Industrial Revenue Bonds

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Published: Monday, 19 August 2013 10:02

Industrial Revenue Bond financing is a method of financing in which the City of Fort Wayne can assist private business development and expansion by issuing low-interest tax-exempt bonds. The low-interest feature of industrial revenue bond financing is attributed to the fact that the interest on the bonds is exempt from federal and state income taxes.

Legislation enacted by the State of Indiana authorized the creation of economic development commissions and the issuance of Industrial Revenue Bonds. The Fort Wayne Economic Development Commission (EDC) was established in 1972 with the authority to issue tax exempt revenue bonds to assist industrial and commercial development. Operating under Bylaws in accordance with the Indiana Code, the EDC Board consists of five members with staggered terms.

The maximum bond amount available is $10 million per project, with maturity as long as 40 years. Interest rates from 65% to 75% of the prime market rate are anticipated. The actual rate is negotiated between the buyer and the seller of the bonds.

Bonds are available for 100% financing of the project, with no equity injection required.

All Industrial Revenue Bond issues must be approved against the State of Indiana's "pooled" allocation or volume cap through the Indiana Finance Authority:
IFA Volume Cap Information

For more information on Industrial Revenue Bonds, view the fact sheet.

Community Revitalization Enhancement Districts (CReED)

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Published: Monday, 19 August 2013 09:58

The Community Revitalization Enhancement District (CReED) tax credit entitles a taxpayer to a 25% credit against the taxpayer's state and local tax liability for a taxable year if the taxpayer makes a qualified investment in that year. The investment must be for the redevelopment or rehabilitation of property located within a CReED designated under IC 36-7-13 and must be approved by the Indiana Department of Commerce (IDOC) before the investment is made.

Examples of "qualified investments" include:

• A taxpayer's investment that is used for redeveloping or rehabilitating property located within a CReED for the purposes of constructing, reconstructing, or repairing:
• Roofing
• Walls
• Lighting
• Heating/ Cooling Units
• Buildings

The City of Fort Wayne has both the Downtown CReED and the Southtown CReED. Click the links below for more information on CReED and a CReED Application.

CReED Checklist
CReED Description of Investor Tax Credit
CReED Application

Incentives

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Published: Monday, 19 August 2013 09:51

The Community Development Division offers a variety of business incentives and assistance to keep your business competitive and growing. We work in close cooperation with other city, county, state, and utility authorities to ensure that Fort Wayne embraces a business friendly culture and environment. 

Whether you are planning to relocate, start a new business, or grow your current business, we want you to do it here in Fort Wayne! Contact us to see if your project qualifies for any of the following incentives.

• CReED
• Industrial Revenue Bonds
• Summit City Entrepreneur and Enterprise District (SEED)
• New Market Tax Credits
• Opportunity Zones Program
• Tax Phase-ins (Abatements)

Mayor Henry at the Women's Bureau's Dress for Success Ribbon Cutting

Financing

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Published: Monday, 19 August 2013 09:48

The City of Fort Wayne offers a variety of financial options to assist your business. Whether you are a small start-up business or an established national corporation, we are here to help!

Typically, our financial programs come in one of three forms: incentives, grants, or loans. Click the links below to further explore these options.

• Incentives
• Grants
• Loans (through the Community Development Corporation of Northeast Indiana)