June 26, 2020 - Mayor Tom Henry’s office today provided an update on the status of Electric Works.
The Fort Wayne Redevelopment Commission and RTM Ventures, the developer for the Electric Works project, have an economic development agreement in place dating back to September 2018 that specifies requirements that must be achieved for the project to move forward. The most recent milestone dates were June 30, 2020 for financing commitments to be met and September 30, 2020 for the closing on the transaction.
Due to more work needing to be done by the development team to finalize private financing, secure tenants, and meet other agreement thresholds, a fifth extension of 30 days has been granted in an effort to help keep the proposed project moving forward. The new milestone dates are July 30, 2020 for financing commitments to be met and October 30, 2020 for the closing on the transaction. The new timeline represents the final extension that will be granted by the City of Fort Wayne.
“The new extension is a good faith effort to give RTM Ventures an additional month to meet the requirements needed the complete this kind of project,” said Mayor Henry. “It’s critical to give our funding partners and taxpayers comfort that local dollars are being used wisely and are protected.”
The local public financing entities, the City of Fort Wayne, Allen County, and the Allen County Fort Wayne Capital Improvement Board of Managers 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.
A letter has been sent to RTM Ventures outlining the items that have to be completed to reach the financing and closing commitments. A copy of the letter is attached to this news release.
Letter to RTM Ventures