In an 8-0 vote Wednesday, Fort Wayne’s Legacy Joint Funding Committee approved a $1 million loan to renovate Clyde Theatre.
"I’m really thankful to have the support of the various neighbors, the neighborhood associations, City Councilman Geoff Paddock, who is the councilman for our district. It’s just a real blessing to have their support," said Rick Kinney, managing partner of Even Keel Holdings, which is renovating the theater.
The loan was up for re-evaluation Wednesday after changes to the Legacy Fund loan process implemented by City Council. The Legacy Joint Funding Committee first approved the loan request in February. The loan will be repaid over 10 years at a 5 percent interest rate using funds generated by the Quimby Village Tax Increment Financing District.
"My understanding of how this would work is that 100 percent of the additional tax revenue that comes in from the Clyde Theatre itself and then 50 percent of everything from Quimby Village that comes in would go into the TIF, which would be used to pay this," said Ron Turpin, president of the Legacy Joint Funding Committee.
"To me, when we looked at the numbers before, it ought to be paid off in less than 10 years with the assumptions we put in place of how that assessed value will change."
The loan will now go before the City Council for final approval, where it will require approval from six of the nine council members.
The project, Paddock said, has generated a lot of enthusiasm in the surrounding neighborhoods.
"This may be small in terms of the General Electric or the Ash project or riverfront or The Landing, but to me, it’s a huge project because it is in the center of several of the neighborhoods that surround it," Paddock said. "So many of these neighborhoods are so enthusiastic about what Rick Kinney is doing, not only because it’s restoring a building that has a lot of nostalgia, but it’s really going to help add a lot of commerce and business."
Paddock said the measure will be introduced Tuesday. Discussion and a preliminary vote could happen as early as April 4.