Tuesday, February 13, 2018 1:00 am
City to weigh $500,000 for Posterity Heights
DAVE GONG | The Journal Gazette
Next week, the Fort Wayne City Council will discuss and vote on a resolution to commit $500,000 in local income tax funds to BWI Development and Management Inc. for public infrastructure improvements related to the Posterity Heights development on the city's southeast side.
Those funds would be used to reimburse the developer for improvements performed as part of the Public Infrastructure Reimbursement Agreement previously approved by the city's Community Development Division and Redevelopment Commission. The required improvements included removal of pavement, concrete, curbs, trees and existing sewer infrastructure. The agreement also calls for the installation of water main, sanitary and storm sewer infrastructure, inlets, road paving and sidewalk creation.
The resolution transferring the funds will be introduced at tonight's City Council meeting.
The Posterity Heights Scholar House project calls for 44 two- and three-bedroom apartments, located on 28 acres that used to house the McMillen Apartment Complex at 4209 Plaza Drive. The apartments are designed for single parents enrolled at a local university.
The $500,000 under consideration is in addition to $250,000 provided by the city Redevelopment Commission's capital fund. The commission approved that expenditure last month.
The total cost for Phase One of the project is $14.4 million. The entire project, which spans several phases, is about $42 million.
Fort Wayne taxpayers should see some reimbursement for the public funds used for the project. Money generated through a special tax increment financing district established in September for the site will be used to pay back the $250,000 from the Redevelopment Commission. Once the commission is fully reimbursed, those taxes will be used to reimburse the $500,000 taken from the city's local income tax coffers.
Officials expect Phase One of the Posterity Heights project will be completed by this summer.