Electric Works Lands State Incentives

Posted: Updated:
FORT WAYNE -

The first phase of a major redevelopment project in downtown Fort Wayne will receive state assistance. The Indiana Economic Development Corp. has awarded a conditional tax credit for Electric Works, a mixed-use innovation district located at the former General Electric campus. The incentive is part of the IEDC's Industrial Recovery Tax Credit program, used to boost investment in the redevelopment of former industrial facilities.

Developers are projecting an initial investment of more than $213 million for the first phase of the project. As a result, the IEDC Board of Directors has approved a tax credit of up to the lesser of $50 million or 25 percent of the total investment. The developers will not be able to receive the incentives until they begin the investment in the redevelopment efforts.

"Quality of place is vital to economic development and will be a key catalyst to Indiana’s continued growth," said Elaine Bedel, president of the IEDC. "The redevelopment of vacant industrial facilities is important to supporting urban revitalization and to creating vibrant communities across Indiana for Hoosiers to live, work and play. The reuse of the former GE campus is a bold vision and will be transformational in shaping the future of Fort Wayne."

Work on the first phase of the project is expected to begin in 2018. It will include a total of 616,000 square feet of office, educational, retail, restaurant, innovation, residential and recreational space. When the entire Electric Works project is complete, the district will be comprised of 1.2 million square feet of space among 18 buildings covering 39 acres.

The developers cite an economic impact study which showed the project could generate an estimated $219 million in state tax revenues over the first 20 years and nearly $400 million in annual economic impact. It is expected to support more than 2,800 jobs once it begins operation.

"We are grateful to Governor Holcomb and the IEDC for their support of this transformational project as we invest in the future of Fort Wayne and northeast Indiana," said Jeff Kingsbury of RTM Ventures, the developer of the project. "Fort Wayne is creating a nationally recognized, vibrant regional economy, and Electric Works will build on the history of innovation that is the legacy of this community to create jobs, and support Indiana’s economic development strategy."

Plans for the project were announced in February. RTV Ventures, a join venture of Baltimore-based Cross Street Partners LLC, Indianapolis-based Greenstreet Ltd., and Decatur-based Biggs Development, completed the $5.5 million acquisition of the property in September.

Don't forget to catch a special Fort Wayne Town Hall edition of Inside INdiana Business with Gerry Dick this weekend! For showtimes throughout the state, click here.

  • Perspectives

    • Baby in Your Future?

      There is nothing more special than a new baby! In addition to decorating the nursery, selecting a pediatrician, and buying those first wardrobe pieces, you also need to be financially prepared. And, if either parent will be taking off work, it’s important to understand the parental leave policy. When contemplating a pregnancy or an adoption, be sure to understand your employment benefits. Parental leave policies and insurance benefits can cover associated costs as well as...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • $25M Behavioral Hospital Coming to Central Indiana

      Danville-based Hendricks Regional Health is partnering with US HealthVest to develop a stand-alone behavioral center on the Hendricks campus in Plainfield. Known as the Indianapolis Behavioral Hospital, the facility will provide specialized inpatient and outpatient mental health care to patients of all ages.

    • Indy, Atlanta Vie For Future FFA Conventions

      As the National FFA kicks of its National Convention and Expo in Indianapolis this week, the organization, and Indy convention planners, have an eye to what city will host future events. The 91st edition of the FFA convention is expected to attract nearly 70,000 attendees from every state in the nation, and pack a $40 million economic impact in the region. The lucrative event is committed to Indianapolis through 2024. Chief Executive Officer Mark Poeschl says...

    • Bags From Train Seats Put PUP in National Marketplace

      An Indianapolis-based nonprofit that creates wallets, handbags and backpacks from reclaimed materials is launching a nationally-focused line of products for the first time. People for Urban Progress, which sells hand-made items from materials including the fabric from the old Hoosier Dome and signage from when Indianapolis hosted the Super Bowl, is repurposing leather from the seats in Amtrak's Boston to Washington D.C. Acela Express trains. The new line includes...

    • Larry Bird Museum Planned For Terre Haute

      A first-of-its-kind museum honoring an Indiana basketball legend is being planned for downtown Terre Haute. The Vigo County Capital Improvement Board has announced the Larry Bird Museum will be located inside the planned Terre Haute Convention Center. The museum was announced during a VIP press conference Saturday in Terre Haute, which included remarks from Governor Eric Holcomb and CIB member Greg Gibson. The CIB says the museum will be the only...

    • Indiana Nonprofits Awarded Duke Energy Grants

      Plainfield-based Duke Energy Indiana says nearly two dozen nonprofits throughout the state will benefit from $315,000 in grants from the Duke Energy Foundation. The funding aims to support initiatives that enhance the regions where Duke customers live, work and play.