As part of the original hotel package, the project was included in a Community Revitalization Enhancement District, also known as CRED. The districts, which are allowed by state legislation, let developers claim a 25 percent income tax credit on qualified investment. Historically, as in the Southtown development, that has meant a 25 percent credit on construction costs. This would have meant about a $12 million credit for the hotel..
The key words were qualified investment and not on what the city wanted to apply the credit on,you think?
So what did the state have to say about this in the article,
Rep. Phil GiaQuinta, D-Fort Wayne, said he was concerned about the reduction in benefits hurting development.
“That was the whole benefit of the CRED benefit starting up, to bring in development,” he said.
GiaQuinta said he understood the state was trying to be fiscally sound, but he believed cities needed incentives such as CRED to attract development. He was not confident the issue would be discussed in the legislature this year, though.
Nothing! Go back Ben and talk to somebody at the Statehouse who can tell us about CRED, could you Please?
Councilperson Tim Pape is happy, with the one bidder,
Councilman Tim Pape, D-5th, has been an ardent supporter of Harrison Square. He said although the city got only one hotel proposal, it came from a major company.
Let see if Pape can do the same thing for his constitutes, that is make the voters happy in doing something about all those drugs in his district. That is if he can stop having a pep rally for downtown development.
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