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."
Subscribe to:
Posts (Atom)