FORT WAYNE, Ind. (WANE) — The financial future of a portion of downtown Fort Wayne’s Urban Trail is still up in the air after Fort Wayne City Council opted to delay its vote on the section for a second time.
On June 24, City Council tabled discussions on the section — which would run along Superior Street between Clinton and Lafayette streets — after discussions arose regarding the best source of funding for the project.
The section is within a Tax Increment Financing (TIF) District — meaning taxes on property value improvements can be used to fund development — but the construction would be funded through local income tax (LIT) dollars with how the ordinance was currently composed, so some councilmembers wanted to take more time to look over the project and see what is the best way to fund it.
The version of the ordinance placed before City Council Tuesday included revisions that would have used LIT funds to pay for the project up front, and some of those funds would then be reimbursed from a TIF…