Fort Wayne Mayor Tom Henry has announced he will support an extension to the economic development agreement for the $440 million Electric Works project. The proposed new deadlines for financing commitments would be February 1, with a closing date no later than April 30.
RTM Ventures made the formal request to give more time to secure private financing and tenants for the mixed-use innovation district at the former General Electric campus in downtown Fort Wayne.
The Fort Wayne Redevelopment Commission will officially consider the request at its next meeting this Monday. The Allen County Fort Wayne Capital Improvement Board of Managers and Allen County Commissioners will also need to approve the extension request.
“Successful public-private partnerships can be complex and take time. They’re critical to advancing our community and region as a point of destination for job and business growth, strong neighborhoods, and attractive quality of life amenities,” said Mayor Henry. “I want to see Electric Works happen and succeed and positive progress is being made. The public financing bodies involved in this project are committed and engaged partners with the Electric Works development team as the process continues to move forward.”
Officials say that local public financing entities have worked collaboratively to secure the necessary public funding of $65 million for the project. That funding is in place and will be released when all conditions of the economic development agreement are met and closing occurs.
The city and RTM Ventures first reached an agreement in August 2018. Just last week, the developers released a statement saying they have secured pre-leasing commitments for more than 250,000 square feet of space for the project, which exceeds the thresholds in the economic development agreement.