Electric Works Lands Additional Funding

Posted: Updated:
The first phase of the Electric Works project is slated to begin in 2018. The first phase of the Electric Works project is slated to begin in 2018.
FORT WAYNE -

Less than a week after receiving state tax incentives, the Electric Works project in downtown Fort Wayne has landed financial assistance on the local level. Our partners at WPTA-TV report the Allen County Capital Improvement Board has approved a $2 million loan for the planned mixed-use innovation district.

Additionally, the Allen County Commissioners have pledged a $1 million loan, though a formal approval of the loan isn't expected until after the first of the year. Both loans are interest-free.

The loans are being allocated for site cleanup as environmental remediation efforts are scheduled to begin in the next few weeks, according to WPTA. Construction on the first phase of the project is expected to begin in the summer at the former General Electric campus in Fort Wayne.

Developers have estimated the cost of the first phase at more than $213 million.

"We've all toured it and seen it and I think most of the community leadership has done the same," Jim Cook, president of the Allen County CIB, told WPTA. "And there's a lot of pieces to this puzzle that have to come together. But in order to keep it moving, what we did today in terms of contributing to the developer and the process, I think, is vital to keep the ball rolling, and it's something we feel is important to keep this going."

The Indiana Economic Development Corp. has approved a tax credit of up to the lesser of $50 million or 25 percent of the total investment. WPTA reports a request for $60 million in federal tax credits remains pending.

"By adding new space, new programs that are additive to the market in Fort Wayne and Northeast Indiana, we think that will help grow the local and regional economy, create jobs and expand economic impact," said Jeff Kingsbury, developer of Electric Works.

On Tuesday, Indiana Tech in Fort Wayne signed a letter of intent to lease 10,000 square feet of space at Electric Works.

View video from our partners at WPTA-TV:

  • Perspectives

    • Job Insights For The Third Quarter

      To provide accurate and timely employment forecasts for business leaders, Express Employment Professionals International Headquarters conducts an ongoing Job Insights survey to track quarterly hiring trends across a wide range of industries. Express surveyed business owners, decision makers, and human resource professionals about the overall hiring trends in their markets and how they impact their hiring decisions. Overall confidence remains high going into the second half of 2018.

    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

    • Purdue Professor, Wife Indicted For Fraud

      A Purdue University professor and his wife have been indicted on federal fraud charges. U.S. Attorney Thomas Kirsch's office says Qingyou Han and Lu Shao are accused of hatching a scheme to defraud the National Science Foundation. 

    • Maureen Krauss (pictured left) is chief economic development officer at the Indy Chamber and Tom Leinbarger (pictured right) is chief executive officer at Cummins Inc.

      Indiana Businesses Fret Potential Trade War

      As a potential trade war looms over recently-imposed tariffs on China, Indiana businesses are expressing concern about the fallout. It is estimated that global trade supports more than 800,000 jobs in Indiana, many of those in the manufacturing and agriculture sectors. In 2016, Columbus-based Cummins Inc. sold more than 500,000 engines in China. Chief Executive Officer Tom Linebarger says the company's global footprint generates jobs and investment in Indiana.

    • Devour Indy Restaurants Unveiled

      Devour Indy has released the list of restaurants participating in the Summerfest 2018 event, which kicks off next month. More than 100 Indianapolis-area restaurants are participating this year, including more than 10 new additions to the list. 

    • The fund was first announced as part of Holcomb's Next Level Agenda. (Image courtesy of the state of Indiana.)

      Next Level Fund Makes First Investments

      Governor Eric Holcomb’s office says the Next Level Indiana Trust Fund has made its first two funding commitments. The fund, created by the Indiana General Assembly in 2017, has awarded a total of $21.5 million to Indianapolis-based High Alpha Capital and Colorado-based Foundry Group.

    • Walmart Details Crawfordsville Layoffs

      Walmart Inc. (NYSE: WMT) is reducing workforce at the Walmart Optical Lab in Crawfordsville. In a notice to the state, the company said 108 employees will be out of work by the end of September. A corporate spokeswoman told Inside INdiana Business the decision was a response to "changing business needs." She added "we are making adjustments at our Walmart Optical Labs in Crawfordsville to help ensure we have the right people in the right place at the right time."