Fort Wayne approves economic development projects
FORT WAYNE, Ind. (Inside INdiana Business) – The Fort Wayne Redevelopment Commission is investing in two projects it hopes will bring new business and jobs to the area. At its Monday meeting, the commission approved an agreement to establish a new U.S. 30 business and technology park and an industrial shell building.
Additionally, the commission agreed to purchase a 7.5-acre property from Virginia-based Norfolk Southern Railway (NYSE: NSC) for $520,000 to further develop the Riverfront Fort Wayne project.
“The actions taken today by the Fort Wayne Redevelopment Commission will make us even more competitive in attracting new jobs and growing our economy,” said Nancy Townsend, redevelopment director. “I’m grateful for the public-private partnerships that help us provide the shovel-ready sites and shell buildings needed to bring businesses to our region.”
In 2015, the commission acquired a 150-acre site near U.S. 30 for use as a business and technology park. An agreement with Fort Wayne-based Michael Kinder & Sons calls for MKS to build its $3 million corporate headquarters on the site, and the company will create five shovel-ready sites for development, including installation of all utilities and infrastructure; an investment of more than $4.5 million. The commission says MKS will be reimbursed with tax increment revenue generated by new development in the area.
The new 150,000-square-foot shell building can be expanded to 240,000 square feet and will be constructed by Oklahoma City-based GH Land Company LLC. The commission says the building will be located on a 21-acre site near Fort Wayne International Airport.
The commission says the property being acquired from Norfolk Southern is located along the north side of the St. Marys River. Fort Wayne’s Headwaters Junction Inc. originally negotiated the purchase agreement in 2019 and is now transferring the agreement to the commission. Of the total purchase price, the commission says $468,000 will come from local income tax revenue and still needs approved from the Fort Wayne City Council. The land would be used for public spaces and private development.
“Advancing Riverfront Fort Wayne helps us continue to improve the quality of place that so many employers are looking for,” said Townsend. “I want to thank the Headwaters Junction Board of Directors for transferring the purchase agreement to the Redevelopment Commission and I look forward to working with them as they bring their vision of creating a vibrant regional destination to life.”