Taxpayers Will Be Protected In New Harrison Square Agreement

By Scott Sarvay

January 27, 2011 Updated Jan 27, 2011 at 6:43 PM EDT

FORT WAYNE, Ind. (Indiana’s NewsCenter) - The city of Fort Wayne will lose no money if the long awaited Harrison Square residential/retail project doesn't happen under an agreement approved Thursday by the Redevelopment Commission.

Although Director Greg Leatherman expressed confidence that the financing and lease agreements will be ready to go by next week and Thursday’s collateralized agreement between the city, Hardball Capitol and Barry Real Estate will protect taxpayers.

Leatherman says, “This proposal puts all the obligations on Barry and Hardball, the city has no obligations under this agreement, it's entirely what they're going to do for us if they do not complete the project. It's the entire reason for the document. What they will pay the city in case the project doesn't happen.”

PNC Bank has signed onto the $18 million project and all but one or two leases have been signed. Details on the names of the tenants and the start date are expected to be announced next week.

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