Indeed, city officials have previously said that riverfront development is a key part of the region’s application for funding under the new state program.
“I’m supporting this use of Legacy funds for this riverfront initiative not because I naively believe that the Legacy has the power to achieve riverfront development alone, but because I believe the Regional Cities fund is probably the only way to save it,” Jehl said after the vote was taken. “If I accept that the Legacy funds are being depleted, then the only way to do riverfront is through the Regional Cities (Initiative) and the only way to obtain those funds is to support the city’s initiative despite its flaws.”
The funding approved Tuesday is in addition to two $3 million commitments from the Community Foundation of Greater Fort Wayne and the Capital Improvement Board. The money is expected to go toward property appraisals and acquisitions, environmental studies, demolitions, riverbank cleanup and other projects over the next two years.
Though the council approved the use of $6 million in Legacy Fund money, any purchases higher than $100,000 must still be approved by a council majority.
At Jehl’s request, Deputy Mayor Karl Bandemer provided the council with a list of potential funding sources for the project’s future phases.
Those options include further Legacy Fund requests, additional contributions from the Allen County Fort Wayne Capital Improvement Board and the Community Foundation of Greater Fort Wayne, private sector contributions, the Regional Cities Initiative and the creation of a tax increment financing district that would encapsulate the development area.
It’s the same list of options Bandemer presented to the Capital Improvement Board at its meeting last week.
Though several council members expressed concerns over the existing designs and concepts, as well as possible funding sources, the council appeared supportive of the initiative overall.
“There’s an old adage that says ‘You’ve got to trust the process,'” Councilman Tom Smith, R-1st, said.
