Electric Works Lands Key Approval

Posted: Updated:
(rendering courtesy RTM Ventures) (rendering courtesy RTM Ventures)
FORT WAYNE -

Developers of the $440 million Electric Works innovation district in Fort Wayne can now take the next step toward securing funding for the project. The Fort Wayne Redevelopment Commission has approved an economic development agreement between the city and RTM Ventures which will provide $62 million in public funding.

The agreement was first announced in late August. The Journal Gazette reports the commission's approval does not immediately release any funds to the project, but gives RTM Ventures 90 days to secure commitments from other public sources.

The developer is seeking $45 million from the Allen County-Fort Wayne Capital Improvement Board, $10 million from the Fort Wayne Legacy Fund, and 3.5 million from city and county income tax funds, according to the publication. The city says an additional $3 million has already been approved.

Fort Wayne Mayor Tom Henry said last month the various agencies must give their approvals before the project can finally move forward.

RTM Ventures hopes to begin the $221 million first phase of the project this year. The effort aims to transform the 39-acre former General Electric campus into a mixed-use site that will include office, retail, and residential space.

  • Perspectives

    • Unmasking Accounting Data: Moving from Reporting to Being Strategic

      What story do our financial statements tell us this month and year, to date? This was the question that was always directed at us by a former manager.  He believed that financial statements tell the story of how a business is run and the direction it’s going. Most businesses publish their profit and loss statements, and balance sheets every month. These are the standard reports included in most reporting packages. Usually, the management tends to believe...
    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

    • CIB, Visit Indy Present Case For Convention Center Expansion

      The Senate Appropriations Committee heard testimony Thursday on a bill that would fund the expansion of the Indiana Convention Center and the addition of two new hotels in downtown Indianapolis. The city’s Capital Improvement Board unveiled plans for the $120 million effort in October. CIB President Melina Kennedy says the city’s biggest conventions have said an expanded convention center and more hotel space were significant factors in their decisions to stay in Indy.

    • Report: Payless to Close All U.S. Stores

      Kansas-based Payless ShoeSource Inc. (NYSE: PSS) plans to close all of its U.S. stores as part of a bankruptcy filing later this month, according to a report from Reuters. The discount retailer has dozens of locations throughout Indiana. The business news organization reports Payless will close about 2,300 stores as it files for bankruptcy for the second time in two years. The company previously filed in 2017. Reuters says Payless has not been able to find a buyer, and...

    • Emplify Celebrates Record Growth

      Fishers-based Emplify is touting a record year of sales and hiring growth in 2018. The company, which focuses on employee engagement measurement software, secured $7.5 million in growth investment and says it saw a 156 percent increase in sales last year.

    • The Mystery of Cancer in Firefighters: Two Indiana Researchers Uncover Clues

      There’s a lot of conjecture about cancer in the world of firefighting, but a crescendo of anecdotal—and scientific—evidence is driving two Indiana researchers to search for answers. 

    • BraunAbility Moving Global HQ to Carmel

      A manufacturer of wheelchair vehicles and wheelchair lifts in Pulaski County has announced plans to relocate its global headquarters to Carmel. BraunAbility says it will invest $7.5 million to move its HQ to the Lakeside Green Business Center and construct a new Research & Development and Technology Center. The Indiana Economic Development Corp. says the move will create up to 70 jobs in Hamilton County. The company says the investment will also boost its existing...