Parkview Field cost nearly $3 million more to construct than expected, but reductions in the costs of other parts of Harrison Square mean fewer tax dollars will be spent on the project than projected.
Greg Leatherman, Fort Wayne executive director of redevelopment, briefed the City Council on Tuesday on the public costs for the downtown project - with an estimated total between $120 million and $130 million.
The most visible part so far - Parkview Field - ended up costing the city $27.7 million, above the $24.9 million budget. Hardball Capital, owner of the Fort Wayne TinCaps, spent $900,000 more than originally expected on the project, and that amount is included in the city's overage.
In total, the team's owner spent $5.9 million on the stadium, but the $900,000 in extra expenses was the only amount counted in the city's $27.7 million total.
Leatherman said that means the city was responsible for $1.9 million in extra stadium costs.
The city's extra costs were for a larger-than-expected contract to ensure groundwater didn't seep into the ballpark and for amenities added after the city knew there was money remaining in the Harrison Square budget.
Leatherman said those items included a children's playground, shade structures for fans, and an enhanced "batter's eye" to improve the look of the area just beyond the center-field wall.
Money became available for those amenities because the city expects to spend less to pay off its 25-year bonds than first thought.
The city anticipated paying $80.6 million in principal and interest for those loans but will now pay $72.1 million. The lower amount, City Controller Pat Roller said, is because the city borrowed $3 million less than projected and received a lower interest rate.
In total, the city will spend nearly $70 million on the Harrison Square project, not including interest paid on the bonds.
While Leatherman's presentation focused heavily on the project's finances, the council asked most of its questions about The Harrison, the promised condominium/retail development along Jefferson Boulevard that has yet to begin construction.
Councilman Tom Didier, R-3rd, said that while he supports Harrison Square, more doubters will arise the longer The Harrison lags.
"When you see that hole there, it's a constant reminder it's not finished," he said. "It will start to wear on people."
Tim Haffner, corporate counsel for the city, said he understands those concerns, and the city has started to address the problem with letters sent to the developer, Barry Real Estate, which is linked to Hardball Capital.
All options are being considered, Haffner said, but the city expects a response from the developer this month.
Councilman Tim Pape, D-5th, said concerns over The Harrison made it easy to miss the success of the Courtyard by Marriott project. Construction has begun on the 250-room, $20 million plus project, which is expected to be complete by September 2010.
The real test of Harrison Square will be whether it entices others to come downtown to live, shop or invest in new projects, Pape said.
"Harrison Square is hopefully not ever done," he said.
