Money coming to Fort Wayne
By: Marchelle McConnell
Updated: May 19, 2009
Fort Wayne is getting two to three million dollars for capital improvements next year.
The announcement came from the Chamber of Commerce on Tuesday.
The two to three million dollars will come from excess food and beverage revenue, not needed for bond payments. All of the money will be put toward bringing new economic improvements to Fort Wayne. None of the money will be going toward pre-existing projects.
Representative Phil GiaQuinta is being praised for pushing the passage of Bill 1514, which created the CIB. CIB stands for Capital Improvement Board.
Senator David Long says: ‘It was singed into law last week and is a terrific shot in the arm, I think for future economic development for our county.”
Representative Phil GiaQuinta says:”After bonds are paid off for the Coliseum each year the excess revenue is directed to CIB.”
The money is expected to be used to drive new development, create jobs and continue improving Fort Wayne.
The CIB board will be made up of seven people. Three will be chosen by the Mayor, three by the county and the seventh person will be chosen by the original six appointees.
