Council approves 3 abatements

April 13th, 2016

News Coverage:

April 13, 2016

Council approves 3 abatements

Renovation of Diplomat Apartments among approvals

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.