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

    • Tax Planning: Now’s the Time to Tackle It!

      Year-end is still months away, but smart investors have already begun their tax planning. Spending time analyzing your capital-gain situation could benefit you come next April 15th, no matter what investment vehicles you use - individual securities, mutual funds, exchange traded funds, or others. Here's how…

    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

    • Indy Hotels Among Top in Midwest

      Three Indianapolis hotels are among Condé Nast Traveler's Top 25 Hotels in the Midwest. The rankings include two hotels that have made the list three years in a row and one making its debut. The JW Marriott Indianapolis ranks third on this year's list, followed by The Conrad, which is eighth and Ironworks Hotels appearing on the list for the first time at number 17. You can see the full rankings by...

    • Ambrose Amps up Ambition For Old GM Stamping Site

      An Indianapolis-based developer has greatly expanded its original investment plans for the city's former GM Stamping Plant site. Ambrose Property Group's vision now includes projects totaling nearly $1.4 billion, more than doubling the $550 million scope detailed last year. During a community event Friday, the company and Mayor Joe Hogsett announced the name of the more than 100-acre, downtown district: Waterside. Plans now call for...

    • Indy Airport Scores Top Honor Again

      Indianapolis International Airport has again been named Best Airport in the United States by a global leisure publication. The Condé Nast Traveler recognition is the fifth straight for IND. The Best Airport designation is part of Traveler's annual Readers Choice Awards, which is built on feedback from more than 100,000 comments and millions of ratings. In addition to airports, favorites were tallied for hotels, resorts and destinations.

    • Daniels Envisions Purdue, Region as 'Cooler Place'

      Purdue University President Mitch Daniels says a more than $1 billion live, work, play development on the West Lafayette campus will be a magnet for attracting and keeping top talent in the region. The Discovery Park District is part of a 30-year vision to transform the west side of the Purdue campus and create a "preeminent environment" for educational, economic, cultural and community activities in the region.

    • NTN Driveshaft Proposing $90M Expansion

      NTN Driveshaft Inc. in Columbus is planning a $90 million expansion. In a tax abatement request with the Bartholomew County city, the automotive component supplier said the investment will lead to 74 new jobs and help retain a current full-time workforce of nearly 1,600. NTN Driveshaft is one of the largest employers in Columbus and last year, it opened a more than $140 million facility in Anderson. It launched operations in Bartholomew County in 1989 and says...