One word in a special ordinance gave Councilman Jason Arp, R-4th, pause during Tuesday's Fort Wayne City Council meeting Tuesday — "recapitalization."
The special ordinance is to expand the economic development target area of Electric Works in preparation for the project’s second phase. The ordinance includes that it is the intention "to induce private recapitalization in certain areas" of Fort Wayne.
Arp asked Andrea Robinson, the city's economic development administrator, to define the word "recapitalize." Robinson said she thinks the word means the investors would increase investment within the area to spur economic growth.
Arp said the ordinance was the first time he has seen the word used that way.
"Recapitalization usually means someone who has done Chapter 11 or some other type of issue where they are having to have their capital structure changed or a change of ownership, that sort of thing," he said. "So it’s kind of unusual to see that particular word used in the ordinance."
Joe Bonahoom, City Council attorney, tried to further clarify the term. Arp said it's "probably not the best term."
"Well, you’ll have to take up the state legislature on that one," Bonahoom said.
Arp, who has brought up issues with the state legislature several times during council meetings, quickly replied, "There’s a lot I’d like to take up with the state legislature."