Electric Works extension clears another hurdle
FORT WAYNE, Ind. (Inside INdiana Business) — Fort Wayne Mayor Tom Henry says the Allen County Fort Wayne Capital Improvement Board has approved an extension to the economic development agreement for the $440 million Electric Works mixed-use innovation district. The extension was also recently approved by the Fort Wayne Redevelopment Commission.
The extension still requires approval from the Allen County Commissioners. Henry says the extension will allow developer RTM Ventures additional time to finalize private financing and secure tenants for the former General Electric campus in the city’s downtown.
The mayor first announced his support for the extension earlier this month. If approved, the deadline for RTM Ventures to secure financing commitments would be pushed back to February 1, with a closing date no later than April 30.
The city and county have committed $65 million in public funding for the project, which Henry the developer will receive once all conditions of the agreement are met and closing occurs.
“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,” Henry said in a statement released Thursday. “I want to see Electric Works succeed and positive progress is being made.”
The developers and the city initially reached the agreement in August 2018. Last month, RTM Ventures said it has secured commitments for more than 250,000 square feet of space, which includes the master lease of the Electric Works Innovation Center and food hall and public market.
Inside INdiana Business has reached out to RTM Ventures for comment on the latest approval.