One of the stipulations of the Memorandum of Understanding (MOU) is that the developer of the project should provide information to the City of Fort Wayne for the project.
This included:
- Description of [the] developer’s project development team and organizational structure;
- Summary of developer’s due diligence investigation;
- Revised schematic design of the project, including the locations and proposed uses of various buildings, open spaces, roads, sidewalks, pathways, and parking;
- Schedule for the development, construction and occupation of the project, including a phasing plan; and
- Description of the preliminary financing structure and strategy for the project, including estimates of hard and soft costs, pro formats, returns, term sheets, developer feels, sources of equity and debt, economic development incentives and other information related to the financial structure of the project.
- *The above is straight from the MOU.
The City has received the above information, also known as, “the deliverables.”
From Community Development’s Public Information Officer, Angelica Pickens:
Our staff is still reviewing the information. No further decisions have been made, however, it will take some time to review the materials.
Once the information has been reviewed, negotiations will begin for the Definitive Agreement which will detail the obligations of the project for each party as well as define the scope of the components in the project.
Read more AroundFortWayne posts on the North River project.
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