One Step Closer But Still Months From Word On Legacy Project(s)

Now don’t get me wrong, I don’t want the city to do anything rash and go out and blow upwards of $75 million dollars, but doesn’t this seem like it’s been going on forever?  Well good news, it looks like in another 3 or 4 months we have more direction on what the city intends to spend it’s money on.  I only hope it’s not a monorail or escalator to the sky.  Perhaps a nice promenade along the river? An attractive place for private developers to build adjacent shops, restaurants, and residential units.  That would suit me.

Plan sought for light-lease money by summer, mayor says

Mayor Tom Henry hopes to present a comprehensive plan for how to use the $75 million from the lease and sale of the city’s electric utility by this summer.

On Thursday, Henry told the Allen County-Fort Wayne Capital Improvement Board he expects his three subcommittees examining ideas for the money to complete reports by the end of May. At that time, he and his administration will review the recommendations and then create a formal presentation — submitted to the City Council in July or August.

The proposals would come to the council as one package – meaning the council would be asked to vote on the entire plan and not specific ideas. The plan could include numerous spending or saving proposals.

“I want a program that stands the test of time and benefits us for generations,” Henry said.

The city reached a $39.2 million settlement in October 2010 to sell its former electric utility and the rights to all its former customers to the private utility. In addition, the city has about $36 million in a trust account from leasing the utility to I&M for three decades.

Henry created a committee that spent most of 2011 examining hundreds of ideas from the public for how to use the money. The committee did not make any specific recommendations, but said the money should be invested in three broad areas — core economic investments; downtown and riverfront development; and youth/prep sports initiatives.

The three active committees are examining proposals related to those three areas.

-Journal Gazette

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Categories: Goverment, Legacy Fund, Riverfront Development

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