Hey Locals,

If you're feeling a little short on cash in 2025, you're not alone. This week, we explain why the city's long-standing Legacy Fund is putting a pause on project applications. And we update you on Three Rivers Festival's (expected) bankruptcy.

We also celebrate a local barber who's been working on High Street since 1950, and we share a new Downtown-centric podcast to check out.

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Now, let's get started!

NOTE: Links to Journal Gazette articles are marked(*) and may be behind a paywall.

City Council pauses Legacy Fund spending.

One question is: What makes projects "transformational" to Fort Wayne?

What's happening?

For the first time, City Council is pausing new project applications for the Legacy Fund, a significant source of funding behind Fort Wayne's renaissance in recent years. During the next six months, city leaders will reassess what types of projects are "transformational" to Fort Wayne's future.

• What is the Legacy Fund? It was established in 2011 with about $47 million in funding readily available (and an additional $28 million to be received over the next several years), stemming from the lease and sale of Fort Wayne’s old power utility to Indiana & Michigan Power. At the time, then-Mayor Tom Henry appointed a Legacy Task Force to gather input and set priorities for the fund's use, intended to fill gaps needed to make "transformational" projects happen. The city also created a nine-member Legacy Joint Funding Committee appointed by the mayor and City Council to evaluate project proposals. ("However, council members can bypass the committee and take requests straight to the final approval stage," The JG* notes.) Over the years, the Legacy Fund has supported many well-known projects in and around Downtown, including the Landing, Riverfront, the Clyde Theatre and Electric Works.
• Why the pause on project proposals now? In recent years, the Legacy Fund has been sustained, in part, by about $2.5M in annual lease payments from I&M, The JG* reports. But those payments end this month, and some council members are worried that the fund is depleting too quickly. Councilman Nathan Hartman (3rd district) notes that projects this year alone will cost more than $4.6 million or about 10% of the fund's total remaining balance. “So, in my opinion, over the course of the next five to 10 years, this entire fund will be depleted based on asset returns," Hartman says.
• So where does the fund stand? Considering projects council has already approved for 2025, the total fund balance is expected to be about $36M by 2026 — a figure Mayor Sharon Tucker calls "healthy" because it's above council's proposed $30M corpus. However, city leaders across the board appear to agree they must better define what types of projects qualify to receive Legacy Funding, which has been previously encapsulated in the vague term "transformational," according to the Legacy Fund's Guiding Principles.
• So what happens next? City leaders have formed a committee* to assess the Legacy Fund and hope to determine by August what qualifies as a "transformational" project, whether the Legacy Fund should have a set minimum balance and how often (or how many) projects should be approved annually.

Why it matters

In recent decades, Fort Wayne's renaissance has been largely associated with development projects in and around Downtown. But economic signs (locally and nationally) point to slower, more conservative periods of development ahead. Council's move to pause Legacy spending appears to align with that trend.

We break down more takeaways in our premium newsletter.

• After 55 years, Three Rivers Festival board canceled its summer festival this year and filed for bankruptcy yesterday. The move came after a longshot crowdfunding campaign to raise $450,000 in less than two weeks, which resulted in only $1,250. "Last year's festival – the 55th annual – ended with the event $300,000 in debt," The JG* reports. "Creditors include vendors that provide light towers, forklifts, generators, fireworks, security and electrical work." The JG notes that from 2011-2021, TRF outspent its revenue in seven out of 10 years, resulting in a loss of more than half a million dollars. Some festival organizers tell WANE 15 there's still hope for the parade and a smaller festival in the future.
• Bishop Luers High School principal resigned amidst a lawsuit filed by four female students, alleging he and other school and diocese leaders minimized sexual exploitation by male classmates. Former Principal Scott Kreiger was promoted from assistant principal in July 2023 and resigned Monday. Now, officials plan to appoint an interim principal. The Diocese of Fort Wayne-South Bend says Kreiger's resignation is unrelated to the lawsuit (which we covered on Jan. 28). However, The JG* notes that the diocese is also a defendant in the case, and the defendants have asked the court for an extra month to answer the complaint, which had a deadline of Feb. 21.

Plus: a recap on projects in Southeast, Citilink's plea to state legislators and more. We cover it all in our premium newsletter.

This High Street barbershop is a mid-century time-capsule.

On Feb. 8, Larry Heller, age 93, celebrated 75 years of working at his family barbershop.

What's happening?

Recently, a reader notified us that Larry Heller, age 93, who owns and operates Heller Barbershop at 1018 High Street (near Wells Street), celebrated his 75th year on the job on February 8.

They said:

"He is a 3rd generation barber cutting hair on that corner. He graduated from barber school and began cutting hair with his father on February 8, 1950. There is a building at that intersection with their family name on it. He is a wealth of historic information and has a very sharp memory for dates and events. He is 93-years old, and his barber shop is much the same as it was in the 1960s."

We couldn't resist the opportunity to send our friend and guest photographer, Rachel Von Stroup, over for a quick video interview and photo tour with Larry.

Cheers to 75 years!

• Subscribe: to a new local podcast about happenings in West Central neighborhood and Downtown called the "Champagne Side Podcast" hosted by residents and friends, Reece and Audrey. So far, they've posted an intro and an interview with Flats on Main developer and co-owner John Thomas Roseberry.
• Dine: by the barrier reef at the Fort Wayne Children's Zoo, as part of its Wild About You Valentine's dinner event on Feb. 13-15, including mood lighting and a gourmet plated four-course dinner with complimentary photos. (Tickets are $175 for Fort Wayne Zoo members* and $200 for non-members)
• Dance: to a Valentine's Day Soul Jam by Casual Friday and Music Lover's Lounge at the Clyde Theatre on Feb. 14 at 8 p.m. (Tickets start at $20)

What else? We share Valentine's Day ideas and more things to do in our premium newsletter.

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Have a great week, Locals!

-Your Editor, Kara Hackett