October 24, 2019 - I was encouraged by today’s vote by the Allen County Fort Wayne Capital Improvement Board of Managers (CIB) to approve an extension to the economic development agreement for the Electric Works project. I appreciate the CIB’s partnership.
This follows the Fort Wayne Redevelopment Commission’s recent action to approve the extension. This will allow for additional time for RTM Ventures to finalize private financing and secure tenants.
Successful public-private partnerships are complex and take time, but they’re critical to advancing our community and region as a point of destination for job and business growth, strong neighborhoods and attractive quality of life amenities. I want to see Electric Works succeed and positive progress is being made.
The public financing bodies involved in this project are committed and engaged partners with the Electric Works development team as the process continues to move forward. The local public financing entities have 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.