CRED
The Community Revitalization Enhancement District is a specific district that covers portions of downtown within which projects may qualify for up to 25% in state tax credits.
The size of the tax credit any project may qualify for is based upon these four criteria:
Condition and Need of the area is which the project is taking place
Return on investment the state will receive from the project
The extent of financial participation in the project from local government of other economic development entities
Whether the project will happen without state support
Review of the project is conducted by the Indiana Economic Development Corporation. They have recently changed their review policies to reflect the four objectives stated above and prospective investors are encouraged to contact either the DID office or Sharon Feasel with the City of Fort Wayne early in their due diligence phase.
Woodson spending $500,000 in downtown you would think the motorsport would have not only got the funding from the city, but a lot closer to the field of dream (stadium).
Tax Increment Financing
Much of downtown is within a tax increment finance district. Such districts capture the increase in property taxes created when a new investment takes place. The incremental increase in property taxes can be use in either of two ways:
Public improvements such as streetscaping or parking can be funded by the public sector that uses the increment to payback its front end investment.
Tax relief can be provided on the back end by using the increment to abate the increase in taxes caused by the project.
Developers may use either approach or a blend of both approaches to help fill financial gaps that prohibit a project from proceeding but may not use more funding than that resulting from the project.Press release February 2005 Fort Wayne Newspapers to Construct New Press Facility
$35 Million Reinvestment in Downtown Fort Wayne to be Completed in 2007
Fort Wayne’s downtown Community Reinvestment Enhancement District (CRED), property tax abatement, planning assistance and a $60,000 local training grant are among the areas of assistance offered to Fort Wayne Newspapers in exchange for this $35 million reinvestment. While no new jobs are associated with this project, Fort Wayne Newspapers currently employs approximately 470 workers, with as many as 115 dedicated to the press area and related operations.
Reduced taxes, Reduced taxes, talk about not carrying their own weight. How about the little business person getting such sweet deal. What do they care about funding schools when they are trying to keep a presence in the city?
Write a letter to them about their conflict of interest in the success of building a stadium downtown.
110 W. Berry Street
Suite 102
Fort Wayne, IN 46802
For Release: February 2, 2005
