Updated: Thursday, 27 Jan 2011, 11:57 PM EST
Published : Thursday, 27 Jan 2011, 4:44 PM EST
FORT WAYNE, Ind. (WANE) - The City of Fort Wayne announced Thursday that is has created a safety net for the city’s interests should developer Barry Real Estate default in their commitment to Harrison Square and not complete project.
City of Fort Wayne Executive Director of Development Greg Leatherman said, “The city provided public financing for the ballpark, the garage, and other public infrastructure to help support this. It was a commitment made by the team to see to it that in exchange for this ballpark they created this private investment. That was their commitment.”
City leaders say they intend to hold Barry Real Estate to that commitment. If things fall apart and this project doesn't get off the ground, the developer will have to pay.
“The agreement the commission acted on today-- between Barry and Hardball-- makes available approximately $2.5 million over time to the city and to the commission in the event that the project does not actually happen,” Leatherman said. He called this a safety net to protect the city.
Harrison Square was supposed to be done in 2009, but Barry Real Estate had trouble getting financing for The Harrison, which is the last leg of the Harrison Square project: the part that's supposed to include both retail and residential space.
At a press conference with Secretary of Commerce Mitch Roob, County Commissioner Nelson Peters and Fort Wayne Mayor Tom Henry said financing is secure for the project and leases for tenants are currently coming in.
More information about who those tenants are will be announced next week.
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