City of Fort Wayne news release:
Mayor Henry supports Redevelopment Commission’s vote to extend economic development agreement for Electric Works project
(April 29, 2020) – Mayor Tom Henry supports today’s vote taken by the Fort Wayne Redevelopment Commission to approve an additional extension to the economic development agreement for the Electric Works project. The action took place during today’s monthly meeting of the Commission.
RTM Ventures, the development entity for the Electric Works development, made a formal request to have the agreement extended for a fifth time to allow for additional time to finalize private financing and secure tenants. The new milestone dates are June 30, 2020 for financing commitments to be met and September 30, 2020 for the closing on the transaction.
The City of Fort Wayne’s local public financing partners will also consider the extension request at upcoming meetings of the Allen County Fort Wayne Capital Improvement Board of Managers and Allen County Commissioners.
The local public financing entities worked collaboratively to secure the necessary public funding of $65 million for the project. That funding is in place and will be released when all conditions of the economic development agreement are met and closing occurs.
“Allowing additional time for financing and closing commitments puts RTM Ventures in better position to move forward to take the proposed development to the next step,” said Mayor Henry. “We believe Electric Works can have a major impact in enhancing our community as a point of destination for jobs, attracting new residents, and providing unique quality of life opportunities.”