The Fort Wayne City Council’s Policy Committee recommended that the city allocate money from the Legacy Fund to create a $2.5 million revolving fund to assist small businesses in low-income areas.
At its meeting Tuesday, the committee voted seven to zero with one abstention and one absence to send the Legacy Fund Committee’s proposal to create a revolving fund to microfinance small businesses in low-income communities to the general council with a recommendation to approve or deny it.
The Fort Wayne Legacy Fund is designated for municipal projects that will have a lasting impact on the community, typically such as new downtown buildings or park expansions.
Second Ward Republican Councilman Russ Jehl authored the bill. He said he is passionate about the idea because it reminds him of his days as a small businessman. On Tuesday night, he said he spoke to the late Mayor Tom Henry before he died about the proposal. Jehl said Henry was a strong supporter.
“He was willing to support it and he felt so strongly about it that he even encouraged me,” Jehl said. “He said, ‘You don’t even have to take this to the committee. I support it.’”
Jehl and Henry ultimately agreed that it would be best to take the proposal through the Legacy Fund Committee, as is the normal procedure for Legacy Fund projects. When the Legacy Fund Committee first heard the proposal, Democratic City Councilwoman-at-Large Michelle Chambers voted against it. On Tuesday night, after amendments to the bill brought the project more in line with Legacy project standards, Chambers voted in favor.
“I think we have parameters in place that will sustain this transformational program,” Chambers said during the debate.
Brightpoint is the largest human services organization outside of local hospital groups in northeast Indiana and will oversee the revolving fund under the proposal. Jehl is an unpaid officer on Bright Point’s board of directors and abstained from voting because of the appearance of a conflict of interest.
Republican Councilman Tom Freistroffer was absent Tuesday night. The bill passed by a vote of seven to zero.
The project still needs final approval from the Fort Wayne City Council before small business owners can apply. Jehl said he expects that final approval to come late this year or early next year.