Draft: City Willing to Chip in More For Electric Works

Posted: Updated:
(Rendering courtesy of RTM Ventures.) (Rendering courtesy of RTM Ventures.)
FORT WAYNE -

The city of Fort Wayne has released a draft development agreement that shows officials are on-board with seeking $62 million in public funds requested by the redevelopment group behind the proposed transformation of the abandoned General Electric campus. Paperwork released by the city details a series of conditions RTM Ventures LLC must meet in order to receive the incentives for the $440 million Electric Works project. Mayor Tom Henry's previous public statements involved offering $50 million in support from the city.

The full scope of the potential investment in the high-profile project could be up to $440 million. Developers have said in the past the project would not happen without the full amount requested.

Conditions laid out in the draft agreement include:

  1. The City must review and approve the environmental conditions found on the site.
  2. The City must review and approve the remediation plan for any environmental conditions found on the site.
  3. The Developer must provide evidence that the Project can be constructed at the anticipated cost.
  4. The City must review and approve commitments to lease a minimum of 250,000 square feet within the Project.
  5. The City must review and approve the strategic marketing analysis prepared by the Developer’s consultant, RCLCO, Inc.
  6. The Developer must demonstrate that the economic impact predicted for the Project will occur within a timeframe acceptable to the City.
  7. The Developer must provide a strategic parking plan showing that there will be sufficient parking for the Project.
  8. The Developer shall have obtained all approvals for construction.
  9. The City shall have approved the final construction plans.
  10. The City shall be prepared to close on the financing necessary for the public investment in the Project.
  11. The City and the Developer will have executed all other necessary closing documents to consummate the financing of the project.

The city says "open and positive communication and negotiations continue between local government leadership and the development team."

View the draft agreement:

  • Perspectives

    • Want to Lower Your Medicare Premiums?

      If you’re nearing retirement age, health insurance and Medicare are probably on your mind as well. Do you understand how Medicare works and how the monthly premium is determined? You need to be in the know to avoid making costly mistakes. Here are some tips for potentially lowering your Medicare premiums.

    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

    • Want to Lower Your Medicare Premiums?

      If you’re nearing retirement age, health insurance and Medicare are probably on your mind as well. Do you understand how Medicare works and how the monthly premium is determined? You need to be in the know to avoid making costly mistakes. Here are some tips for potentially lowering your Medicare premiums.

    • Photo courtesy of Key Detail

      Internationally-Known Artists to Paint Greencastle Mural

      Key Detail, an internationally known mural artist, has been selected to create one of Indiana’s largest murals on four large grain silos at the corner of Veterans Memorial Highway and U.S. 231 in Greencastle. The Putnam County Mural Project received more than 70 applications from muralists worldwide for the project, which is a canvas of up to 8,000-square-feet and a primary gateway for Greencastle.  

    • West Griffin

      Calumet CFO Stepping Down

      The chief financial officer of Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) is set to leave his role by the end of the year. Officials say West Griffin will stay with the company as a consultant and help facilitate a smooth transition for his replacement.  The company says it is currently wrapping up its search process for a new CFO with a strong finance and chemicals background to succeed Griffin.   

    • ConverSight.ai earns $700K in seed funding

      AI Startup Lands Funding

      An Indianapolis-based company specializing in the use of human voice for its artificial intelligence platform has raised $700,000 in seed funding to further expand its business. ConverSight.ai received support from Elevate Ventures and four other investors through The Angel Roundtable. 

    • Socio received the Top-Rated Overall Culture award. (Provided Photo/Socio)

      Inaugural Tech Culture Award Winners Unveiled

      Indianapolis-based Powderkeg has unveiled the winners of the inaugural Indiana Breakout Tech Culture Awards. Eleven Hoosier tech companies received the honors based on survey rankings from the 2019 Tech Census, which focused specifically on tech cultures. Nearly 270 tech companies were nominated and the winners were selected from a group of 50 finalists. More than 1,300 individuals responded to the survey, which allowed employees to rate their companies and employers on...