City council hears Legacy Fund update

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By Tim Zink
tzink@kpcmedia.com

FORT WAYNE — Kyle Kerley, chair of the Legacy Fund Joint Funding Committee, gave an update Nov. 13 to the Fort Wayne City Council on the current status of the city’s Legacy Fund account. Kerley recapped current and proposed initiatives and gave a projection for future growth of the fund.

In October, city council approved $10 million in funds from the Legacy account for the Electric Works revitalization project at the former General Electric campus site. In February, council also approved $600,000 for improvements to the World Baseball Academy’s facilities.

Two additional requests are pending: $7 million in improvements to the Arts United Campus and $500,000 in additions to Science Central.

Available funds after the $10.6 million in future commitments stands at $7,640,712 and after pending commitments at $1,140,712.

Kerley projects there will be $32,857,712 available in the Legacy Fund by 2034 (excluding gains/losses from market performance) if no further grants are awarded until that year.

There will be $16,400,000 in future income from Indiana Michigan Power and $3.5 million in loan repayments, which will help replenish the fund.

The Legacy Task Force was appointed by Mayor Tom Henry in 2011 to allocate Legacy funds to projects focusing on talent, economic development, entrepreneurship, infrastructure and quality of life.

Legacy funding comes from the Fort Wayne Community Trust and the City Light Lease Settlement between the City of Fort Wayne and Indiana Michigan Power.