Even though local government won’t own any of the Electric Works property, they will get plenty in return for its investment.
For starters, assets owned by local government require long-term funding for maintenance and upkeep and do not generate property taxes. Assets under private ownership, on the other hand, contribute tax revenues, and economic growth.
In terms of fiscal and economic impact, Novogradac & Co. LLC, an independent accounting firm, projected more than $100 million in local tax revenue over 20 years, and nearly $400 million in annual economic impact for Allen County from the redevelopment of the West Campus.
Beyond the tax and economic impact, the West Campus of Electric Works will:
- Reimagine and repurpose 691,478 sq. ft. of existing, vacant, dilapidated buildings into vessels for new economy jobs.
- Support and enhance local innovation infrastructure with a downtown center of innovation and entrepreneurship, in a dense, mixed-use innovation district model to retain and attract talent.
- Feature a diversity of housing options, including attached and detached homes, rental and for-sale, at a variety of price points. It will also connect the neighborhood and community to health, educational, and cultural service and amenities.
- Promote accessible, safe, and efficient connectivity to Downtown, the Broadway Corridor and the surrounding urban neighborhoods through its extensive public space and pedestrian-oriented infrastructure.
- Mitigate and remediate the environmental contaminants affecting the site, and return it to the tax rolls as a major contributor. Electric Works is designed to LEED Gold standards.
- Honor the site’s historical significance as an economic engine for Fort Wayne and Allen County and establish an innovation district in a high-quality, dense urban format.
- Provide community programming and educational, health, and recreational services to Fort Wayne and Allen County residents.