January 31, 2020 - Mayor Tom Henry today announced his support for an additional extension to the economic development agreement for the Electric Works project.
RTM Ventures has made a formal request to have the agreement extended to allow for additional time to finalize private financing and secure tenants. The proposed new milestone dates would be April 30, 2020 for financing commitments to be met and June 30, 2020 for the closing on the transaction.
Local public financing partners will consider the request at upcoming meetings of the Fort Wayne Redevelopment Commission, the Allen County Fort Wayne Capital Improvement Board of Managers, and Allen County Commissioners.
“I continue to be optimistic that we’re going to be able to make Electric Works a reality. The local public funding partners remain committed to working with RTM Ventures to see the project happen and succeed while being good stewards of taxpayer dollars,” said Mayor Henry. “I’m also encouraged that a potential anchor tenant has been identified. Our community recognizes that large projects are complex and time consuming but are important to help ensure local and regional success.”
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.