Kevin Leininger give non profit money to private investors

Kevin Leininger gives up excuses for the delay in grandiose plan of condos and a hotel by out of towner developers, "Private developers and foundations, meanwhile, have been hard hit by the recession, which is one reason the proposed condos and hotel are behind scheduled."

One reason my backside, Kevin, the sole reason is a land acquisition..sitting on land that they now own.

Now Kevin suggest that nonprofit coffers be raided to make sure the condos and hotel happen in the tune of $10 million:

"That's what Rich Davis says is needed to create a nonprofit organization he believes could achieve what the public and private sectors have not: make downtown Fort Wayne so attractive that people will be eager to invest their time, talent and treasure there."

Wait a minute Kevin, let's see you got this $15 million:


The Fort Wayne New Markets Revitalization Fund, LLC (Fort Wayne
CDE) will serve the City of Fort Wayne, located in Allen County, Indiana. The
CDE will deploy NMTCs through a targeted neighborhood strategy, focusing
on commercial and civic development corridors. The primary uses of the
funds are targeted to retail/service developments and community facilities that
support the sustainability of the existing residential neighborhoods through job
opportunities and expanded services. With its NMTC allocation, Fort Wayne
CDE will be able to offer a passive real estate equity product that is not currently
available in the marketplace.

NEW MARKETS TAX CREDIT APPLICATION
Location:
Year Project Started: 2006
Activity in 2006: The City of Fort Wayne formed a Community Development Entity and
began the process of filing for an allocation of the $3.9 billion in federal New Market Tax Credits that will be distributed by the US Treasury’s CDFI Fund in 2007. Over $450 million in local pipeline projects were identified, and the City’s application requested the maximum allowable allocation of $150 million. Winning an allocation of credits would allow the Ft Wayne New Markets Revitalization Fund (our CDE) to partner with private investors in order to fill financing gaps in commercial projects considered critical to our comprehensive community development plan.
Estimated Completion: Application was submitted on March 6, 2007. Award notification is expected in late summer 2007.

And let's not forget about these funds:

Comprehensive Neighborhood Revitalization Fund(CNRF),these funds provide an opportunity for communities to significantly reduce blight, restore stability, and revitalize and strengthen targeted neighborhoods.


Establish financing mechanisms for purchase and redevelopment of foreclosed upon homes and residential properties, including such mechanisms as soft-seconds, loan loss reserves and shared-equity loans for low-and moderate-income homebuyers(24CFR570.206);
Purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon, in order to sell, rent or redevelop such homes and properties(24CFR 570.201(a),(b))and570.202);
Establish landbanks for homes that have been foreclosed upon(24CFR570.201(a),(b));
Redevelopdemolishedorvacantproperties(24CFR570.201(a),(b),(c),(e),(i),(n));
Providerentalpropertiesthattargetservingindividualsandfamiliesatorbelow50%AMI;
Demolishblightedstructures(24CFR570.201(d)).

What the city need is to lock up some criminals.