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City to get $33 million for future development

Fort Wayne will receive $33 million in federal funding for future development projects, Mayor Tom Henry announced Wednesday.

The funding comes from New Markets Tax Credits, which are designed to spur economic development. Officials said 310 organizations nationwide applied for the tax credits, but only 87 were awarded.

City officials said the city’s New Markets Revitalization Fund will sell the tax credits to investors, who can then get a credit against their federal income taxes. The city will use the proceeds to help finance eligible commercial projects.

Most recently, the city received a $15 million New Markets Tax Credit in 2008, which it used to close the financing gap for The Harrison, the mixed-use development at Harrison Square.

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