Council approves 3 abatements
April 13, 2016
Council approves 3 abatements
Dave Gong | Journal Gazette
The Fort Wayne City Council on Tuesday approved tax abatements for two residential developments and a corporate tax firm planning to move into the Ash Skyline Plaza.
The first abatement approved Tuesday is for a $5.2 million project to renovate Diplomat Apartments at 3323 Diplomat Drive. Developer Vop Osili of A+X LLC in Indianapolis plans to renovate the 140-unit complex with hopes of attracting younger, more stable renters. The abatement term will last five years.
Councilman Glynn Hines, D-6th, said the renovations are a necessary change.
“I’m really glad to have this project come before us because it’s in the 6th District, but more importantly, it’s a really bad property,” Hines said. “The road is just horrendous, as I’ve said numerous times, and the building is in very poor disrepair.”
In March, the council approved a $5 million multifamily housing economic development bond for the project. The state has also approved the project for rental housing tax credits.
The second tax abatement was granted to DuCharme, McMillen & Associates, a corporate tax consulting firm that plans to move into the sixth floor of Ash Skyline Plaza. The total project cost is about $1.5 million. The firm was granted a 10-year abatement.
The company plans to create 37 new full-time jobs and retain 47 existing full-time jobs as a result of the project.
The council also approved a 10-year abatement for a $17 million renovation project at Centlivre Village in north Fort Wayne. Developer Biggs-RCI LLC will rehabilitate 465 units in that complex.
All three abatements were approved in a 7-2 vote.
