City Council Discusses Legacy Fund
By: Robert Bumsted
Updated: October 23, 2012
What would you do with $75 million? That's a question the Fort Wayne City Council is trying to answer.
Monday evening, members met to discuss how money form the city's legacy fund should be spent. The $75 million sum is a result of a lease signed back in the 1970's that gave Indiana-Michigan Power control of Fort Wayne's electric grid.
Councilman discussed an ordinance that governed rules for how the money should be spent.
As it stands, the ordinance requires approval from both the mayor's office and city council for projects that use the fund. The ordinance also requires that the money be spent on "historic and transformational" projects.
The council is planning to discuss specific projects that have been proposed during next week's meeting.
Monday evening, members met to discuss how money form the city's legacy fund should be spent. The $75 million sum is a result of a lease signed back in the 1970's that gave Indiana-Michigan Power control of Fort Wayne's electric grid.
Councilman discussed an ordinance that governed rules for how the money should be spent.
As it stands, the ordinance requires approval from both the mayor's office and city council for projects that use the fund. The ordinance also requires that the money be spent on "historic and transformational" projects.
The council is planning to discuss specific projects that have been proposed during next week's meeting.
