FORT WAYNE – The Allen County commissioners agreed to put almost $5 million toward a new plan to buy and develop vacant land in hopes of bringing new businesses and jobs to the county.
The commissioners approved a resolution Friday detailing how much money and where that money will come from to pay for the new program called land banking. The County Council must also approve the resolution and is expected to consider the funding during its August meeting.
The money comes from county economic development income tax revenue, unused cash currently available in the county’s general fund and a tax abatement fund. Companies that receive tax abatements can choose to divert a portion of their property tax savings into this fund.
No money from the county’s $22 million rainy-day fund will be used. That fund is intended to pay for general services during an economic downturn, Deputy Auditor Tera Klutz said, and the county will tap that cash to pay for operations next year.
The total $4.75 million for land banking includes some money the commissioners had saved over recent years specifically to buy and develop land.
Based on the 17 properties offered for sale, county officials believe the fund will provide enough money to buy land and pay for some infrastructure improvements, said Scott Harrold, a senior planner with the county.
Officials initially expected to need $6 million to acquire and improve as much as 250 acres of land. Based on the asking prices of the properties the county is most interested in, officials decided that much money isn’t needed, County Commissioner Nelson Peters said.
Harrold said he hopes the county can negotiate better prices with a few of the top picks and that the county would prefer to buy land ready for construction. Parcels that need work, such as extension of utilities, are less valuable to the county, he said.
Commissioner Bill Brown acknowledged the county is taking a risk but said he believes it’s a needed step.
“We’re making a big purchase. Not everyone thinks this is the right thing to do,” Brown said. “It’s a calculated risk like with any investment.”
Restoration
The commissioners agreed to hire General Restoration of Columbus, Ohio, to clean and repair the limestone exterior of the City-County Building for $381,720.
Four companies bid on the project.
General Restoration is currently repairing and cleaning the limestone that forms the historic Allen County Courthouse across Main Street. As that two-year project wraps up, workers will begin restoring the City-County Building, said Dan Freck, the county’s building superintendent.
The limestone work is expected to begin in mid-August and should be finished by the end of fall, Freck said.
