X-WIRE : YOUR CITY GOVT IS SCREWING YOU MILLENNIALS

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A Baltimore firm has been selected to transform Fort Wayne’s vacant General Electric campus into housing, shops, a hotel, community space and educational center in a project that could cost nearly $300 million. (Courtesy image)
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Fort Wayne’s 31-acre GE campus contains 16 buildings, some of which date back to the late 1800s. (Courtesy image)
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The redeveloped GE campus could include a water feature and other amenities. (Courtesy image)
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In its heyday, GE was one of the city’s largest employers, boasting more than 10,000 workers — some of who are seen crossing Broadway in 1954. (News-Sentinel file photo)
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The interior of the GE buildings offers plenty of space for redevelopment — more than 1 million square feet. (News-Sentinel file photo)
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COMMENTARY ATTRIBUTED
https://www.facebook.com/GinaMBurgess/posts/10211807382484842
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Gina Burgess

February 14 at 4:31am

DEAR MILLENIALS – PLEASE WAKE UP AND PAY ATTENTION!!! (A LOOK AT WHAT IS IN STORE FOR YOU): When it’s all said and done --- only the most “negative” among us (you know, the taxpaying public) will have noticed that yesterday’s well-promoted $280 to $300 million project is prefaced on the building of a Downtown Arena AND is going to cost us, the taxpayers, some $162 million of the $280 - $300 million “investment” by way of $70 Million in tax credits and $92 million in loan and government incentives (all comes from taxpayers). [1] And what do we, the taxpayers, get in return? All the risk and none of the rewards.

In sincerity, the taxpaying segment of our community I feel the sorriest for is the Millennials who think all of this is being built for them. Millenials are those born from 1977 to 1995. [2] Currently, in 2017, they are ages 22 to 40. They are finishing up college, starting to pay off college loans and starting families.

By the time the next Mayoral election comes around and a new Mayor is chosen, effective November, 2019, the Legacy Fund will be depleted. When the new Mayor takes office in 2020, Millennials will be ages 25 to 43. They are working, working to pay off student loans, buying a home (those who haven’t bought into the hype of eternal renting), maybe starting to save for retirement, raising their family and maybe starting to save for their kid’s college.

By the time Greater Fort Wayne’s plan is put into place ending the year 2025, Millennials will be ages 30 to 48. [3] They are entering their earning’s prime. And nearly all of them will have kids in high school or college. Nearly all of their student loans will be paid, just in time to invest in their kids’ education. Or housing repair, like a roof (for those who haven’t bought into the hype of eternal renting). Or starting to save for their retirement.

By 2030, the governments of Fort Wayne and Allen County will have consolidated against the wishes of the taxpaying public and new layers…plural….of government will be installed. In addition to FWAC’s consolidated government, there will be a regional government forming to coordinate the communication, transportation, economic, labor, political, etc. efforts of Northeast Indiana. Consolidated local government provides structure for which regional government can be built upon; in turn, regional government provides the structure for which megacity government can later be built upon. Millennials will be ages 35 to 53, entering their financial prime, and be ripe for more taxation. Millennials will be told that they need to be taxed to make up for short-falls in government spending caused by excess government spending and waste. Millennials will be told to stop being so selfish, stop being so negative, and to think about the needs of future generations who will need a bigger, better, shinier, newer “city on the hill”/FWAC. Instinctively, Millennials begin to realize that what the future generation needs is smaller government, less taxes, and more personal freedoms….but the future generation, their children, will buy into the cycle of self-entitlement propaganda that says what their community has to offer isn’t enough.

By 2035, the region is supposed to have high speed rail with 10 daily trips taking place between Chicago, IL and Detroit, MI. [4] Millennials will now be ages 40 to 58. Their at maximum earning capacity for typical wage earners. Their children have graduated college, starting their own families and repeating the circle of life. Parents of Millennials are aging and in need of care. Millennials may find themselves having to choose between saving for their own retirement versus caring for aging parents. Millennials who purchased homes will have either bought or nearly bought their first home by now, if they stuck with it and didn’t “upgrade.” This frees up some monies for retirement savings and/or elder care. Millenials who bought into the rent for all eternity hype will continue to rent….for….all…..eternity.

By 2045, all “economic development” projects created by or before 2025 will have fallen into a state of disrepair and need to be renovated, replaced, or simply torn down. Each project will still have 10 years left of debt outstanding—and that assumes the debt was paid down to begin with at the same and consistent rate for the past 20 years. Typically, here in Fort Wayne/Allen County, 20 year debt gets paid down for its first 5 to 7 years, then funds that were supposed to go to paying down the debt get diverted to other construction projects at a rate of 50%. This results in 20 year debt taking 30 or more years to get paid off. Meanwhile, more debt is accumulating. Millennials will be ages 50 to 68.

By 2050, Fort Wayne will likely be a suburb of Chicago and Detroit as part of the Great Lakes Mega Region (also referred to as the Great Lakes MegaCity). [5] Megacities are an international trend. As of October, 2014, there are an estimated 33 megacities identified, with the Greater New York and Greater Los Angeles areas being the only US megacities. [6] The Great Lakes MegaCity has the potential to be larger and more populated than either the Greater New York or Greater Los Angeles regions. This will be caused by access to high speed rail and continued global competition. [7] Millennials will be ages 55 to 73. They are beginning to enter retirement—those who can afford to do so (usually homeowners versus apartment dwellers). Their parents are either dying (increased health care costs) or deceased (possible funeral expense sharing). Their children are grown and their grandchildren are in high school or college.

By 2055, the private-public finance project from 2025 will have finally been paid off. Millennials will be ages 60 to 78 and some will start passing away. Sadly, the projects developed during the 2020 Mayoral election and after will be passed on to the children and grandchildren of the Millennials. Who will pass the financial burden of the wasteful, gluttonous, ever-spending, ever-growing FWAC onto the next two generations—their children, their grandchildren, and possibly their great-grandchildren.
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SOURCES:
[1] http://www.news-sentinel.com/…/Developer-plans--300M-upgrad…
[2] http://www.genhq.com/faq-info-about-generations
[3] http://www.greaterfortwayneinc.com/opportunity-on-the-edge…/
[4] http://www.michigan.gov/…/Chapter_2_Alternatives_Considered…
[5] http://www.america2050.org/great_lakes.html
[6] https://www.youtube.com/watch?v=7psU49vT2Bg
[7] http://www.america2050.org/…/study-midwest-hsr-network-to-c…

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OTHER OPINIONS AND COMMENTARY"
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4 shares

17 Comments

Comments

Ronald Geroff Thanks for your insight. Appreciate you so much.

Like3February 14 at 8:21am

Joshua Angel That doesn't paint a very cheery picture............

Like3February 14 at 9:32am

Kristi Ormsby Monica Boyer meet your new best friend, a Democrat

Like3February 14 at 11:50am

Gina Burgess Joshua Angel -- No, the reality of our community's current situation, especially as it concerns Millennials (and their parent and grandparents who are completely left out of the conversation as well as their children and grandchildren who aren't even born yet in many cases), isn't very pretty. Right now.

But before you can take corrective action on any topic, you have to at least acknowledge the reality of the situation. Then work to identify the problem. Then determine an appropriate course of action.

I believe that the future of our community will still be full of hope, but that hope fades if we don't engage in a corrective course of action. For now, that corrective course of action begins with honesty, respect, and awareness. Many people tend to forget this saying, but there is quite a bit of validity to it --- The truth will set you free! And in within that framework, truth can be a beautiful thing even if at first it doesn't seem very pretty or very cheery.

Like1February 14 at 11:16pm

Scott Greider This is the most cynical diatribe I've ever read. Even if parts of it are true, it's reductionist at best. People, young and old alike, want to be inspired. Are you inspired by anything other than low taxes? I'm as libertarian as the next, but cities are REAL, and the benefits they confer to their inhabitants are tangible and quantifiable. This development, and all the development that will follow, will inspire people to aspire to do great things. Contrary to the dystopian future you paint, this development will be a tide that lifts all boats. So even if it costs all of us a few bucks, it'll be a net gain to all Fort Waynians. Indeed, it's the best thing to happen to Fort Wayne since it's founding.

Like2February 14 at 11:55pm

Kristi Ormsby I thought you were gonna say it was "the best thing to happen to FT Wayne since"... sliced bread.....well, actually, the awesome Sunbean falling sliced bread SIGN in ft Wayne. The project is probably that cool.

https://vimeo.com/111385668

Sunbeam Bread sign in Fort Wayne, In

VIMEO.COM|BY NICHOLASGIACALONE

Like1February 15 at 12:05amEdited

Scott Greider Kristi Ormsby I shoulda said that.

LikeFebruary 15 at 12:21am

Dennis L. Schebig Scott, your children, grandchildren and great grandchildren will be paying for this long after you are dead and buried. If this was such a great idea and deal the developer could do it without the poorest of poor taxpayers helping them pay for it. We DO NOT need an arena downtown, period! Again if it is such a good idea let private enterprise fund it and pay for it. Than they can maintain it and make all the profit from it. I am very happy with that kind of a plan.

Like6February 15 at 12:24am

Hide 11 Replies

Scott Greider Dennis, do you have that same criticism for the Union Chapel round-a-bout and I69 overpass? For the widening of Dupont Road? Your children and grandchildren are/will be paying for that. Government subsidy is a given these days. The question is, which subsidy has the greatest return? I contend any one that strengthens the core of the city. For from there comes all other (free market) development.

LikeFebruary 15 at 12:29am

Dennis L. Schebig Scott the round-a-bouts in my opinion "SUCK"! I almost got killed at the one on Union Chapel road. They had to be designed by some nut from Purdue. We just may have to agree to disagree! I respect your opinion but I know I am much older than you. At some point in time I think you will say the "Old Fart" knew what he was talking about.

LikeFebruary 15 at 12:37am

Scott Greider I didn't ask whether you liked the round-a-bouts. I asked whether you objected to that government subsidy in the same manner you object to the gov subsidizing downtown development.

LikeFebruary 15 at 12:40am

Dennis L. Schebig Scott Greider Lets make sure we are talking apples to apples not apples to bananas. Government money for roads it a completely different animal.

Like2February 15 at 12:43am

Dennis L. Schebig Scott Gas taxes and License plate fees help pay for roads.

Like1February 15 at 12:44am

Scott Greider Dennis Exactly, which I have to pay, even if I never go round-y-round-y-round-y-round... Burbs = subsidized.

LikeFebruary 15 at 12:46am

Dennis L. Schebig If you went to Purdue I apologize. I did not mean to offend you!

LikeFebruary 15 at 12:46am

Scott Greider Don't get it, but I trust it's a good one.

LikeFebruary 15 at 12:47am

Audrey Miller-Queckboerner Actually our gas taxes haven't been paying for the roads. The majority of those monies have been funneled back into the state general budget to pay for other things. This is why they are voting today in the House to raise our gas taxes.

LikeYesterday at 10:49am

Mark Garvin Scott Greider And our government simultaneously subsidizes the movement of the most able out of the city. We needed the roundabouts at Union Chapel and the widening of DuPont in part because government has long been subsidizing, directly with tax abatements and TIFs and indirectly with road improvements, sewer extensions and new schools, the movement OUT of downtown. Our "Private-Public Partnerships" are dysfunctional- we subsidize anything so long as the right private party gets the benefit of the public money.

Like112 hrs

Scott Greider Exactly.

Like112 hrs

Gina Burgess Scott Greider -- You are an architect and you have benefitted directly from downtown development. I appreciate your over-the-top cheerleading, but you are woefully wrong. People want honesty. They want to be told the truth---good, bad or indifferent. From that position, you can inspire others to aspire. You and I will not agree on this matter, so let's agree to disagree. And while we are respectfully agreeing to disagree, please consider something --- If this matter were put to a referendum, it would fail. Otherwise, the powers-that-be would have already used a referendum to their advantage to quash the opinions of those who are not buying that which they are trying to sell.

Like7February 15 at 12:39amEdited

Dennis L. Schebig BINGO-Referendom, lets do it.

Like1February 15 at 12:40am

Scott Greider Gina, all development is subsidized. I just support the type that has the greatest benefit.

LikeFebruary 15 at 12:43am

Gina Burgess Scott Greider -- I disagree with you, but I am not going to squander my time arguing with you about it. You have an agenda. Its clear as day. Let's put this matter to a referendum. If you feel so strongly and believe that our community is on your sign, then man up and join me in asking for a referendum.

Like1February 15 at 12:57amEdited

Scott Greider Whatever. My agenda is strengthening our core. It's the right thing to do. Sure, referendum? Go for it. But it's a waste of time. Everybody can see this is good for our city.

LikeFebruary 15 at 1:01am

Liz Turkette "Everybody can see this is good for our city."

No. This is a HUGE generalization and not true. I moved away from Ft. Wayne because I didn't support what I saw happening as a direct result of the developments and spending of Ft. Wayne. When a city can't take care of what is already there and most importantly, can't take care of it's people, I can't see how these plans could go well at all and that actuallu seems to be the consensus of a large group of people I know in Ft. Wayne.

I traveled the country going to multiple cities a day and my conclusion came to be that the city I was born in and used to be so proud of, has actually disappointed me greatly. I got to see what the city could be doing with our money yet the "leaders" continue to make decisions that don't benefit the people or the earth.

Like1February 15 at 9:43am

Gina Burgess Also, Scott Greider, you are no more Libertarian than Mayor Henry or Eric Doden. If you were, you would trust your children, your children's children and their grandchildren to determine their own fate. You would give them the opportunity to create their own path, be that a path to prosperity or a path to tranquility or a path yet to be discovered.

Like2February 15 at 12:41amEdited

Hide 11 Replies

Scott Greider That makes no sense.

LikeFebruary 15 at 12:42am

Gina Burgess Scott Greider -- And it will never make sense to you. You only see and understand that which you want to, that which benefits you directly.

Like2February 15 at 12:42am

Scott Greider That, too, makes no sense.

LikeFebruary 15 at 12:46am

Dennis L. Schebig Scott Greider Think Retired--Fixed income way to many taxes and way to high.

Like2February 15 at 12:53am

Scott Greider I agree, taxes are "too" many and "too" high. But the reality is, government is taxing us to spend on development. My only point is, choose wise developments. Such as GE over against Union Chapel round-a-bouts.

LikeFebruary 15 at 12:57am

Gina Burgess Scott Greider -- You are wrong there too Scott. Local government is overtaxing us because they are wasting money and various other resources. State government is almost the as bad.

But I can't help but notice your silence every time the notion of a referendum is brought up. Why don't you want to join me in calling for a referendum? If you are so sure that lots of people in our community support your position, then what do you have to lose?

Like3February 15 at 1:00am

Scott Greider Gina, sure, whatever, go for it, referendum. To be sure, there are tons of subsidized suburbanites who would oppose anything civic/cultural/downtown. But they're wrong, and i believe they're a minority. Bring on a referendum.

LikeFebruary 15 at 1:05am

Gina Burgess Scott Greider -- So anyone who does not buy into your version of what Fort Wayne should become is wrong? Am I understanding you correctly?

LikeFebruary 15 at 1:06am

Scott Greider Gina, no, you are correct. Anybody "who does not buy into my version of what FW should become is... wrong". Yes... wrong. You understand me correctly.

LikeFebruary 15 at 1:16am

Dennis L. Schebig I don't often agree with Gina but this time I do!

LikeFebruary 15 at 1:17am

Cynthia MacNaught Scott Greider Anybody "who does not buy into my version of what FW should become is...wrong" i.e. eminent domain, Allen County Regional Water & Sewer District (don't fight annexation and we’ll extend a lower rate), downtown arena, BMV rate increases,$.10 gas tax, roundabouts, pipe dreams in a roundabout (I believe Mayor Tom Henry's brother owns a steel company), painting 2 bridges for an outrageous amount of money, we're still being taxed on the Memorial Coliseum and continue to drain the "legacy fund" is in your opinion "yes... wrong"...interesting. I might think that person is fiscally responsible in their outlook for the future of our children and grandchildren...and there's more than Gina Burgess that think it's "wrong"

Like2February 15 at 10:56amEdited

Dave Hendrickson I have not lived in Fort Wayne for many years yet I visit often to see family. I spend most my time in Indianapolis I love this city.
I am impressed what Fort Wayne has done to improve the culture and city atmosphere.

Like1February 15 at 12:48am

Gina Burgess Dave Hendrickson -- When did you leave? Why did you leave? And why won't you come back?

LikeFebruary 15 at 12:50am

Dave Hendrickson I left in 1990 after graduation. I left for personal reasons. I would absolutely come back to Fort Wayne.

LikeFebruary 15 at 12:53am

Scott Greider I left in '89, came back in '09. Go figure.

Like1February 15 at 12:58am

Gina Burgess Scott Greider -- Why did you leave? Where did you go? Why did you come back? What took you so long? And why won't you join me in asking for a referendum?

LikeFebruary 15 at 1:03am

Scott Greider I left as an 18yo because I wanted to see and experience the world. And that I did for 20 years, in NYC and Europe. Came back because cities are not conducive to one-income families with four kids. What took us so long? We stayed as long as we possibly/physically/financially could.

Re: referendum... go for it.

LikeFebruary 15 at 1:11am

Gina Burgess Scott Greider -- Wow, I am embarrassed for you. "...because cities are not conducive to one-income families with four kids..." That is incredibly short-sighted and judgmental. COMMUNITIES are multi-generational. They are not "Millennials Only" clubs. Had you really traveled in Europe, you would know that better. My guess is you city-hopped.

I've been to Europe too from small seaside towns, to historical regions with castles and vineyards as far as the eyes can see, and natural wonders of mountains and waterfalls, and yes--occasionally a wonderful modern city.

Part of the problem with our current communities so-called leadership is that their "vision" for our community is very ego-centered and doesn't take into account the beautiful diversity of its people or geography.

To all the single-parents with multiple children, to all the grandparents on fixed incomes, to all the elderly and/or disabled with mobility issues and to anyone else who may be offended by some of Mr. Greider's incredibly short-signed, self-oriented, and judgmental commentary -- I apologize.

LikeFebruary 15 at 1:34am

Scott Greider Wow, I answer your questions, and you slam me. Nice. Don't worry, you won't have to apologize for any future comments by me. But for the record, I meant - and should have said - "NYC is not conducive..." Maybe had I said that, you wouldn't have pounced so quickly.

LikeFebruary 15 at 8:05amEdited

Gina Burgess Dave Hendrickson -- "I would absolutely come back to Fort Wayne." Words are cheap. What's keeping you from Fort Wayne? What does Anderson have that Fort Wayne does not?

LikeFebruary 15 at 12:55am

Dave Hendrickson Ha. I have a wife that loves her career here in Indianapolis. I also like the Indianapolis area. We enjoy downtown Fort Wayne. When we visit. For a show at the Embassy theater or go to the zoo.

LikeFebruary 15 at 12:59am

Gina Burgess So you live in Anderson but enjoy Indy. That's like people in Auburn or Monroeville or Angola or Huntington or Ossian or Huntertown liking Fort Wayne, but wanting to actually live outside of Fort Wayne....

LikeFebruary 15 at 1:01am

Dave Hendrickson Are you telling me that investing in a area that I can afford to invest in is wrong. Just so you know I do things for this community in Anderson. I never post or ask for accolades I do these things because I would do that in any community I live in.

Like2February 15 at 1:09am

Dennis L. Schebig Please investing your money is your business, have at it. Please just don't invest my money. I do not want to subsidize your invested project. If your successful more power to you. If you fail why should I pay for your failure!

Like1February 15 at 1:14am

Gina Burgess Dave Hendrickson --- I do find your choice of words interesting. "Are you telling me that INVESTING IN AN AREA THAT I CAN AFFORD TO INVEST IN is wrong." (Emphasis added.) No, that is not what I am saying at all. And, in fairness, I believe you already knew that but felt a need to twist my words, take them out of context, and turn them into something they werent.

In playing that game, however, you have created an interested scenario. What if you didn't WANT to invest any more in Anderson than simply buying a home, maintaining your house and lawn, and using the remainder of your monies to provide a good life for your family. Maybe go on vacation? Send the kids to college? Buy the wife some nice jewelry once or twice a year? Etc.

Or, what if you could no longer afford to invest in Anderson? What if your real estate taxes increased, your personal property taxes increased, your garbage and utility fees increased, your gas taxes increased, new taxes were created so you had to pay a County wheel tax, then a City wheel tax, and then an increased County wheel tax. What if when you decided to take the famiy out to eat, you had to pay a local food and beverage tax on top of sales taxes? And what if the local municipality is spending so much money on all this development that it can't afford public safety services, so it creates a new LOIT public safety tax, which is an income tax...on top of the other LOIT income tax, on top of COIT (County Option Income Tax), on top of CEDIT (Community Economic Development Tax), etc and so on.

Then what should you do? Move to someplace cheaper with lower taxes? What other alternative might you have? Especially if you want to provide a better life for your family. And send your kids to college in the hope that they have a better life than you.

This is the current reality of the majority of Fort Wayne's taxpayers.

Be thankful you are in Anderson and be thankful that you have the choices that you have and that your livelihood isn't being taken from you and the future of your children being stolen from them.

Like1February 15 at 1:27am

Dave Hendrickson Gina. I'm not in disagreement with you those are all valid points.
If I spend my free time cleaning up rivers. Mowing the old lady's lawn down the street and serving my neighborhood. To protect a investment I don't feel bad Actually it brings a smile to my heart.

Like1February 15 at 1:45am

Dave Hendrickson Also the Brass Rail.

Like1February 15 at 1:00am

Chadd Micheals I love reading your stuff, do you mind if i share this on the Fort Wayne Life page?

Like1February 15 at 7:44am

Gina Burgess Thank you for asking first, I appreciate that. If you find it helpful, then please do....

LikeYesterday at 6:06pm

Kristi Ormsby All that happens is that people build their homes outside of the city to avoid the taxes. You eat outside the city to avoid the taxes.

Ft Wayne is a nice enough city, to the view of my millennial college student, surprisingly more attractive to her as an option to live after she graduates than living in Indy (she attends Butler, so I naturally thought she'd like Indy better, but not at all). She thinks Indy is ugly, dirty and dangerous. There was an armed robbery a couple blocks right outside the Butler bubble this weekend. Now this just makes the kids stay at their party a little longer, but it sure makes its impression....that they won't be raising their kids here.

The thing that is edging Ft Wayne out of the equation as well is the Ft Wayne crime. She says, "FW is nice, but not that nice."

Crime matters, Mr Mayor. No matter how much you pretty it up - put in stupid aquariums and downtown shops and housing, some people don't make decisions based on window dressing.

"I can just drive into town a couple times in the summer for a ball game or a trips to the zoo - and live in a smaller community, in a nicer house where the property taxes are lower, where I know my kids will be safe in their schools and I will be safe walking out of the grocery store."

That's the view of a 20 year old.

Like3February 15 at 11:15am

Evert Mol God help us if the Mad Ants leave. No more pro alleyball. We're still reeling from the loss of arena football.

Like111 hrs

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http://www.news-sentinel.com/news/local/Developer-plans--300M-upgrade-of-GE-campus
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By Kevin Leininger, kleininger@news-sentinel.com

Monday, February 13, 2017 11:00 AM

In a project that could dwarf other recent downtown developments in scope, cost and potential, a Baltimore developer Monday was expected to announce a $300 million plan to convert Fort Wayne’s vacant General Electric campus into more than 1 million square feet of residential, commercial and educational space.

Cross Street Partners has reached an agreement in principle to buy the 31-acre campus and could begin construction as early as this fall, with completion within four years. No tenants have been signed and Cross Street Partner Josh Parker said many of the project’s details will be finalized after meeting with residents to determine what they want to see there, but he believes the tentative mix of housing, shops, restaurants, offices, a hotel and an educational institution will succeed, just as the redevelopment of the similarly massive American Tobacco Campus in Durham, N.C., has. Some Cross Street members were involved in that project.

“It’s amazing what’s been happening in Fort Wayne, the potential there,” said Parker, who has visited Fort Wayne several times in the past year and was “impressed and inspired” by what he saw. “Developing new sites or redeveloping historic sites would not be as compelling were it not for the entire vision of the community, including the downtown arena and riverfront. The public and private investments made to date in Fort Wayne tell a story about a community that is here to compete for talent, capital and jobs in the new economy — a community worthy of significant investment.”

That investment will come from many sources. Greater Fort Wayne CEO Eric Doden said the financial package is expected to include about $41 million in private equity, $70 million in tax credits, a $92 million loan and government incentives, including city Legacy and Capital Improvement funds, state Regional Cities dollars and creation of a “tax increment financing” district that would capture taxes on improvements to pay for infrastructure. Parker said some “selective demolition” on the 16-building campus may be necessary, but preservation of structures will be important to qualify for historic tax credits. Tax credits could also determine the degree to which, if any, apartments will carry income limits.

“Now our job begins,” Doden said, referring to his economic development group’s mission to attract employment and talent to the area.

“We want to be a nationally recognized economy. This is the most transformational project of my career. We believe this is a strong proposal with the potential to be a nationally recognized project.”

Monday’s announcement was a long time in the making. GE first operated at the site in 1911, taking over from Jenney Electric, which had been there since 1886. In its heyday GE employed more than 10,000 people, but by the time the company announced the campus’ closure in 2014, only 90 jobs were left. The iconic lighted rooftop “General Electric” sign came down last March, and the company put the property on the market in May — about the time City Councilman Geoff Paddock and others led community meetings seeking ideas for the buildings’ future use.

In a statement, Mayor Tom Henry said he’s “optimistic that a viable plan will be developed for the site that will complement our commitment to being a point of destination for jobs and economic development.” Doden said Sen. Joe Donnelly, D-Ind., helped GE and Norfolk Southern Railroad reach an agreement regarding a section of the campus owned by the railroad and leased to GE.

Because the site was used to make electric motors, transformers and other equipment for more than a century, some environmental clean up may be necessary and could determine how certain areas are used. Cross Street will work with GE to resolve those issues, Parker said. Local developer Kevan Biggs will also work with Cross Street on the project.

Despite the project’s ambitious goals, Parker said the successful conversion of an old tobacco factory campus in a formerly depressed section of Durham into offices, shops, restaurants, apartments, outdoor amphitheater and more shows it can be done.

“Anybody who says it can’t happen here doesn’t know the history of Fort Wayne,” he said.

More Information

Planned uses (numbers are in square feet)

Residential space: 342,000

Educational space: 277,000

Retail: 137,000

Office: 131,000

Hotel: 120,000

Other amenities: 54,000

TOTAL: 1.06 million

William_Larsen 3 days ago
More reason to stay or move? How large is Fort Wayne metropolitan area, 300,000? Of this how many work, 150,000? I was not born here, neither were my siblings, children, parents or wife. Of the six of us who moved here in 1963 five us moved away to work else where. Of that five that moved away, three moved back bring eight children born elsewhere.

I lived a lot of different places, worked in a variety of different positions and companies. What I know is that you want a variety of people from all walks of life and education. So who do we want to stay - productive workers. Who do we want to move here - productive workers who add value. Who do we want to move away - those who want to learn how things are done elsewhere and then return.

The GE campus will have about 3,000 residents by the size of the residential area 2,000 square feet each and some 300,000 sqft total. That means it would represent about 1% of the metropolitan area.

I spoke to a few young people with good jobs in tech, medical and other positions. I did not find one who would move to this location: the reason was cost and travel distance to work.

It is my opinion this developer needs to focus on low cost housing (at 2,000 sqft it will be outside the means of most) and you need those wanting to travel or find a position down town or close by. The pool of people to pull from is just too small for this development.
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William_Larsen 3 days ago
I have not had an opportunity to verify this, but here is a summary:

"Fry didn’t have data handy for every age cohort, but he did pull figures for the 25-35 group. In 2000, when that group was made up of Gen Xers, 50 percent of respondents said they moved for housing-related reasons, like wanting to own or to live in a nicer neighborhood. Meanwhile, 21 percent of that age group moved for job-related reasons in 2000."

https://www.yahoo.com/finance/...

50% of people moved for wanting to own or live in a nicer neighborhood. 21% moved because of job related reasons. So the pool of prospective new comers is a small percentage of the baby boomer children which is a mini boom. The next boom in 20-40 years is going to be hard to distinguish - zero population growth. Now we are competing with 49 other states and many countries.

On June 9, 2016 NBR identified $70 Billion a year in incentives, TIFS and abatements are awarded to companies in the US. The impact of this $70 Billion by states, and local taxing authorities was found it was a net loss.

On June 29, 2016 NBR revealed Kansas City between Kansas and Missouri, over the past five years together gave $262 Million with Kansas being the winner with a net 1,704 jobs at a cost to taxpayers of $93,000 per job!

Both have now agreed to stop this disastrous economic war for the sake of both cities because it is just too costly.
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John Bloom 4 days ago
Before taxpayers spend 162 million we need to have a referendum .Enough of getting this stuff rammed down our throats. Great if you are an insider not so great if you are a taxpayer. The city was doing just fine before the downtowners got involved. DuPont lima corridors,24 Illinois rd. 465 37, Glenbrook the by pass and on and on and with their own money. Downtown is about good ol boys.
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- DejaVu John Bloom 15 hours ago
  Yeh right - let's all jump up and down about suburbia and white
  flight and concrete highways lined with strip malls and dying indoor
  malls.
  
  Perhaps a little research into abatements and to whom they are given is in order when one tosses out the phrase "with their own money." Taxpayers are hit every week with abatements to companies. Hardly any are downtown.
  
  Why don't you review the following
  website so you can get a better understanding about how those companies rely on the taxpayer for abatements - unless of course, facts don't matter.
  
  https://www.allencounty.us/pro...
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- DejaVu John Bloom 15 hours ago
  Yeh right - let's all jump up and down about suburbia and white flight and concrete highways lined with strip malls and dying indoor malls.
  
  Perhaps a little research into abatements and to whom they are given is in order when one tosses out the phrase "with their own money." Taxpayers are hit every week with abatements to companies. Hardly any are downtown.
  
  Why don't you review the following website so you can get a better understanding about how those companies rely on the taxpayer for abatements - unless of course, facts don't matter.
  
  https://www.allencounty.us/pro...
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- Kelly Lynch John Bloom 4 days ago
  You're right, John. I really wanted a THRIVING…Illinois Road.
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Bewildered HHK 4 days ago
Hooray! This clearly will be targeted to wealthy boomers, and young millennial's who desire a vibrant and active central locale. This will improve the Broadway corridor..which still hosts a lot of homeowners rather than renters and will increase improvement of other historical homes and business buildings. This will increase tax revenue and reinvigoration of "downtown". Godspeed and good luck.
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- William_Larsen Bewildered HHK 3 days ago
  What tax revenue increase? No matter where these workers live, they pay sales, income tax and County option tax. What new tax will they pay to make $162 million worth while?
  
  Are we not just subsidizing people to live in a particular area? Is this not artificial stimulation of an area of town? What happens when the artificial stimulant is taken away and it has to stand on its own merits?
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PUNATIC 4 days ago
NO! I want toasters.......manufacture them and they will come.....
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buttons 4 days ago
How much will rent be? Will Seniors on S.S. be able to afford the rent or is this just for people who have money.?
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- HT buttons 4 days ago
  Unfortunately you'll be tasked with paying more taxes to support this. And will not get any benefits from it.
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- Bewildered HHK buttons 4 days ago
  Yes...cool housing will always cost more.
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William_Larsen 4 days ago
"That investment will come from many sources. Greater Fort Wayne CEO Eric Doden said the financial package is expected to include about $41 million in private equity, $70 million in tax credits, a $92 million loan and government incentives, including city Legacy and Capital Improvement funds, state Regional Cities dollars and creation of a “tax increment financing” district that would capture taxes on improvements to pay for infrastructure."

So tax payers are kicking in $70 Million in tax credits,$92 million in loan and government incentives (all comes from taxpayers) on a project of $300 million. Our investment is $162 million out of $300 million. If this were shark tank the sharks would ask for 75% of the equity stake. How much of this project will be held by the Taxpayers in terms of equity? Oh, that's right we the taxpayers take the risk and get nothing in return for risking $162 Million!!!

Doden needs to invest in this project himself. He and his cronies surely can come up with $162 Million and profit from this venture. Taxpayers funds need to be applied to the purpose for which they were collected - providing services and maintaining infrastructure. Not playing "banker."

If this project is such a great one, why does Cross Street Partners not use its own funding? I stopped giving to pan handlers a long time ago.

"Now our job begins,” Doden said, referring to his economic development group’s mission to attract employment and talent to the area." What a bunch of BS! you do not attract any jobs. You do not create a single job. You spend other peoples money to make yourself feel important.
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- Sks_55557 William_Larsen 4 days ago
  "taxpayers take the risk and get nothing in return ...."?
  
  That's the nature of development of old urban areas in the "rust belt" struggling to survive. There has to be a reason for people to move to FW, and also for those growing up there to want to stay. Annexation can do only so much to maintain the population and keep the city from slipping into cultural and socio-economic irrelevance.
  
  People from miles away can drive into town for an afternoon to visit the zoo or see a baseball game or walk through the botanical gardens; and it's too easy to move outside the city limits and yet take advantage of being near the city. Detroit and St Louis both have interesting things to come and see; and most everyone who does so knows the fastest way out of town afterwards.
  
  The city's "glory days" are long-over: the Pistons are gone, the parks are now crime-ridden cow pastures where no one would send their kids to play, Calhoun St downtown looks like two, dull brick-facade strip-malls facing one another, -- and so on.
  
  This project should complement nicely the other "risky" initiatives that so many people similarly questioned. Taken together, they are all part of a rich fabric that, in retrospect, will be seen as the cutting edge of 21st Century Fort Wayne
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  - William_Larsen Sks_55557 4 days ago
    
    "There has to be a reason for people to move to FW, and also for those growing up there to want to stay. "
    
    How long have you lived in Fort Wayne? This type of investment does not attract business. It certainly does not attract workers. Have you ever interviewed people for a position?
    
    Fort Wayne was listed as a top place to raise a family. Families look for good schools. There is not a good school within Fort Wayne Community Schools. So putting this type of residential living areas on Broadway and spending $162 million will not help attract workers with skills that may be needed in Fort Wayne.
    
    Who is going to want to travel from Downtown outwards in the morning and evening to go to work?
    
    Spending $162 Million of taxpayer money to attract workers who will compete for limited jobs in our area is like assisting those bidding at an auction you are at and are trying to outbid them. Rather a dumb way to buy something you want.
    
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    - Sks_55557 William_Larsen 3 days ago
      
      Well, ... it's not quite that simple.
      
      Fort Wayne's aging housing stock cannot compete with new, sprawling development throughout the county. People who already work in the area would have more reason to move into or stay in the city. This sort of urban development is unique and it attracts people, which attracts businesses , which generates jobs and quality of life, --- which in turn attracts people, and so on.
      
      To repeat, annexation is but one, limited means to keep the city from going the way South Bend, Dayton, Toledo, etc. A city has to invest in itself not only as a place to "go see stuff" once in a while, but as a place to move to for the quality of life there.
      
      FW used to be that way. Photos of neighborhoods from the 50's confirm that it isn't just nostalgia that makes us think it used to be a nicer place. I would now want to live in the really nice neighborhoods I grew up in. The city is worn down; it looks increasingly like an old urban area on the skids. This development would be one more step in recreating that urban vitality that has slipped away.
      
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    - HT William_Larsen 4 days ago
      
      Agreed.
      
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    - Bewildered HHK William_Larsen 4 days ago
      
      The high tech, finance, legal, education, information services jobs are already being created. Now they will have a neat place to live in the center of the action.
      
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      - William_Larsen  Bewildered HHK  4 days ago
        
        Do you really believe that if people wanted a home to live in, they would not built it? Are you saying there are lots of high tech, finance, legal, education, information services jobs are already being created and these people cannot find homes or places to rent?
        
        You would think that if there were so may high tech, finance, legal, education, information services jobs being created that they could pay for their own housing?
        
        $162 Million to build housing for how many? 3,000 people? roughly $54K per person subsidy? On top of this any kids they bring will find the schools not getting any of the property tax revenue for ten to twenty years? Who pays for their education, fire, police and services?
        
        The Job I had was considered high tech and I did not need subsidized housing. I made the decision not to move to Fort Wayne solely because of schools. I chose NW. I also did not want to travel out of the city to get to work. So how many of the 3,000 will work down town in high tech, legal and information services?
        
        I think we can forget about legal since that is pretty saturated. Education certainly will want to live close to where they work, not enough openings in schools downtown - besides FWCS school enrollment is shrinking.
        
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        Bewildered HHK  William_Larsen  4 days ago
        
        The homeowners will have to pay property taxes. Yes...I am saying these job sectors are growing...and mostly in the inner city. I doubt a lot of families will be drawn...although theatres, museums, parks would make it plausible. There are dozens of public, and parochial schools in the inner city...and its directly between the two major high schools.
        
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        William_Larsen  Bewildered HHK  3 days ago
        
        The homeowners will have to pay property taxes is correct, but the GE space is rental residential which will not pay property taxes. They used the word TIF which implies tax incremental financing - thus property tax at the current rate for the term of the TIF. After the term, the property is then paying full property taxes.
        
        However, if the property is sold in 20 years and needs maintenance, then the new buyer may request a TIF to do its maintenance and upgrade.
        
        Public schools would be FWCS - I would not send my kid to this school district. As for parochial schools, that is an option, but why send your kids to a parochial school when you have SWCS and NWCS which are good public schools?
        
        If the plan is good and then their will be investors lining up to fund it. If not stand clear of it - it is a money pit. Fort Wayne has a lousy history of investing taxpayer money. Of the more than $300 million of taxpayer money spent, the total is a net loss. When do you finally realize you are not a bank?
        
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        Bewildered HHK  William_Larsen  3 days ago
        
        There is no doubt in my mind many of these units will be
        prepurchased condos. The homeowners will pay taxes. As for FWCS..you can send your kids anywhere your bias leads you...but doesn't mean schools are poor. Could be because Allen County doesn't manage schools for the whole county...smug people in subdivisions with similar bias define their respectable territories.
        
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        William_Larsen  Bewildered HHK  3 days ago
        
        FWCS was mismanaged. They kept schools open even though many were no where near capacity - thus they spent far more to operate them. They failed to maintain the schools for decades and ended up having schools with leaky roofs, poor heating and AC and more. They said they wanted to keep property taxes low so they never requested more money even though much of the area has not reached their 1% caps.
        
        I have lived here since 1963 - I know the school systems.
        
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Haha 4 days ago
Yes! This and STEAM park are the two developments to be excited about.
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David Petersen 4 days ago
Yeah!
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