FORT WAYNE, Ind. (Indiana’s NewsCenter) - The Fort Wayne Redevelopment Commission has approved an agreement to advance the final piece of the downtown development.
It is welcome news, presuming that the project actually gets built this time; there've been some false starts on this project before.
The commission voted four to zero to endorse a definitive agreement with a development group that intends to build a four-story complex just beyond the left-field wall of Parkview Field over the next 18 months or so.
The project includes plans for retail space on street level, a law firm on floor number two, and 42 upscale apartments on floors three and four.
City officials realize there still may be some skepticism about a project already three and a half years behind schedule.
Hardball Capital, owner of the TinCaps, is paying the city $50,000 per year over the next 19 years, and the first seven years of those payments get put into a fund as a safeguard against any shortfalls in gross rental income on the building.
Plus property taxes generated by the project can be used to pay off the bank loan, if need be, some protections are in place to make sure this thing doesn't fail.
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