Mayor Graham Richard today announced the City of Fort Wayne has reached a definitive agreement with Hardball Capital/Barry Real Estate and are in final negotiations on a definitive agreement with White Lodging Services/Acquest Realty for the Harrison Square development.

Definitive agreements are documents necessary for construction to begin. They represent a significant milestone toward realizing the project. Agreements will be presented to the Fort Wayne Redevelopment Commission for consideration at its 4:30 p.m. meeting today on the 8th floor of the City-County Building. The Redevelopment Commission is the sole entity responsible for approving the agreements.

“We continue to make great progress as we move forward on a signature downtown development for our community and region,” said Mayor Richard. “ Harrison Square will assist us in retaining and gaining jobs and bringing new business opportunities to the area. Harrison Square demonstrates sound fiscal management and the commitment of respected private investors that want to be key partners in revitalizing downtown. An investment in downtown is a positive investment for our community'€™s future.”


Summary highlights of the definitive agreement with Hardball/Barry are as follows:


*  City of Fort Wayne retains Hardball Capital to manage the ballpark in a manner consistent with  modern Class A and AA professional baseball stadium management standards and practices.

*  City will construct the ballpark for an amount not to exceed $30 million with Hardball contributing $5 million toward the cost of the facility.

*  City will participate in naming rights and ticket revenues with the proceeds going into a capital maintenance fund.

*  Barry Real Estate will construct at a cost of not less than $14.5 million a condominium and retail development.

Barry Real Estate is a dynamic and multifaceted commercial real estate firm specializing in project development, marketing and management. Barry has an award-winning track record with an affinity for mixed-use projects in urban areas. Hardball Capital is an Atlanta-based company that invests in and operates baseball-related businesses. It is the owner of the Fort Wayne Wizards.

Additional Harrison Square updates:

*  Fort Wayne City Plan Commission: A public hearing on zoning map amendments will be held at 7 p.m. tonight in Room 200 of the City-County Building. Certain properties within the Harrison Square development are being requested to be rezoned to commercial status. Final approval could come at the Plan Commission'€™s July 23 Business Meeting.

*  City Council: An ordinance outlining the bond financing for the Harrison Square development will be discussed at the July 17 City Council meeting. The meeting begins at 5:30 p.m. in Room 200 of the City-County Building. City Council is being asked to approve a lease for certain land and public improvements between the Fort Wayne Redevelopment Authority and the Fort Wayne Redevelopment Commission. The lease provisions are the same as those that have already gained approvals from the Redevelopment Authority and Redevelopment Commission. Final approval on the bond financing could come at the Council'€™s July 24 meeting.