At a recent news conference, Mayor Graham Richard announced another milestone in the building of Harrison Square Project.
"Mayor Graham Richard today announced that over $1 billion in private investment has been committed in urban Fort Wayne since he set the goal in 2005. The three-year goal was achieved ahead of schedule, requiring only two-and-a-half years to surpass expectations. Mayor Richard made the announcement at St. Joseph Hospital, the site of one of the investments."
By partnering with the city, the Fort Wayne-Allen County Economic Development Alliance was able to grab the "interest of developers and existing businesses to make investments in urban Fort Wayne."
Source: http://www.cityoffortwayne.org
Monday, October 22, 2007
Harrison Square Receives State Approval for Bond Financing
The Harrison Square project took one more step towards becoming a reality when local government officials met to discuss the financing of the project.
"In a Wednesday, October 3 meeting with Indiana Department of Local Government Finance (DLGF) Commissioner Cheryl Musgrave, Allen County Commissioner Nelson Peters and Fort Wayne Mayor Graham Richard received the state’s approval for the Harrison Square bond financing. The decision was the latest authorization in the multi-step public approval process for the downtown catalyst project.
The state’s endorsement puts the City in a stronger position when selling the $45.9 million bond to finance Harrison Square. The general obligation backing is viewed as a form of credit enhancement by the bond market. This provision will enable the City to secure a lower interest rate and save significant money for the public over the life of the bond."
Mayor Graham Richard went on to discuss the importance of this project to the Fort Wayne Area.
“Our ability to retain and gain good jobs, to attract the talent the new economy demands, requires a competitive city,” said Mayor Richard.
“Harrison Square sends a signal that Fort Wayne is one of those first-choice communities. The positive state decision puts us one step closer to the new jobs, new housing and new retail opportunities that will help to make our downtown more vibrant.”
Source: http://www.cityoffortwayne.org
"In a Wednesday, October 3 meeting with Indiana Department of Local Government Finance (DLGF) Commissioner Cheryl Musgrave, Allen County Commissioner Nelson Peters and Fort Wayne Mayor Graham Richard received the state’s approval for the Harrison Square bond financing. The decision was the latest authorization in the multi-step public approval process for the downtown catalyst project.
The state’s endorsement puts the City in a stronger position when selling the $45.9 million bond to finance Harrison Square. The general obligation backing is viewed as a form of credit enhancement by the bond market. This provision will enable the City to secure a lower interest rate and save significant money for the public over the life of the bond."
Mayor Graham Richard went on to discuss the importance of this project to the Fort Wayne Area.
“Our ability to retain and gain good jobs, to attract the talent the new economy demands, requires a competitive city,” said Mayor Richard.
“Harrison Square sends a signal that Fort Wayne is one of those first-choice communities. The positive state decision puts us one step closer to the new jobs, new housing and new retail opportunities that will help to make our downtown more vibrant.”
Source: http://www.cityoffortwayne.org
Change in State Tax Policy Raises Local Property Taxes
Because of changes to state law, local property taxes have been on the raise. Mayor Graham Richard explained what changes took place mainly because of:
Richard went on to say
"We are committed to reducing the tax burden on taxpayers while maintaining excellent services,” said Mayor Richard. “We have been fiscally responsible and have one of the lowest city property tax rates since the 1960’s.”
Despite the fact that property taxes have gone up, the city only tax rate is down by 5.6%.
Source: http://www.ci.ft-wayne.in.us
The State of
* State
* State Property Tax Replacement Credit: reduced by 13%
* The result is an increase in local property taxesRichard went on to say
"We are committed to reducing the tax burden on taxpayers while maintaining excellent services,” said Mayor Richard. “We have been fiscally responsible and have one of the lowest city property tax rates since the 1960’s.”
Despite the fact that property taxes have gone up, the city only tax rate is down by 5.6%.
Source: http://www.ci.ft-wayne.in.us
Monday, October 8, 2007
30-year mortgages fall, giving industry a break
Recent interest rate cuts by the Federal Reserve have resulted in lower mortgages, hopefully stimulating the housing market.
According to the Associate Press:
"Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.37 percent last week, down from 6.42 percent the previous week. After hitting a high for this year of 6.73 percent in mid-July, rates have been trending lower as the worst slump in housing in 16 years has contributed to slower economic growth and fewer worries about inflation."
Recently the the nationwide average for 30-year mortgages "dipped to 6.31 percent, the lowest level since May 17. That decline reflected in part a flight to the safety of Treasury securities in August after a bout of turbulence in credit markets."
According to the Associate Press:
"Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.37 percent last week, down from 6.42 percent the previous week. After hitting a high for this year of 6.73 percent in mid-July, rates have been trending lower as the worst slump in housing in 16 years has contributed to slower economic growth and fewer worries about inflation."
Recently the the nationwide average for 30-year mortgages "dipped to 6.31 percent, the lowest level since May 17. That decline reflected in part a flight to the safety of Treasury securities in August after a bout of turbulence in credit markets."
Wednesday, September 26, 2007
Fort Wayne Town and Country
This Saturday, September 29th, kicks of the Town and Country in Fort Wayne. The Town and Country showcases houses from around the region and is very similiar to the Parade of homes.
Jeffrey Thomas, President of the Home Builders Association had this to say.
"This HBA [Home Builders Association] event allows us as an industry to show off our many abilities and talents. We have homes scattered throughout the various neighborhoods. We have many developments and lots that give you a chance to see many different price points and building opportunities in our area. Town and Country is one of our most attended HBA events of the year. Remember there is NO COST for visiting any of these sites. It is all underwritten by the HBA."
Source: http://fwnextweb1.fortwayne.com/adv/townandcountry/default.html
Jeffrey Thomas, President of the Home Builders Association had this to say.
"This HBA [Home Builders Association] event allows us as an industry to show off our many abilities and talents. We have homes scattered throughout the various neighborhoods. We have many developments and lots that give you a chance to see many different price points and building opportunities in our area. Town and Country is one of our most attended HBA events of the year. Remember there is NO COST for visiting any of these sites. It is all underwritten by the HBA."
Source: http://fwnextweb1.fortwayne.com/adv/townandcountry/default.html
Thursday, September 13, 2007
Harrison Square, Fort Wayne's Revitilization Project
The plans for the revitilization of downtown Fort Wayne has generated quite a buzz and has quikcly turned into a heated debate. The plans for the new development include:
* A new hotel with at least 300 rooms -- $48 million
* 60 new residential condominium units -- $12 million, with future phases anticipated to provide an additional 120 units
* 30,000 square feet of new street level retail -- $6 million, with future phases anticipated to provide an additional 60,000 square feet * A new minor league baseball stadium -- $30 million (IPFW officials have expressed an interest in the current Memorial Stadium serving as the home for IPFW sporting and community events) * A 900 space parking garage -- $10 million
Graham Richard had this to say about the project.
“We are leveraging existing assets such as the Grand Wayne Center and Library to continue our progress of establishing catalyst projects for downtown.” “Planning and public input have led us to this opportunity. We look forward to building a better downtown and community.”
Source:
City of Fort Wayne;
http://www.cityoffortwayne.org/index.php?option=com_content&task=view&id=1043&Itemid=634
* A new hotel with at least 300 rooms -- $48 million
* 60 new residential condominium units -- $12 million, with future phases anticipated to provide an additional 120 units
* 30,000 square feet of new street level retail -- $6 million, with future phases anticipated to provide an additional 60,000 square feet * A new minor league baseball stadium -- $30 million (IPFW officials have expressed an interest in the current Memorial Stadium serving as the home for IPFW sporting and community events) * A 900 space parking garage -- $10 million
Graham Richard had this to say about the project.
“We are leveraging existing assets such as the Grand Wayne Center and Library to continue our progress of establishing catalyst projects for downtown.” “Planning and public input have led us to this opportunity. We look forward to building a better downtown and community.”
Source:
City of Fort Wayne;
http://www.cityoffortwayne.org/index.php?option=com_content&task=view&id=1043&Itemid=634
Indiana Farmland Remains Good Buy
Despite the fact that Indiana's land value has risen the least amount in comparison to every other state over the past 10 years, "Indiana farmland still remains a good buy and an enough better asset" according to an annual survery put out by Purdue University's survey.
"By geographic area, central Indiana counties posted the highest per-acre values for the three farmland classes: $3,551 for top quality, $3,007 for average quality and $2,517 for poor quality. The west-central region was close behind, at $3,351 for top quality, $2,816 for average quality and $2,217 for poor quality land. "
The complete land survey can be found at
http://www.agecon.purdue.edu/extension/pubs/paer/
Source:
AG Answers; http://www.agriculture.purdue.edu/aganswers/story.asp?storyID=3747
"By geographic area, central Indiana counties posted the highest per-acre values for the three farmland classes: $3,551 for top quality, $3,007 for average quality and $2,517 for poor quality. The west-central region was close behind, at $3,351 for top quality, $2,816 for average quality and $2,217 for poor quality land. "
The complete land survey can be found at
http://www.agecon.purdue.edu/extension/pubs/paer/
Source:
AG Answers; http://www.agriculture.purdue.edu/aganswers/story.asp?storyID=3747
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