Fort Wayne Allocates $10M in Tax Credits for Arts United Center Project

Fort Wayne Allocates $10M in Tax Credits for Arts United Center Project

The City of Fort Wayne New Markets Revitalization Fund, LLC (FWNMRF) will allocate $10 million in New Markets Tax Credits (NMTC) to Arts United of Greater Fort Wayne to support the expansion and modernization of the Arts United Center. These tax credits significantly impact the organization’s ability to continue serving Northeast Indiana as a community asset post-renovation.

The NMTC program is designed to spur investment in community development in areas with economic growth opportunities. As a Community Development Entity (CDE), FWNMRF allocates awarded NMTC issued by the U.S. Treasury Department to qualifying projects to deliver significant community impact through the sale of the credits to investors. In September 2023, Mayor Tom Henry announced that Fort Wayne was awarded $35 million in NMTC. It was the fifth time that FWNMRF was awarded an allocation, bringing the total tax credit allocation awarded to Fort Wayne New Markets to $183 million and the first time FWNMRF was awarded an allocation in consecutive years.

Arts United’s successful application for these credits demonstrates the importance of the Arts United Center as a community asset worth investing in. FWNMRF was drawn to this project not only for the restoration of a community treasure and its much-needed accessibility improvements but especially for how the renovation will provide affordable space and programming opportunities to the underserved in the community––assuring more citizens from all socio-economic levels can participate in the arts.

”Arts United is a vital piece of Fort Wayne’s efforts to be the best community possible as a point of destination for residents and visitors,” said Mayor Henry. “We’re building a quality of life that’s second to none with arts and culture being a focus area. We appreciate and value our partnership with Arts United and look forward to what lies ahead with the expansion and modernization work.”

Based on the 2023 ARTS & ECONOMIC PROSPERITY STUDY conducted by Americans for the Arts, the direct economic impact of Arts Campus Fort Wayne was $40.8 million. The NMTC allocation will increase this economic growth all while further engaging our community.

“We are thrilled to have been awarded these New Markets Tax Credits for the Arts United Center project,” said Dan Ross, President & CEO of Arts United. “This support will be instrumental in Arts United’s goal of enhancing accessibility to the arts and cultural programming in this historically significant community theatre.”

Arts United of Greater Fort Wayne owns and operates the Arts United Center, which was designed by world-renowned architect Louis I. Kahn. The organization plans to improve the theatre’s accessibility, functionality, and connectivity for staff, patrons, and volunteers while preserving historic and architectural elements. Arts United announced the community giving phase of the capital campaign, called A SOARING VISION, in October 2023. Groundbreaking for the project will begin in June 2024.

Click to share!
Category Business Buzz