November 18, 2019 - Earlier today, a letter was sent to RTM Ventures, the Electric Works project development team, to inform the development team that the local public funding partners (City of Fort Wayne, Fort Wayne Redevelopment Commission, Allen County Fort Wayne Capital Improvement Board of Managers and Allen County Commissioners) will not be able to accommodate the development team’s most recent request for an advanced funding commitment of $23 million for the project.
The local public funding partners highlighted several areas of concern regarding the request, including the Capital Improvement Board of Managers cannot enter into the requested financial arrangement due to statutory operating limitations, the request represents a change to the current economic development agreement that would require additional changes and approvals, and the request represents a shift in risk to public funding sources.
The local public funding partners remain committed to the economic development agreement as amended that’s currently in place and want to continue to work with RTM Ventures to see the project happen and succeed while being good stewards of taxpayer dollars. 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. The local public funding partners commend RTM Ventures for their continued efforts to try to finalize private financing and secure tenants.