a family and sink your roots.