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  • Kendallville street closed for sewer work
    Riley Street in Kendallville has reopened today and will close again tomorrow at 8 a.m. to allow crews to do additional storm sewer work, Kendallville said in a statement.
  • Construction
    WEBSTER STREET Closed at Lenox Avenue through Nov. 3.
  • Consulting firm details concepts for riverfront
    Standing before Fort Wayne residents Wednesday, SWA Group’s Todd Meyer laid out detailed conceptual plans to update the city’s riverfront experience.

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.

For more on this story, see Thursday’s print edition of The Journal Gazette or visit after 3 a.m. Thursday.